Banks and tax evasion Putting the squeeze on Miami vice
Jan 18th 2014, 11:09 by M.V. | NEW YORK
IT HAS become a lot less comfortable to be an American with an undisclosed offshore bank account in recent years, thanks to the federal prosecutors who have harried foreign moneymen and lawyers suspected of aiding tax evasion, particularly in Switzerland.
Now life is also about to get harder for non-Americans who dodge their fiscal obligations at home by stuffing savings in American banks.
Forced to offer some degree of reciprocity as it hounds other countries for information on American tax cheats, the Internal Revenue Service (IRS) drew up a rule in 2012 that would, for the first time, force American banks to cough up data on “non-resident aliens” who hold accounts with them. This would then be passed on to tax authorities in the account-holders’ home countries.
This gave rise to much huffing and puffing from banks which hold a lot of Latin American money, for instance in Miami's financial…
Jan 20 (Reuters) - The Panama Canal Authority (PCA) has turned down an offer by the European Commission to mediate in a multi-billion dollar dispute with a Spanish-led construction consortium which threatens to halt work on widening the century-old waterway.
The consortium, known as Grupo Unidos por el Canal (GUPC), had threatened to suspend work by Monday unless the Panama Canal Authority (PCA) paid $1.6 billion in cost overruns on one of the world's largest construction projects. But on Sunday the group backed down from the threat.
The European Commission said on Monday GPUC, led by Spanish builder Sacyr, had requested mediation by the European commissioner for industry Antonio Tajani, who accepted.
But the PCA immediately rejected it.
"The contract over a third set of locks has already mechanisms to resolve disputes and none of them includes the intervention of a third party," PCA said in a statement.