Cautionary tales and real cases
« Previous Entries Next Entries »Bank Accounts for Sale – A Good Reason to Go Offshore
Wednesday, December 17th, 2008Imagine going to a meeting in a 5-star hotel lobby, pretending to represent an online gambling operation, and receiving a CD containing details of 1.2 million individual bank accounts. Well that’s exactly what happened recently in Hamburg, Germany – the ‘buyers’ were really reporters for German business magazine Wirtschaftswoche, and the ’sellers’ were just offering [...]
UBS Sharing Client Data in Tax Case
Saturday, October 4th, 2008For about as long as I remember, I’ve been bucking trends by advising offshore clients against Swiss banks in general and UBS in particular because they are not safe from a privacy point of view.
According to the NY times:Switzerland’s tax authorities, under pressure from a growing United States investigation into the Swiss bank giant [...]
Fortis Luxembourg and Bradford and Bingley IOM are the first offshore bank bailouts
Tuesday, September 30th, 2008In the US, Wachovia went down today. National City is headed south too. Oddly, the USD increased against the EUR.
The British Chancellor stated that the taxpayers will not have to pay the “entire” cost of the bankruptcy of Bradford and Bingley. Interesting, and perhaps reassuring, to note that their Isle of Man operations were also [...]
Two more US banks fail, nearly
Saturday, July 26th, 2008I’m losing count now, but I think these are respectively the sixth and seventh US banks to fail this year. Well, technically they didn’t fail. What happened was in one fell swoop, the FDIC lost $862 million, and First National Bank of Nevada and First Heritage Bank NA of California will reopen on [...]
UK Banks now responsible for Overseas Credit Card purchases
Saturday, June 7th, 2008Quite a number of our readers (about 30% I believe) are UK residents. Those who travel outside the UK will be interested to read this case, which makes it much easier to sue your UK credit card company in the case of any problems overseas…
Date:
19 February 2008
Specialist travel and tourism solicitor Andrew Morton at Manchester [...]
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