TAILIEUCHUNG - TAX HAVEN BANKS AND U. S. TAX COMPLIANCE - PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

This report would not have been possible without the openness, patience and generosity of the staff of the five microfinance institutions profiled in its pages. I am grateful not only for the help but also for the friendship of Mekonnen Yelewumwosen and Getachew Andarghe of ACSI in Ethiopia, Anthony Fosu and Kwaku Acheampong of Sinapi Aba Trust in Ghana, Ramanou Nassirou and Abdella Oura Djobo of WAGES in Togo, John de Wit of SEF in South Africa, and Wesley Jordan of BOM in Mozambique. Also essential were the many people who shared their knowledge of microfinance with me during the. | United States Senate PERMANENT SUBCOMMITTEE ON INVESTIGATIONS Committee on Homeland Security and Governmental Affairs Carl Levin Chairman Norm Coleman Ranking Minority Member TAX HAVEN BANKS AND U. S. TAX COMPLIANCE STAFF REPORT PERMANENT SUBCOMMITTEE ON INVESTIGATIONS UNITED STATES SENATE RELEASED IN CONJUNCTION WITH THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS JULY 17 2008 HEARING SENATOR CARL LEVIN Chairman SENATOR NORM COLEMAN Ranking Minority Member PERMANENT SUBCOMMITTEE ON INVESTIGATIONS ELISE J. BEAN Staff Director and Chief Counsel ROBERT L. ROACH Counsel and Chief Investigator ZACHARY I. SCHRAM Counsel LAURA E. STUBER Counsel ROSS K. KIRSCHNER Counsel MARK L. GREENBLATT Staff Director and Chief Counsel to the Minority MICHAEL P. FLOWERS Counsel to the Minority ADAM PULLANO Staff Assistant to the Minority SPENCER WALTERS Law Clerk TIMOTHY EVERETT Intern JEFFREY REZMOVIC Law Clerk LAUREN SARKESIAN Intern MARY D. ROBERTSON Chief Clerk Permanent Subcommittee on Investigations 199 Russell Senate Office Building - Washington . 20510 Telephone 202 224-9505 or 202 224-3721 W eb Address Follow Link to Subcommittees to Investigations PERMANENT SUBCOMMITTEE ON INVESTIGATIONS STAFF REPORT TAX HAVEN BANKS AND U. S. TAX COMPLIANCE TABLE OF CONTENTS I. EXECUTIVE SUMMARY . 4 A. Subcommittee Investigation. 4 B. Overview of Case Histories . 4 1. LGT Bank Case History. 4 2. UBS AG Case History . 8 C. Report Findings and Recommendations. 15 Report Findings 1. Bank Secrecy. 15 2. Bank Practices That Facilitate Tax Evasion. 16 3. Billions in Undeclared . Clients Accounts . 16 4. QI Structuring. 16 Report Recommendations 1. Strengthen QI Reporting of Foreign Accounts Held by . Persons . 16 2. Strengthen 1099 Reporting. 16 3. Strengthen QI Audits . 16 4. Penalize Tax Haven Banks that Impede . Tax Enforcement. 17 5. Attribute Presumption of Control to . Taxpayers Using Tax Havens. 17 6. Allow More Time to Combat Offshore Tax Abuses . 17 7. .

• Ngân hàng - Tín dụng
• Pathogenesis of Thrombosis
• Microparticles
• Haemostasis and Venous
• Formation and Maintenance
• Rhinology
• Epistaxis
• Venous Thromboembolism
• Relation to Cardiovascular