How To Sign Hawaii Banking PDF

How to industry sign banking hawaii pdf now

[Applause] [Music] [Applause] hello and welcome to in depth I'm Tina da for several decades Switzerland has been the world's biggest tax haven the country banks nearly one third of the world's offshore wealth but how did the alpine country earn this distinction the answer to this are the banking secrecy laws in Switzerland which make it punishable to reveal a client's identity or information also switzer that allows incorporation of offshore companies which means they are not obligated to file accounting records and financial statements with the Registrar of Companies such rules no doubt have helped in promoting illicit financial activities worldwide but now under pressure from countries to curb illicit financial flows Switzerland is all set to amend its anti-money laundering law what will be the effect of this measure how will it help curb flow of illicit money and most importantly how will it benefit India that will be our topic today in in depth the Swiss Federal Council has initiated consultation process to amend the country's anti-money laundering law the proposed bill takes into account certain key recommendations from the Financial Action Task Force mutual evaluation report all switzerlan based on a review conducted back in 2016 [Music] illicit financial flows are illegal movements of money or capital from one country to another illicit money is usually generated through bribes and theft organized crime and corporate dealings like tax evasion and false commercial transactions since they are largely invisible illicit money flows across borders and are difficult to measure combating illicit financial flows is a major challenge for all governments and a priority for the international community illicit financial activities hamper economic growth and development as countries lose revenue investment and markets the impact is particularly severe on developing countries according to global financial integrity Washington based research and advisory organization developing countries are losing more than 1 trillion dollars a year to illicit financial flows stemming from crime and corruption several initiatives have been taken to limit tax evasion and address illicit financial flows in the last two decades but these efforts have not been sufficient to stem the flow of money secrecy in banking systems of countries further help in illicit financial flows Switzerland tops the list of preferred tax havens due to low taxation of foreign corporations and individuals and secrecy in banking Swiss banking has traditionally been an area of private banking where the ultimate customer is sometimes not known so it has often been a place where people Park funds in complete anonymity and then they use them also in anonymity now worldwide the laws are tightening to get rid of anonymity because often this kind of slush money is used to finance a lot of illegal activities including terrorism but now Switzerland is also stepping up efforts to curb illicit front flows the alpine nation plans to amend anti-money laundering law wherein financial intermediaries will be required to verify information on beneficial owners it also plans to bring a provision to improve the effectiveness of suspicious activity reporting for money laundering and terrorist financing once the law is amended due diligence obligations will be introduced for certain services which concerned the establishment management or administration of companies and trusts there is a pressure on countries and especially like country like Swaziland to reduce the space that it allows for those sort of banking provisions it spends to the land thanks to the pressure being applied for led by lots of countries including India has said that we would sort of you know been going for a radical change in many of the rules the proposed law in Switzerland seeks to force those associations at risk for money laundering antara finance a to enter the commercial register besides it attempts to crack down on the use of criminal funds to buy precious metals and gems by lowering the cash payment threshold last year India and Switzerland in the pact for automatic exchange of tax related information prior to that a joint declaration was signed with Switzerland to exchange information which meant India would be given information on accounts held by Indian residents in Switzerland automatically Bureau report practice Apple TV Swiss banks stand apart on account of their secrecy regarding their accounts and banking transactions that they provide to their clients even the rules on opening accounts in Swiss banks are not complicated anyone from any part of the world can open these bank accounts [Music] under Swiss laws anyone above the age of 18 years can open an account in a Swiss bank accounts can be opened in any currency all the most Swiss banks prefer Swiss francs u.s. dollars euro of pound sterling minimum balance to open accounts varies from one thousand US dollars to a million daughter various banks in Switzerland have their own ways of permitting account holders to open out often it is a these introductions are done in privacy sometimes the banks do not even insist upon the personal appearance of the account holder or the beneficial account holder they also corporations use these banks to open accounts and all that the bank knows is that all messages regarding the account are only to be sent to a Poste restante address or to even a post box to open an account at any bank in Switzerland one has to apply online the bath asks for several documents to establish a proof of identity and sources of income which can be sent by a mail the documents can also be sent via email documents need to be verified by a government agency passport is essential while driving licence is not accepted as proof of identity account holders have to declare the financial background including liquid assets and property the account holder also need to certify the documents are authentic anybody can any any Indian who has been employed in Switzerland supposing you me anybody who's working in Sutherland can obviously have an accountant an account and that'll be like a normal account anywhere else in the world it'll have the name of the person that dress of the person and everything the