Locating Witnesses
Ship Registration
Polygraph Tests
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Search of Evidence and Alibi Check
Pre-employment Screening
(Reverse) Phone Number Lookup
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Offshore Bank Accounts
Product Counterfeit
International Frauds
Locating Missing Persons
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Business Intelligence
Internet Friend Identification
Offshore Companies - Hong Kong
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Armed Robbery Investigations
Extortion and Threats Investigations
Voice Analysis Technology Test
Employee Investigations
Computer Monitoring
Due Diligence for Banks and Law Firms
Counter Espionage
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Bank Account Searches
Homicide Investigations
Offshore Anonymous Companies – Liberia
Spouse Infidelity Check
Unfair Competition
Offshore Companies - Cayman
Employee Investigations
Counter Espionage
Stalking Investigations
Intellectual Property
Second Legal Passport
Pre-matrimonial Check
Child Abuse and Custody
Offshore Anonymous Companies - Panama
(Counter) Surveillance
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Offshore Companies - Panama
Theft Investigations
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Offshore Companies - BVI
Asset Protection Planning
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Pre-employment Screening
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Background Check
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Offshore Companies - Bahamas
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Due Diligence for Banks and Law Firms
Offshore Companies - Delaware


Offshore World

Offshore World

Grand Cayman Banks Will Disclose Information to IRS

Switzerland, Foreign Account Tax Compliance Act, FACTA, offshore bank accounts, Cayman Islands, IRS, banks, hedge funds, wealth-management, tax transparencyAfter signing an agreement with Switzerland to put in place the Foreign Account Tax Compliance Act (“FACTA”) aimed at punishing banks that help US citizens hide money in offshore bank accounts, the United States has signed a similar agreement with the Cayman Islands. FACTA is a 2010 law aimed to ensure the reporting of foreign financial assets.
FACTA set severe penalties for individuals who fail to comply with FACTA requirements:  a USD 10,000 failure to file penalty, an additional penalty of up to USD 50,000 for continued failure to file after IRS notification, and a 40 percent penalty on an understatement of tax attributable to non-disclosed assets.
The Cayman Islands are a major financial center. It is in fact is home to dozens of banks, hedge funds, and wealth-management entities, therefore the stake is significant.  Most notably, the deal further demonstrates the global shift towards overall tax transparency.

Panama: FACTA Banking Act - Banks and Americans Concerned

FATCA, Foreign Account Tax Compliance Act, IRS, United States, withholding tax system, banks, Panama, Banking Association of Panama, tax evasion, offshore anonymous companies, second citizenship,  second passport, offshore bank accounts, lawyersThe Panamanian banking system is very concerned for the entry into force on 1 January 2013 of FATCA (Foreign Account Tax Compliance Act), of the United States which requires signing complicated agreements no later than 30 June 2013 in order for banks not to be fined by the U.S. Internal Revenue Service (IRS).

The act introduces a withholding tax system that affects all private entities that have contacts with the United States. According to the act, the U.S. IRS will retain 30% of the value of transactions that banks in Panama and other countries make with correspondents in the United States.
The Banking Association of Panama said that Panamanian authorities are consulting with the IRS to reach an agreement similar to what Spain, Italy, Germany, UK, Japan, and Switzerland are negotiating.
The U.S. government wants by this act to win the war on tax evasion estimated at USD 450,000 million annually. FACTA requires banks and financial institutions located outside the United States, to report the Americans with offshore bank accounts to IRS automatically.
The Banking Association of Panama, said that it will be up to the banks and financial institutions to adapt their organization to implement FACTA and that it will not be the government to establish how. Financial institutions may also decide not to accept U.S. clients but this will affect the relationship of those entities with such clients.
However, there are steps U.S. clients can take. Firstly, they will have to put all their assets in offshore anonymous companies which will then manage those assets. Secondly, the same clients may acquire a second citizenship that entitles them to a second passport with which they can open new offshore bank accounts.
ISOG lawyers can provide such services which in a few months would allow Americans to operate in a way equal to that of the other clients of those financial institutions.

Italy: Dolce & Gabbana and Tax Evasion

prosecutors, Dolce and Gabbana, tax evasion, omission in the tax statement, inaccurate tax statement, taxesThe Milan prosecutors requested a sentence of two years and six months in prison for couturiers Dolce and Gabbana for alleged tax evasion of 1.29 billion dollars.

Gaetano Ruta, Milan prosecutor, called this conviction at trial considering that the stylists are the subjects who benefited most from the operation that led to a large-scale tax evasion. Just as Dolce and Gabbana, five others are processed.
The prosecutor asked for the couturiers’ conviction for an alleged crime of omission in the tax statement and inaccurate tax statement, this latter crime has already prescribed.
The prosecution called two years in prison for the group administrators Alfonso Dolce (Domenico's brother) and Giuseppe Minoni, two years and six months for the administrator Christian Ruella, three years for commercial Luciano Patelli, and absolution for Antoine Noella.
Prosecutors, who conducted the investigation between 2007 and 2010, say the firm Dolce & Gabbana created a company based in Luxembourg under the name of "Gado" which was indicated as the owner of some of the group's brands, but the management actually was in Italy. Thus income from the exploitation of the marks was not declared in Italy, so no taxes were paid in this country.