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DSG – in the pipeline

Tag Archives: money

EU Blacklist: addressing external fiscal challenges

24 Friday Jul 2020

Posted by Ursula in Briefs

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blacklist, countries, eu, evasion, fraud, illegal, jurisdiction, laundering, money, tax

The list of non-cooperative jurisdictions for tax purposes is a tool to tackle:

  • Tax fraud or evasion;
  • Illegal non-payment or underpayment of obligations;
  • Use of legal means to minimise tax liabilities and money laundering;
  • Concealment of origins of illegally obtained money.

The EU blacklists countries that encourage abusive tax practices that erode member states’ corporate tax revenues. Member states can act together to press for reform. The aim is not to “name and shame” countries but rather to encourage positive change in fiscal legislation and practices through cooperation. Once a jurisdiction is compliant, it can be removed from the European Union’s blacklist.

EU removes three countries from its tax haven blacklist

03 Monday Jun 2019

Posted by Ursula in Posts

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aruba, barbados, bermuda, black list, eu, laundering, low, money, substance, tax

Bermuda, Aruba, and Barbados have been on the EU’s embargoed list since March because of loopholes associated with money laundering schemes. Under the EU’s fair tax criteria, companies must have “economic substance”, not be just a “letterbox” entity set up to take advantage of low tax practices. The current EU blacklist has 12 countries. De-listed jurisdictions are placed on a halfway ‘grey list’ under close scrutiny but are no longer be subject to sanctions.

European Financial Police

13 Wednesday Mar 2019

Posted by Ursula in Posts

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european, financial, golden visa, laundering, money, parliament, police, tax3

A special committee of the European Parliament urges the creation of a European Police Force and a European Regulator dedicated to money laundering. The proposals of the Special Committee on Financial Crimes and Tax Evasion (TAX3) form part of a report with various recommendations, including the abolition of “Golden Visas”.

Tourists spending more money

26 Wednesday Sep 2018

Posted by Ursula in Posts

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british, french, german, money, portugal, spending, tourist

In the first six months of 2018, holidaymakers in Portugal spent almost 7 billion euros, corresponding to 38 million euros per day. The figures represent an increase of 14% as compared to the same period last year. In the first half of 2018, Portugal received 9.6 million visitors. British, German and French continue to be the primary national groups to visit the country.

US nationals with money overseas

27 Monday Feb 2017

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fincen, money, nationals, overseas, treasury, US

Americans with financial accounts outside the United States should be careful to report it. Foreign financial accounts are high on the I.R.S. scrutiny list. Failure to disclose foreign accounts can be penalized severely. This includes people who inherited assets overseas as well as those who lived and worked abroad.

FinCEN Form 114, the Report of Foreign Bank and Financial Accounts is used for holdings of $10,000 or more and is filed electronically with the Treasury. Form 8938, which attachs to Form 1040, is used in more complex situations with $50,000 or more.

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