difference is the persons who want a special treatment ask for our numbered account and these are the numbered accounts where the name of the person is not available on the banking register it's not open to other authorities to see there's only a code that is there which is given in place of the person's name known to maintain secrecy about accountholders Swiss man provide another option to keep their clients account anonymous this is by offering customers the option of opening a number account these are not identified by names of account holders but only identified by numbers number accounts and not as easy to open they require an account holder to physically go to bank and complete the account opening process in person these accounts require an initial deposit of at least 100,000 US dollars and cost about three hundred dollars per year on both maintained if you wanted to keep your money away from the prying eyes and the tax authorities of your home state the Swiss bank was the was the most was traditionally the most favored destination for away for such activity Swiss banks also shoe credit cards at a fixed speed that can be used to make purchase as well as cash withdrawals in ATMs across the world there are over 400 months in Switzerland out of which UBS a United Bank of Switzerland and Credit Suisse are globally most popular Bureau report Raja's of hottie me why do people especially black money holders favor Swiss banks why do big businesses and celebrities put away their money in these banks let's understand what's special about these banks and what facilities do they give to their account holders Swiss banks are well known for banking secrecy and strict bank client confidentiality these rules legally prohibit the banks to disclose client information to third parties without their consent or an accepted criminal complaint many banks in the world including India have strict banking laws where every transaction is monitored by the government agencies Swiss banks on the other hand guarantee unauthorized security and confidentiality to the account holders banks epatha to increased among any taking susan and mary bank may pass erectness a up interest in a birthday bar at major self-interest mensaje pomp interest in apathetic is had neither so dollar okay so XLT but was order learn and order via Yuki was pay interest rate negatively so even in ki Lucas is a capacitor of being a key way Carlton has literally got a taxi which I ticket look another interest in upper right to excessive of a taxation or Rana Swiss bank rules are actually well-suited to create and store black money it is a crime for most Swiss banks to disclose names and information of their account holders in such cases strict action can be taken against the bank so his banks are ideal for black money holders since the country's banking laws forbid bankers to reveal that accounts of individuals even existed another reason people deposit money in Swiss banks is that the rules for declaring the source of income are very lenient customers only have to pay a fee to the bank to deposit their money they can also open numbered accounts that ensure anonymity if you lose your money kept in a Swiss bank in a natural disaster or fire the bank will return the money without any conditions money is deposited in the bank and Franks which is considered the safest currency in the world the economy of Switzerland or other banking havens are usually strong which minimizes chances of losing money sometimes the banks do not even insist upon the personal appearance of the account holder or the beneficial account holder they also corporations use these banks to open accounts and all that the bank knows is that all messages regarding the account are only to be sent to a Poste restante address or to even a post box you can close your Swiss bank account at any time with no restrictions or cost which is what attracts the most powerful and richest people of the world to these banks Bureau report Roger Saba TV time for a very short break on the program we'll be right back watch the big picture with me Frank Rosen Pereira at 6:30 p.m. when these strong leaders come in together with strong Evo's how hopeful are you that this kind of a coalition which you were talking about is going to be successful we have to consist of Hawaii you can connect to the state ways and activities at figures which will come it's not sellable if I will refer to me to see that they will come to Hawaii and I don't think we should make that excessive this TV show your party is almost open to join hands with UPA again so when are you joining you pee after everything after predictive thinking something really much are you going to contest in 2019 no good to watch an exclusive interview with NCP president Sharapova only on Rogers of our TV [Music] tales that inspire stories of social change the salute to diversity promoting public discourse events that motivate inspiring the innovative spirit watch Rogers of our television documentaries [Music] welcome back you're watching in depth all of us want our money in bags to be safe and confidential Swiss banks are famous for doing these two jobs very effectively Switzerland's banking Privacy Act prevents them from sharing any account holders information with anyone let's see how these Swiss traditions evolved over the decades banking in Switzerland began in the early 18th century and in 1934 Swiss banking privacy law was first codified which made it a crime to disclose client information to a third party without the former's consent according to this law all Swiss banks have to work under the supervision of the Swiss Federal Banking Commission and follow the regulations made by it in 2009 certain amendments were made in this law and on 1st January 2009 Swiss financial market supervisory authority or fin ma was formed with the purpose of supervising these banks the main work of in May was to see whether the banks are working according to the government's regulations on receiving any authentic complaint from a foreign government Finnmark can give official information about a customer worldwide the laws are tightening to get rid of anonymity because often this kind of slush money is used to finance a lot of illegal activities including terrorism consequently the money laundering Act in Switzerland is