Leiden Law Blog

The end of an era: Luxembourg ends its banking secrecy

The end of an era: Luxembourg ends its banking secrecy

On 10 April 2013 Luxembourg announced that it will end its banking secrecy as of 1 January 2015. In doing so it follows Belgium, which ended its (limited) banking secrecy in 2010. This action by Luxembourg can be seen in the light of the current debate on tax evasion and aggressive tax planning. Unlike in the other European countries (both EU and non-EU) that have banking secrecy – Austria, Switzerland, Liechtenstein, San Marino – this decision can be seen as a charm offensive. But what are the tax effects of this decision?

In the past years several EU Member States took action to uncover foreign savings accounts that were not reported by residents in their income tax returns. I recall the fiches of the Kredietbank Luxembourg (KB-Lux) or the CDs that were bought by the German government from the Swiss bank UBS. Unreported savings accounts held by EU residents in other European countries are no longer safe. The goal of the EU is a transparent European banking system with an automatic exchange of information between Member States.

The EU Savings Directive states that one EU Member State provides the other EU Member State with information on the bank accounts of the residents of the first Member State, without taxation in the first state. Most EU Member States do not have banking secrecy and thus the resident’s country can tax the foreign savings in those countries. This is not possible if the non-resident EU Member State has banking secrecy. One of the essentials of the EU in tax matters is the fiscal sovereignty of its Member States. The EU Savings Directive anticipates herein: these Member States can levy a withholding tax on interest payments on the savings.

Luxembourg will levy this withholding tax until 2015. But as of 1 January of that year, Luxembourg will provide the other EU Member States with information on bank accounts held by EU residents in Luxembourg. From this date onwards the withholding tax, based on the EU Savings Directive, will end as well and the resident EU Member State can levy (income) tax on the foreign savings of its residents.

In my opinion, the main reason that the Luxembourg government has agreed to end its banking secrecy is that the EU, OECD and G20 have been granted a mandate to fight tax evasion internationally. Now Luxembourg has surrendered, the remaining question is: who will be next?

4 Comments

JACK LOACH
Posted on September 25, 2014 at 21:29 by JACK LOACH

                                 
                                  Sods——- Law.
Sept.——2014.

For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank—- PICTET & CIE. BANK.

Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

The matter was raised in Parliament – twice—the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank—- but the rogues had left —-saying no one left to prosecute.???——- so there.

We then approached the Financial Ombudsman Service. (FOS)—- our case was dealt with by seven different people——then our numerous E-Mails were ignored—- nobody would speak to us———-so there.

We then asked the SFO ( Serious Fraud Office.) to investigate our case——the criteria of our case ticked all their boxes.—- we were instructed not to send them
any documents/evidence.———in fact they wrote to us advising us to go to the Citizen’s Advice Bureau.(CAB.)
Richard Alderman the SFO boss——who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
The MP’s committee——said he was sloppy—- and the SFO was run like “ Fred Karno’s Circus” ——- it was an office of fraud.——-  so there.

Our M.P. approached our local Chief Constable to investigate——- he was called——Sir Norman Bettison—- Chief Constable of West Yorkshire Police ——a force that made “ Dad’s Army” look like the S.A.S. They were inept – corrupt—-malicious—- from top to bottom. We were criminally dealt with by the Forces Solicitor——the Head of the Economic Crime Unit——and the Chief Constable——- so there.

We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C.  – which we did—- they advised us to make our complaint to——the West Yorkshire Police—- we did with reluctance—- all we got was abuse and obfuscation. ——- so there.

Sir Norman Bettison——The Forces solicitor—- and the Head of the Economic Crime——have all been removed from their posts and facing criminal allegations.
———so there.

We even sought justice through the Courts—- culminating in a visit to the Court of Appeal-London.—- On leaving the Courts of Appeal that day our barrister a “rising star” informed us—- that if that was British Justice then you can keep it. He quit the law and moved to Canada——- so there.

A few years later we learned that one of the judges ( Lord Justice.) in our case at the Court of Appeal was related to a senior executive of the Pictet Bank——-so there.

