An investment manager for a now-defunct brokerage firm in London, Beaufort Securities Ltd., pleaded guilty on Wednesday to conspiring to "commit securities fraud and to defraud the United States by failing to comply with the Foreign Account Tax Compliance Act", after agreeing in 2016 to help what turned out to be an undercover agent to hide assets from being reported under the law.
Charles Schwab, the San Francisco-based, NYSE-listed financial services giant that was in the news recently after it announced certain cutbacks and changes to its services for some of its American clients resident outside the U.S., is today reported by The Financial Times and other media outlets to be closing in on a US$26bn deal to acquire a smaller rival, TD Ameritrade.
First, U.S. investors living in Europe had to face FATCA. Now it’s the EU’s Markets in Financial Instruments Directive (MiFID II).
Once again the latest quarterly renunciation data from the U.S. Treasury Department shows what appears to be a significant plunge in the number of individuals who officially renounced their U.S. citizenships in the most recent three-month period. However, Treasury spokesmen and even some citizenship renunciation experts are urging expats not to read too much into the numbers.
In an appearance on a well-known Canadian radio talk show on Friday, Toronto lawyer John Richardson explained how U.S. regulations that require Canadian (and other non-U.S.) banks and financial institutions to report to the Internal Revenue Service on their American account holders work, and described them as "incredibly intrusive".
The European Union is "preparing to re-tune" some of its MiFID II market rules from 2020, less than three years after they were first implemented, in response to criticism from investors and regulators of the controversial legislation, the Financial Times has reported.
At the same time as many of his fellow Canadian citizens are struggling with tax issues having to do with their dual American citizenships, and in some cases trying to give up their U.S. passports altogether, Neil Young has come forward to detail how he is fighting to become an American.
For various reasons, people, including those with U.S. tax obligations, have long taken advantage of the option to use so-called "nominees" to hold legal title to some of their non-U.S...
Dec-05-2019
