Arundhati Bhattacharya, chairman of State Bank of India, attends the Annual Bankers’
When she was a village branch manager in eastern India, she was quick to grab a screwdriver to fix power outages. Now, as the most-powerful woman in Indian finance, Arundhati Bhattacharya must tackle the highest bad-loan ratio among India’s 10 largest banks.
Appointed in October as the first female chairman and most-senior executive officer of the country’s largest lender, State Bank of India, Bhattacharya has been combing through balance sheets riddled with 678 billion rupees ($10.9 billion) of bad debt. Some 5.7 percent of total loans at the 207-year-old behemoth are nonperforming, the highest level in at least eight years, the earliest date for which data are available, exchange filings show.
Indian Finances Most-Powerful Woman Tackles Bad Loans

Australia, the host of G20 central bankers and finance ministers this weekend, has urged better advance notice of central bank policy changes to avoid shockwaves for emerging economies.

Andreas Frank International Anti-Money Laundering AML Expert  Reports:

The latest U.S. Government Accountability Office report shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is No. 1). The report was published on Jan 6, 2014 but publicly released on Feb 19, 2014.

The GAO report is a supplement  to its
“Offshore Tax Evasion: IRS Has Collected Billions of Dollars, but May be Missing Continued Evasion.”

There is nothing illegal about keeping money offshore, but you have to report it on a form called the Foreign Bank and Financial Account (FBAR) form – if the account value is $10,000 or more – and pay taxes on earnings. For those ready to fess up, the IRS held the 2009 voluntary disclosure program, followed by one in 2011, and another that opened in 2012 and is still reeling in taxpayers. The programs offer incentives for taxpayers to disclose their offshore accounts and pay delinquent taxes, interest and stiff penalties – to avoid criminal prosecution.
GAO_Offshore_Tax_Evaders

Chappatte

Problem mit der Geldwäsche Bekämpfung

Allianz SE Tuesday said it is buying an 8.33% stake in FC Bayern München, thereby
extending its partnership with the premier league soccer club across town.
Allianz, Europe’s biggest insurer by revenues, said it would buy the stake for EUR110 million ($149.97 million), as part of a capital increase at the soccer club.
FC Bayern intends to use the capital from the Allianz investment for the repayment of debts and for launching a youth football center of excellence. The naming rights, including an option, for the FC Bayern München stadium, the Allianz Arena, have been secured long term until 2041.
Allianz Buys 8.33 %Stake in Bayern München For EUR110M

Warum steigt eine Versicherung beim Fussball ein?

Russia’s central bank has withdrawn the licences of two small Moscow-based banks, part

Банк России

of its widening campaign to clean up the banking system and crack down on money laundering.

Russia has more than 900 banks, mostly small, and many are suspected of servicing the shadow economy. Since taking up her position as central bank head last year, Elvira Nabiullina, has made it clear she wants to tighten banking supervision and shore up large-scale capital flight to boost the flagging economy.

The central bank it had withdrawn Eurotrust bank’s licence because of a failure to meet obligations to its creditors and depositors, and to create sufficient reserves to cover potential losses on loans.

LINK Bank also failed to create provisions against risk and both banks were involved in “dubious operations”, such as money laundering, the central bank said in a statement.

Both banks are part of Russia’s system of retail deposit insurance, under which the state guarantees small savings if a bank fails. Last year, the withdrawal of Master Bank’s licence cost the state about 30 billion roubles ($890 million).
CBR Eurotrust Statement
CBR_LinkBank_Statement

Peter Amrein, a Swiss asset manager, indicted on charges that he assisted U.S. taxpayers in evading millions of dollars in taxes owed by hiding money in offshore trusts at multiple Swiss banks.

Offshore companies and trustees enable money laundering and tax evasion, according to the US senate hearings 2006, 2008, and 2009.

The “Amrein” case clearly demonstrates the the use of sham “foundations”,  and other entities formed in countries such as Liechtenstein, to conceal taxable assets from the IRS.  Reported by Andreas Frank for w-t-w.org.
Download: US Amrein Indictment 6.2.14
Peter Amrein, a Swiss asset manager 

www.koufogiorgos.de

Emerging markets more vulnerable than ever to Fed tightening,

Bank for International Settlements BIS says there had been a “massive expansion” in borrowing on global bond markets by banks and companies in developing countries.