The Ministry of Justice passed our case to Lord Myners to investigate—- we would rather have had Mickey Mouse or Donald Duck do it.—- to this day we don’t know
—-whether he did anything or not——probably not—- seeing that his wife was on the Pictet Prix Board.

Pictet & Cie .Bank—- voted private bank of the year 2013.
Ivan Pictet——Voted banker of the year 2012. ——the senior partner—- lied on numerous occasions and had documents destroyed—- also said genuine documents were forgeries. ——- so there.

Ivan Pictet in Oct. 2013——Given the Legion of Honour —- but saying that——honours were given to Hitler—- Eichmann—- Mussolini—-Franco —- he’s in fitting company.——so there.

MONTY RAPHAEL.Q.C.—Peters & Peters.London. They were the banks lawyers.
Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court——the FSA——and the police Fraud Squad.——so there.

Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
An expert in Fraud—-the Doyen of Fraud Lawyers.——- so there.

This says a lot about Banks—- the consensus of opinion is that they are highly paid “crooks” ——no wonder they voted Ivan Pictet banker of the year.

It appears that crimes in the “establishment.” are honoured by their peers.
  “HONOURS AMONG THIEVES.”

Full Story.——“google ”

Insert.

Ivan Pictet.Banker.
Monty Raphael.Q.C.
Ivan Pictet/Monty Raphael.

jack loach
Posted on January 21, 2014 at 23:58 by jack loach

.Swiss Bank Accounts.

Is your monies safe in these accounts——definitely NOT.
Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
Economic Experts say that there would only enough money to repay 50% of their clients.
Are you going to be in the 50%—- that loose your money.—Get it out NOW.

2012—-  June.—Published in Anglo INFO .Geneva.—- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF)—-Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

2012 - - -  July.—De – Spiegel.— states – Pictet Bank uses a letterbox company in
Panama and a tax loophole involving investments in London to gain
German millionaires as clients.
 
2012 - - - August——German Opposition Leader accuses Swiss Banks of “organised crime.”

All the fines that crooked Swiss banks have incurred in the last few years exceeds £15.Billion.
It is also calculated that the secrecy ” agreements” with regards to tax evation by their clients will cost the banks another £45 Billion.

The banks are panicking—- the are quickly restructuring their banks——from partnerships—
to ” LIMITED COMPANIES.” ——- this will probably mean that in the future—- they could
pay you only 10% of your monies ” if you are one of the lucky ones”——and it be legal.

jack loach
Posted on December 29, 2013 at 21:37 by jack loach

                  Sods——Law.

Dec. 2013.


For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank .( Pictet & Cie.)

Two Yorkshire men both running their own family businesses trying to resolve the problem by taking the correct legal procedures to recover their monies.

The matter was raised in parliament –twice – the FSA investigated the matter concluding that the bank had rogues operating in their London Bank—- but the rogues had left—- so there.

We then approached the Financial Ombudsman Service – our case was dealt with by seven different people——then numerous E-Mails were ignored—- nobody would speak to us. – so there.

We then asked the SFO ( Serious Fraud Office) to investigate our case
—- the criteria of our case ticked all their boxes —- we were instructed not to send down any documents / evidence —- in fact they wrote to us advising us to go to the Citizen’s Advice Bureau. ( CAB) .

RICHARD ALDERMAN ( The Boss)——who responded to our letter was the man who would not investigate the “ Madoff “ scandal or the “Libor” fiasco. The MP’S committee——- said he was sloppy —- and the SFO was run like “ Fred Karno’s Circus. ——- so there.

Our M.P. approached our local Chief Constable to investigate – our West
Yorkshire Police Force —- made “ Dad’s Army” look like the S.A.S.
Inept , corrupt – from top to bottom. We were criminally dealt with by the Forces Solicitor—- the Head of the Economic Crime Unit—- and the Chief Constable—- one SIR NORMAN BETTISON. ——so there.

We then were advised to pass our complaint against West Yorkshire Police to the I.P.C.C.—- which we did —they instructed the West Yorkshire Police to look into our complaint. ——so there.

Sir Norman Bettison—-and the Forces Solicitor –and the Head of the Economic Crime Unit – all removed from their posts and facing criminal allegatioins.—- So there

We even sought justice through the Courts , culminating in a visit to the Court of Appeal. London. On leaving the Court of Appeal that day our barrister ( a rising star ) informed us that if that was justice then they can keep it. He quit the law and moved to Canada.——so there.

