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Weekly Roundup: U.S. Focuses on Hong Kong as Tax Haven, Structuring Doesn’t Pay, FATF Weighs in on the UK, and More
printThe crackdown on global tax evasion again made headlines this week when U.S. prosecutors singled out Hong Kong as a growing tax haven and it came to light that most jurisdictions on an intergovernmental "gray list" were doing the minimum needed to be removed from the list. More U.S. prosecutors are investigating the role of Hong Kong financial institutions in helping tax payers hide their assets, according to a Nov. 13 Bloomberg report. The investigators turned their attention to the Chinese administrative region when the conviction of four UBS AG clients on tax evasion charges led to shell companies in...
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