also being amended and the Swiss government is in a consultative process up till the 21st of September where it has asked for suggestions from all stakeholders and members of the public on exactly what amendments have to be carried out though banking privacy laws exist in every country but what makes the one in Switzerland special is that until someone is found to be involved in a financial crime which is considered a crime in Switzerland to the police department of revenue the National Bank or the court cannot ask for any information from any bank about any of its clients accounts according to Section 47 of the Swiss banking privacy law every employee officer bank entity agent auditor and even the bank monitoring Commission in Switzerland are bound to keep their clients information confidential Indian government tax authorities have clear information about somebody who's evaded tax and can give that information to Sue's Allen to check out if they have anything more to add then they in turn give that information to India how it is all prospective it can be an retrospective things in the sense that you cannot chase something something in the in the past but if something is going to happen in future or has been happening of late then that information can be differently be shared so that has started happening so susan has been sharing in fact quite a few information dockets have come to india unfortunately we do not get to know too many of those there one of the reasons for that is that these information are not supposed to be made public they are supposed to be given in confidence to the tax authorities who can then run cases in the courts Swiss banks not only keep their clients information confidential but also take care of their money even after their death they ensure that the account holders money is only handed over to their heir after death for this there is a provision to provide account information only to the true heir of the account holder one who has a certificate issued by the court in cases of corruption terrorist activity or black money hoarding by the account holder a bank will accept the request for disclosure of details from a foreign government only when this request comes through the Swiss government or there is strong evidence about the suspect and the Swiss government or a Swiss court has approved the said information Bureau report Raja Sabha TV Swiss banks are not the only safe havens for black money many other countries and their banks also facilitate stashing away black money or illegally earned money which are these countries and how do they facilitate black money holders let's find out in this report in 2016 raids on the Penniman law firm mossack fonseca unearth one crore 15 lakh secret files they came to be known as the Panama papers in them were details of how people across the world were evading taxes and investing their money people generally stash money in countries where they don't have to pay too much tax such countries are called tax havens but even the Panama paper league did not disclose a lot about black or illicit money a few days later there was a paradise papers case over 1 crore 34 lakh documents exposed various fake companies in which black money was stashed names of various Indians also came up in both cases but the investigation in both cases was limited to tax evasion and unauthorized investment cases the Swiss formula was then taken on by a lot of smaller countries which wanted to become financial hubs you you had the small European country of Lichtenstein the way there were also countries in the Bahamas they and in the West Indies like a countries like st. Kitts Antigua or a all these are the Cayman Islands the and the British Virgin Islands the these are small countries or principalities which often have followed the Swiss model of providing greater anonymity Switzerland alone has 400 big and small banks under the 1713 Great Council of Geneva rules these max keep track of clients but do not share information related to them since share in customer information is a legal offence there however with time the methods to stash black money are also changing now people do not directly deposit money in banks they invest in dollars and other foreign currencies besides investing in Bitcoin or digital currency in any case people are always on the lookout to invest their black money in countries where tax rates are minimal or have no tax at all there are some countries about 29 countries or so in the world small islands and others which have and which used to offer this sort of facility they were already they were largely European and a couple of them towards Americas but largely European countries who had sort of islands and other special category states which had this facility so the line being the largest of the countries with a bank account and by plus by itself being a very large economy has been holding out and now it's time that it's also starting to lose Panama Switzerland Hong Kong Mauritius Monaco Andorra Bahamas Bermuda British Virgin Islands belies Cayman Islands Channel Islands Cook Islands and latest een our famous tax havens money flows from across the world to the banks in these countries apart from these countries like Dubai Bahrain Austria Belgium Singapore and Malaysia are also popular destinations for black money here people store black money by investing in shell companies and exploiting loopholes in FDI rules this money includes not only fun saved through tax evasion but also earnings that have come from unauthorized means such means include transactions through trade in arms narcotics and human trafficking these banks are used by world mafias smugglers and terrorist organizations apart from this money earned from corrupt practices in politics and business are also stashed here across the world there are many companies like Mossad Fonseca that help people to keep unauthorized money available for use in the system Bureau report producer party and that's it from us in this edition of in depth we'll be back same time tomorrow with a focus on another subject before wrapping up let me remind you that you can also watch all our episodes on YouTube as well as Twitter you can also leave behind your valuable suggestions and feedback thanks for your time [Music] [Applause] [Music] [Applause] [Music]