We learned a few years later that one of the judge’s in our case at the Courts of Appeal was related to a senior executive of the Bank.—so there.

The Bank——PICTET & CIE.. London.—- Geneva.
Voted private bank of the year—-2013.
IVAN PICTET——the senior partner—- lied on numerous occasions and had documents destroyed—- said genuine documents were forgeries.
2012—Voted Banker of the Year.
Oct 2013—- Given the LEGION of HONOUR —- so there

But saying that honours were given to Hitler—Eichmann—- Mussolini—
Franco – he’s in fitting company. —— so there.

MONTY RAPHAEL –Peters & Peters. London were the banks lawyers.
He along with Ivan Pictet withheld crucial documents requested by the High Court——the FSA and the police Fraud Squad.

Monty Raphael became an Honorary Queens Counsellor. ( Q.C.) in March.2012——made Master of the Bench in Nov.2012 .
An expert in Fraud – the Doyen of Fraud Lawyers – so there.

This says a lot about Banks ——the consensus of opinion is that they are highly paid “crooks”  —- no wonder they voted Ivan Pictet banker of the year .

Full Story——“ google or yahoo”

Ivan Pictet. Banker.
Monty Raphael.Q.C.
Ivan Pictet/Monty Raphael.

jack loach
Posted on December 15, 2013 at 01:34 by jack loach

Update—-  14th Dec. .2013.

Pictet & Cie Bank——List of Crimes.

1996 ——-  F.S.A—-  Breach in London.

2003 ——- F.S.A.—States rogues operating in Pictet’s London office. Ivan Pictet
states that documents were forgeries but were later proved to be genuine in
the British Courts. He had documents destroyed in their London office—
hoping to hide the crimes.

2007 .- - -  The Securities and Exchange Surveillance issued a recommendation
that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

2008 .— Dec.  - Pictet Bank state -  ” We have never chosen any funds linked to Madoff.

2011 - - -  Madoff Trustees sue Pictet & Cie. Bank for $156 Million.

2011- - - Pictet & Cie Bank abetted a Bribery Scheme - Oil company sues Pictet for $350Million

2012 - - -  April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

2012—-  June.—Published in Anglo INFO .Geneva.—- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.

2012 - - -  July.—De – Spiegel.— states – Pictet Bank uses a letterbox company in
Panama and a tax loophole involving investments in London to gain
German millionaires as clients.
 
2012 - - - August——German Opposition Leader accuses Swiss Banks of “organised crime.”

2013—- Jan.—-  Swiss MP’ table motion to freeze Tiab Mahmud’s assets of ” criminal origins”
held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.

Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

Peters &Peters; – Partners.—  (1999—-2013)—- guilty.

Pictet & Cie.—Partners. —-  (1999—- 2013)—-guilty.

The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.                                           
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

British Parliament.  Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.

————-“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””
         
Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA—- and the Police Fraud Squad.

Written Parliamentary Questions received by the table office ..

(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

***  Started campaign—- June 6th.2008.
5 .5years——approx 10 .5 million e-mails - - - but still no writs, injunctions or threats of litigation   -  - - WHY - - -  because it is all true.

*** . The bigger they are —- the harder they fall.!!!
In America——they would have all been in prison for the last seven years.

Feb 2013,—-  Pictet & Cie Bank Partners remove their unlimited liability.
They realise that all their personal wealth is at risk , the people they have conned might want their money back.


Full Story.***
. ” Google ” or ” Yahoo” .

Insert—( Charles Pictet. Banker.
Insert—( Ivan Pictet.Banker.
Insert—( Jacques de Saussure.Banker.
Insert—( Nicolas Pictet. Banker.
Insert—( Jean-Francois Demole.Banker.
Insert—( Philippe Bertherat. Banker.
Insert—( Renaud de Planta. Banker.
Insert.—( Monty Raphael.Q.C.)

Add a Comment

Name (required)

E-mail (required)

Please enter the word you see in the image below (required)

Your own avatar? Go to www.gravatar.com

Remember me
Notify me by e-mail about comments