Since December 2002, the euro has been North Korea's official currency for all foreign transactions.
There may be no more vexing challenge in the Revenue Code than the taxation of foreign transactions of multinational companies.
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The general fee that credit cards charge for foreign transactions is 3 percent, Elmendorf said, but it varies depending on the card and customer.
Later that month, a panel appointed by the government in 2004 recommended that until then there should be an immediate moratorium on all foreign transactions.
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Even though this article focuses solely on FBARs, there are a bevy of other tax forms to consider with foreign transactions, companies, trusts and more.
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The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
The lesson here is one for creditors: It is not particularly easy to bring a fraudulent transfer action, especially where foreign transactions and entities are involved such that proof of the fraudulent transfer may be difficult to obtain.
Since the mechanism of a currency transactions levy is supposed to be based on taxing the net position of foreign exchange transactions, it could represent a restriction of the free movement of capital and payments (Article 63 TFEU).
The bank essentially performs foreign exchange transactions, such as yen vs. euro, or dollar vs.
State attorneys general are pursuing allegations that certain custodian banks overcharged pensions for foreign exchange transactions.
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In its history, CLS Bank has taken the risk out of foreign exchange transactions among its participants.
Bank of China is the country's biggest bank for foreign exchange transactions, so the account closure could hurt the North Korean institution.
It is not possible to impose an FTT on foreign exchange transactions in the EU. An FTT will not reduce volatility, it will increase it.
To appreciate the dollar's dominant international role and why it will be so hard to dislodge, consider that the dollar enters one side of 90% of all the world's interbank foreign exchange transactions.
This is a flow variable and so should largely exclude currency valuation effects, but the drawback is that it will usually overstate the amount of official FX intervention as it includes monthly foreign exchange transactions by the PBoC and commercial banks.
By Zimbabwean law, all official foreign-currency transactions must go through the central bank.
Desperate for hard currency, the government imposed curbs on imports and foreign-exchange transactions.
When times were good, there was enough money sloshing around to fuel equity markets (Hong Kong's strength) and foreign-exchange transactions (Singapore's forte).
He learnt his economics at Yale under James Tobin (whose proposal for a tax on foreign-exchange transactions he argued against within the commission).
For example, the "Big Bang" financial deregulations include liberalizing foreign-exchange transactions, lowering securities trading costs and opening securities underwriting and investment-trust management to new players.
State prosecutors are getting help from an organized group of whistle-blowers in a widening investigation into whether banks overcharged public pension funds by tens of millions of dollars for foreign-exchange transactions.
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Among the tax options on the table, which also include a global financial transaction fee (called a "Tobin tax" after Nobel-winning economist James Tobin, who proposed a tax on foreign-currency transactions in the 1970s) and a Bonus Tax, a risk-based fee is the most efficient solution.
It means that foreign reserves and dollar transactions fund the U.S. economy.
The Treasury's proposal would prohibit U.S. financial institutions from opening or maintaining accounts for foreign banks that process transactions for Liberty Reserve and require special steps to guard against any transactions involving it.
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As a result of this determination, significant transactions between foreign banks and the Central Bank of Iran for purchases of petroleum and petroleum products from Iran will be sanctionable as of June 28th.
Never mind that Hagel had already complied with his requirement to file a statement listing transactions with foreign governments for the preceding 10 years a statement that revealed no such payments from Saudi Arabia or North Korea.
During their monthly meetings, Curiel would ask Franco to sign documents in English that Franco could not understand, including an International Swaps and Derivatives Association agreement that facilitated the foreign exchange and option transactions, the complaint alleges.
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Just to give you some context for what we are announcing today, Section 1245 of the NDAA added to existing U.S. sanctions because it made sanctionable certain significant transactions between foreign financial institutions in the Central Bank of Iran.
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