Work by U.S. undercover operation in London led to wealth manager's FATCA guilty plea in U.S. court

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.

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Charles Schwab reported 'near deal for rival TD Ameritrade'

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.

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Latest quarterly citizenship renunciation data plunges – but not everyone thinks it matters

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. 

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Opinion

'Dangerous liaisons': Foreign assets and their U.S. taxpayer nominees

'Dangerous liaisons': Foreign assets and their U.S. taxpayer nominees

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