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Daily Archives: February 13, 2014

OECD delivers new single global standard on automatic exchange of information

“Offshore tax evasion remains a serious problem for countries and jurisdictions worldwide, with vast amounts of funds deposited abroad and sheltered from taxation when taxpayers fail to comply with obligations in their home countries.  Responding to a mandate from G20 leaders to reinforce action against tax avoidance and evasion and inject greater trust and fairness into the international tax system, the OECD has unveiled today a new single global standard for the automatic exchange of information between tax authorities worldwide. Developed by the OECD together with G20 countries, the standard calls on jurisdictions to obtain information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. The OECD will formally present the standard for the endorsement of G20 finance ministers during a 22-23 February meeting  in Sydney, Australia. The G20 invited the OECD to develop a global standard on automatic exchange of information in 2013, and remains the driving force behind the move toward greater tax transparency worldwide…The new standard draws extensively on previous OECD work on the automatic exchange of information. It incorporates progress made in this area within the European Union and ongoing efforts to reinforce global anti-money laundering standards. It also recognises the catalytic role that implementation of the US Foreign Account Tax Compliance Act (FATCA) has played in the G20 move towards automatic exchange of information in a multilateral context.”

Download the report - Standard for Automatic Exchange of Financial Account Information

Download the Information Brief on Automatic Exchange of Financial Account Information

New GAO Report – College Debit Cards

COLLEGE DEBIT CARDS: Actions Needed to Address ATM Access, Student Choice, and Transparency, GAO-14-91: Published: Feb 13, 2014. Publicly Released: Feb 13, 2014: “At least 852 schools, or 11 percent of U.S. colleges and universities, had agreements to provide debit or prepaid card services to their students as of July 2013, and most offered students the ability to receiveContinue Reading

Intelligence Community: Additional Actions Needed to Improve Reporting, Planning for Use of Contract Personnel

CIVILIAN INTELLIGENCE COMMUNITY: Additional Actions Needed to Improve Reporting on and Planning for the Use of Contract Personnel, GAO-14-204:  Published: Jan 29, 2014. Publicly Released: Feb 13, 2014. “Collectively, CIA, ODNI, and the departments responsible for developing policies to address risks related to contractors for the other six civilian IC elements have made limited progress in developingContinue Reading

FHFA Oversight of Enterprise Handling of Aged Repurchase Demands

Audit Report – AUD–2014–009. February 12, 2014,  FHFA Oversight of Enterprise Handling of Aged Repurchase Demands “Why OIG Did This Report: “Various entities such as banks often sell mortgage loans to two Government Sponsored Enterprises – the Federal National Mortgage Association (Fannie Mae) and  the Federal Home Loan Mortgage Corporation (Freddie Mac); taxpayers invested heavilyContinue Reading

Reporters Without Borders Releases Press Freedom Index

“Reporters Without Borders today released its 2014 World Press Freedom Index, spotlighting major declines in media freedom in such varied countries as the United States, Central African Republic, and Guatemala while noting marked improvements in Ecuador, Bolivia, and South Africa. The same trio of Finland, Netherlands, and Norway heads the index again, while Turkmenistan, North Korea and EritreaContinue Reading

OECD Forecasts During and After the Financial Crisis

OECD Forecasts During and After the Financial Crisis – A Post Mortem. February 11, 2014.  “Main Findings: • GDP growth was overestimated on average across 2007-12, reflecting not only errors at the height of the financial crisis but also errors in the subsequent recovery. • Forecast errors were larger in countries that are more openContinue Reading

Corporate Criminal Liability: An Overview of Federal Law

Corporate Criminal Liability: An Overview of Federal Law, Charles Doyle, Senior Specialist in American Public Law, October 30, 2013. “A corporation is criminally liable for the federal crimes its employees or agents commit in its interest. Corporate officers, employees, and agents are individually liable for the crimes they commit, for the crimes they conspire to commit, for theContinue Reading

International Debt Statistics 2014

“International Debt Statistics (IDS) 2014 is a continuation of the World Bank’s publications Global Development Finance, Volume II (1997 through 2009) and the earlier World Debt Tables (1973 through 1996). IDS 2014 provides statistical tables showing the external debt of 128 developing countries that report public and publicly guaranteed external debt to the World Bank’sContinue Reading

ICE Success in Obtaining Removal Orders Drops to 50%

“Immigration and Customs Enforcement (ICE) has had diminishing success in convincing Immigration Judges to issue removal orders. Such orders are now granted only about 50 percent of the time, the lowest level since systematic tracking began more than 20 years ago. For years, the rate at which removal orders were granted in response to DHSContinue Reading

Global Pensions Asset Study – 2014

Towers Watson – “This is a study of the 13 largest pension markets in the world and accounts for more than 85% of global pension assets. The countries included are Australia, Canada, Brazil, France, Germany, Hong Kong, Ireland, Japan, Netherlands, South Africa, Switzerland, the UK and the US. The study also analyses seven countries inContinue Reading