Sunday, March 6, 2016

Singapore using bank secrecy laws to help 1 MDB perpetrators , but US IRS seems likely to force disclosure .Falcon Bank may be the chink in Singapore's armour.



by Ganesh Sahathevan

An ongoing tax matter that is being prosecuted by the US Internal Revenue Service (IRS) provides some clues about how the Singapore Government may be using banking secrecy laws to ensure that evidence of the 1 MDB theft remains hidden if not obscured. According to Bloomberg:




The Internal Revenue Service is seeking to force UBS Group AG to turn over records on an account in Singapore held by a U.S. citizen, potentially opening a new front against offshore tax evasion beyond Switzerland.


Singapore Secrecy

The U.S. has focused largely on Switzerland in recent years as it has fought offshore tax evasion. More than 80 Swiss banks, including UBS and Credit Suisse Group AG, have agreed to pay a total of $5 billion or so in penalties and fines. The question is where the IRS and the Justice Department will turn next as they sift through a trove of data gathered from Swiss banks and from more than 50,000 U.S. taxpayers who disclosed their accounts to avoid prosecution.The Hsiaw case provides some clues. IRS agents served a summons on UBS in 2013 for records of his account in Singapore from 2001 to 2011. The bank said it couldn’t produce them because Singapore’s bank secrecy laws prevent disclosure without permission from Hsiaw, which he hasn’t provided, according to a court filing.

“Even if Singapore’s bank secrecy laws, as UBS contends, precludes disclosure of the summoned bank records relating or pertaining to Hsiaw’s Singapore account(s), international comity requires that the records be disclosed,” IRS revenue agent James Oertel said in the filing.

Neiman, the former prosecutor, said that “UBS can be held in contempt if they don’t produce the records. I think it’s the IRS’s way to start getting at Singapore.”




The 1 MDB matter is likely to give rise to a number of tax issues in the US given investments in that country by a number of main characters in the 1 MDB debacle.The main character ,Taek Jho Low, is said to be a US ciitzen, while his associates in the matter including PM Najib Razak's stepson have all been reported to have made investments in the hundreds of millions in the US out of the 1 MDB kitty.
Then there is this link which was reported on this blog:



Falcon Bank in breach of US Non-Prosecution Agreement: Swiss AG says quantum of related transactions is USD 4 billion,while Singapore MOF,MAS, remain silent


Meanwhile, the Singapore Government, notorious for its secrecy seems unable to comprehend that open source intelligence is a large and growing fascinating beast.
END

2 comments:



  1. Swiss Bank Accounts. ----May .---- 2016.( Updated.)

    Is your monies safe in these accounts ---- definitely NOT.
    Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
    Economic Experts say that there would only enough money to repay 50% of their clients.
    Are you going to be in the 50% --- that loose your money.-- Get it out NOW.

    Pictet & Cie were adamant that they had no involvement with MADOFF --- they lied again ----
    they let him steal the monies then conned it off him .
    Madoff got 150years in prison ---- Ivan Pictet got a medal of Honour.

    2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) ---Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

    2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in Panama and a tax loophole involving investments in London to gain German millionaires as clients.

    2012 - - - August ---- German Opposition Leader accuses Swiss Banks of "organised crime."

    Ivan Pictet in Oct .2013--- Given the Legion of Honour --- but saying that --- the honour was given to Hitler ---Eichmann --- Mussolini --- Franco --- he's in fitting company – so there.

    April.2015.---- Inner City Press – United Nations Joint Staff Pension Fund.
    Pension Fund .( $53 Billion.) - - - The spokesman FARHAN HAQ would not answer whether
    Investment chairman – IVAN PICTET had to quit --- after allegations made by some staff ---
    --" once a crook always a crook".

    All the fines that crooked Swiss banks have incurred in the last few years exceeds £75.Billion.
    It is also calculated that the secrecy " agreements" with regards to tax evation by their clients will cost the banks another £450 Billion.( paid out of your monies.).

    The banks are panicking --- the are quickly restructuring their banks ---- from partnerships --
    to " LIMITED COMPANIES." ----- Pictet & Cie and Lombard Odier have been advised to become limited liability companies to avoid their own monies being at risk seeing what happened to the other two big private banks Wegelin Bank and Hottinger Bank who went bankrupt. I'll bet they haven't advised their client/investors that they have this problem.

    Full Story ------ Google.--- Ivan Pictet / Monty raphael

    ReplyDelete

  2. The Swiss Bank --Pictet & Cie.

    May. ---2016.
    Once called the Rolls Royce of Swiss Private Banks , a member of the Swiss Private Bank Association. An association that has shrunk by 25% since the financial crash. The member banks Wegelin and Hottinger were lost through bankruptcy.

    Pictet & Cie Bank and Lombard Odier Bank seeing the collapse of both Wegelin Bank and Hottinger Bank were advised to become limited liability companies to avoid the same fate has both Wegelin and Hottinger. Other members are also considering this course of action.

    Pictet Bank by becoming a Limited liability company thus relieves the bank and its seven partners of their two hundred years unlimited liability. This basically means that the seven partners have been advised that their own monies invested in their bank is at risk. I'll bet they haven't informed all their investors / clients of the risks.

    Pictet have a long list of outstanding litigable offences against them , which if they were outside the banking fraternity would be criminal and result in major prison sentences. It is quite obvious why Pictet do not have a bank in America. They have one in every other major financial centre. The reason being the USA imprison corrupt bankers.

    Ivan Pictet in particular operated like a modern day Don Corleone , being in positions of power ( Chairman of this and CEO of that.) a philanthropist with other peoples money . He even had an Auditorium Built in Geneva and named after him with monies illegally obtained. In 2013 he was given the Legion of Honour which was quite apt --- seeing that Franco - - Hitler --- Mussolini ---- Himmler have one.

    He was an exponent of the -- bare faced lie --- he had crucial incriminating documents destroyed ----- he said the bank had no involvement with MADOFF ---- in fact they let Madoff steal the money then they conned the money off him.
    Madoff was sent to prison for 150years --- Ivan Pictet got a medal. The lawyers in the Madoff case sued Pictet bank for $135 million dollars.

    The Swiss newpaper the Anglo exposed a Pictet Ponzi scheme that robbed USA investors of some $90 million dollars.


    The Pictet Bank hired the top lawyer in Britain to take me to Court, but one
    week before the case I let Monty Raphael Q.C that lawyer have sight of the evidence I was putting before the Court basically showing that his clients Pictet Bank had acted criminally.. I went to Court with my legal team --- Monty Raphael.Q.C. never turned up. The judge was furious --- my barrister suggested it was contempt of court. The Judge made sure my legal costs were adequately re- imbursed .

    There in no way the Pictet Bank and its lawyers will risk taking further legal action which might result in them being imprisoned like Bernard Madoff.

    The Bank will not be using Monty Raphael .Q.C. again in this or any other case.

    Quote.
    American judge/lawyer stated that you can be the richest man in the world with the best lawyers money can buy but you can't win against a man who has got nothing to loose and his telling the truth. ------ thanks to the internet.

    Full Story ---- Google ---- ivan pictet/monty raphael.

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