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First Deputy Prime Minister Viktor Zubkov is proposing aclampdown onoffshore business, putting his weight behind draft legislation towiden tax authorities' power toprevent illegal offshore financial activities.

Prepared bythe Federal Service forFinancial Monitoring, or RosFinMonitoring, under Zubkov's aegis andfinished this month, thebill suggests broadening therights ofboth banks andtax agents intheir dealings with offshore financial structures, Vedomosti reported Monday.

Included inthe draft, ofwhich Vedomosti obtained acopy, are proposals toallow banks andtax authorities tomake it more difficult forRussian businesses tocreate offshore firms, toimpose more rules oncompany owners andto oblige firms toreveal their beneficial owners. Thebill also lets tax andbanking agents penalize companies financially fortrying touse offshore structures.

In2011, about 2 trillion rubles ($68 billion) was sent out ofthe Russian economy, according toZubkov's estimates, Vedomosti reported. Also, RosFinMonitoring andthe Central Bank found that about 1 trillion rubles ofa net capital outflow ofroughly 2.5 trillion rubles bore indications ofmoney laundering, most ofit occurring through fly-by-night firms.

Zubkov casts along shadow onRosFinMonitoring: He was thefirst head ofthe agency after President Vladimir Putin created it in2004 andserved there until Putin appointed him prime minister in2007.

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Zubkov Seeks Offshoring Crackdown

10-03-2012 19:16 The Members - Offshore Banking Business

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The Members - Offshore Banking Business - Video

Savings products that offer clear and consistent rates of interest have helped AIB International Savings secure another offshore banking award win

The Nexus Expat Network awards, now in their eighth year, use a combination of best-buy charts and expert opinion to examine the interest rates paid by offshoots of banks and building societies based in the "sterling offshore" area, which includes the Isle of Man (Other OTC: MAGOF.PK - news) and the Channel Islands of Jersey and Guernsey.

Best Offshore Bank for Expats Overall Award 2012 was awarded to AIB International Savings , with Lloyds TSB International coming in as highly commended. The judges based their decision on which banks offered consistently good offshore rates throughout 2011.The overall award goes to the bank whose savings accounts have most often featured as best buys in different categories, with underlying interest rate comparisons provided by Moneyfacts.

"With interest rates so low, it is all the more important for savers to look out for those savings account providers which consistently offer better rates than the norm," said judge Iain Yule.

AIB International Savings was also the winner in the three sub-categories categories: sterling instant access accounts; US dollar accounts; and euro accounts.

Product diversification is imperative in todays market place," said AIB managing director David MacGregor. "We pride ourselves in being able to deliver both fixed and variable savings products within all three major currencies to both new and existing customers."

Expats shopping around for a new offshore savings account are advised to look for multi-currency availability, transparency and accessibility.

"Savings products should be available in GBP, EUR and USD to enable expats to hold and save in new or current base currency and currency of origin," said Gary Quaggan, head of retail service and operations at AIB International Savings Limited. "Savings products should be easy to understand, have clear terms and conditions, and full details are readily available via hard print or online."

Mr Quaggan also recommends accessibility via telephone banking, as well as internet, face-to-face and postal contact. "Searching independent best buy or comparison websites is always a good idea as a useful starting point," he said.

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AIB honoured at offshore bank awards

A tax deal with Switzerland aimed at preventing high-earning expats and big businesses using the country's secretive banking system to avoid paying UK rates has been criticised by MPs (BSE: MPSLTD.BO - news)

In a report on efforts to tackle tax avoidance and evasion, the Commons Treasury sub-committee said they were unhappy that levies on assets were set slightly lower than the 50 per cent top income tax rate in the UK, and that tax evaders had been given time to move their assets elsewhere.

Big businesses also appeared, they said, to have been granted a "more favourable tax treatment".

The deal, expected to generate up to 5 billion for the Treasury, was hailed by Chancellor George Osborne last year as an end to the days when it was easy to "stash the profits of tax evasion" in Switzerland.

As part of the deal, it was agreed that expats with bank accounts in Switzerland would pay between 19 per cent and 34 per cent of their assets to settle past liabilities.

HMRC said the lower rate part of the deal reflected the fact that the money would be received by it earlier in the financial year than it received by the state's take of salaries.

But the sub-committee said: "We do not see why those with offshore bank accounts, who may not currently be fulfilling their tax obligations, should be treated any differently.

"Any perception that those with offshore accounts are paying lower taxes than compliant taxpayers creates a risk that the agreement may encourage taxpayers to seek opportunities to evade tax in the belief that they will be able to reach a favourable settlement in future.

"Also, any perception that some taxpayers are receiving more favourable treatment than others is likely to discourage voluntary compliance."

The committee's report also raised fears that new rules would not apply until 2013.

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Switzerland offshore tax deal criticised by MPs

MARIA SLADE

One of the country's highest-paid chief executives is leaving Westpac New Zealand to take over the top job at Australia's St George Banking Group.

George Frazis was paid $5.4 million in the year to September 2011, the second year in a row his pay topped $5m.

The figure made him almost certainly the highest paid chief executive in New Zealand that year.

Westpac said Frazis' New Zealand replacement would be Peter Clare, a former senior manager at St George, Westpac and CBA.

"George Frazis has done an excellent job over the past three and a half years in significantly improving the performance of the New Zealand business," Westpac chief executive Gail Kelly said.

Cash earnings for the New Zealand business increased 41 per cent in the 2010/11 financial year.

"George has implemented a strong strategy to achieve growth across all market segments and to build a partnership with customers and the community. In particular, Westpac New Zealand's continued efforts in providing strong support for customers, the community and staff following the Christchurch earthquakes are a reflection of his commitment to this partnership."

Peter Clare was one of the Westpac Group's most seasoned executives, the bank said.

In his role as group executive products and operations, he led a division of 5000 people, providing key support across the businesses and driving performance. He is currently the chief operating officer of the group's Australian Financial Services business.

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Westpac NZ chief heads offshore