View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
July 27, 2009

US clients out in the cold as regulations mount

By Spear's

American clients are threatened with an international backlash against the mountain of rules and regulations put in place by US administrations to fight tax evasion and money laundering, as a shrinking number of banks show any willingness to do business with them.

American clients are threatened with an international backlash against the mountain of rules and regulations put in place by US administrations to fight tax evasion and money laundering, as a shrinking number of banks show any willingness to do business with them.

At worst, genuine personal investment flows by US nationals may be derailed by banks’ increasing reluctance to handle their business because of compliance burdens and even the threat of litigation.

Skadden Arps, a law firm in Los Angeles concerned at the impact of new laws in Washington, has declared that the US will “strangle” itself under this new regulatory environment.

It is well-known that a number of Swiss banks have starting to ask their US clients to become tax-compliant or leave, after the US Department of Justice move to order UBS to provide details of as many of 52,000 of its American clients.

For further details, visit thewealthnet

Content from our partners
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network