FATCA AND THE US – DUTCH INTERGOVERNMENTAL AGREEMENT
Dutch IGA published
In connection with the Foreign Account Tax Compliance Act (“FATCA”), the government of the Netherlands entered into a Model 1 Intergovernmental Agreement (“IGA”) with the United States (click here). Under the Dutch IGA, Netherlands financial institutions would report required information to the Netherlands tax authorities, followed by an automatic exchange of the reported information to the IRS.
The Dutch IGA, entered into on December 18, 2013, is substantially similar to the Model 1A IGA that includes a reciprocal approach for the sharing of information between the two governments. Article 3 paragraph 7 of the …
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CURACAO MINISTER OF JUSTICE VERSUS PROCURATOR GENERAL
A Minister should not interfere in a criminal investigation
On 25 April 2012 the Curacao Minister of Justice (‘MofJ‘) Elmer ‘Kadè’ Wilsoe submitted an official request in a letter to the American Minister of Foreign Affairs Hillary Clinton to raise the attachment of the bank balances of lottery owner Dos Santos in the United States. Those attachments were made at the request of the Public Prosecutions Department (‘PPD‘) in Curacao in connection with a current criminal investigation (the ‘Bientu investigation‘).
However, a Minister should not interfere in a criminal investigation. Strict rules apply to this. And once a criminal case …
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MINISTER OF JUSTICE ECONOMICAL WITH THE TRUTH
Minister of Justice of Curacao should step down
The Antilliaans Dagblad today published the letter sent by Minister of Justice, Elmer ‘Kadè’ Wilsoe (PS), to Hillary Rodham Clinton and Eric H. Holder on 25 April 2012. From this letter it follows that Wilsoe tried to interfere with the investigation by the Public Prosecutor (OM) into Robbie Dos Santos, Ponsford Overseas and Tula Finance (the ‘Bientu’ investigation).
In an unrelated matter, Wilsoe stated in the Amigoe (7 July 2011): “The law offers me the possibility to give general instructions to the Attorney General in connection …
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VOLUNTARY DISCLOSURE AND THE HUNT FOR UNDISCLOSED ACCOUNTS BY US AND DUTCH TAX AUTHORITIES
Propaganda machines up to speed
Publicity efforts by the US and Dutch tax authorities indicate that the hunt for undisclosed accounts in typical offshore jurisdictions is still a hot item. Although Curacao was not mentioned by the US authorities, the Dutch tax authorities announced a new search for undisclosed accounts in Curacao based on information provided by the French tax authorities. The IRS announced a new voluntary disclosure program which mitigates the risk of criminal prosecution in exchange for paying taxes, interest and a standardized penalty. Furthermore, the IRS announced that they will follow ‘new leads’ emanating from voluntary disclosures. …
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