A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from April 30, 2013
White Money

"White money” is legitimately earned (the opposite of “black money") and fully reported for tax purposes. “White money” has been cited in print since at least 2009, but became popular in 2010 as Switzerland sought a “white money strategy.”


Reason For Liberty
renegade_division Says:
February 6th, 2009 at 8:30 pm
(...)
Yeah you are right. Swiss banks don’t keep drug money, organized crime money, and laundered money. So any money which is stored in there is white money, or black money which was accumulated by evading taxes, doing govt corruption.

Global Nomads 2010
March 17, 2010
Swiss Discussion On Black vs White Money Bank Acccounts
(...)
All but one party along with some private banks have determined, that Switzerland needs a so-called “White Money Strategy”. Where deposits beyond a certain size and the income on these deposits are reported to the country the account owner resides in, in order to collect taxes.

Swissinfo,ch
Switzerland aims to extend tax cooperation
by Andreas Keiser and Eveline Kobler, swissinfo.ch
February 16, 2011 - 08:19
(...)
The colour of money
Behnisch sees the extension of Swiss cooperation in identifying tax offences as a logical step if, as announced by the government and banks, Switzerland really wants to follow a “white money strategy”.

“If we are serious about the white money strategy then there should be no outcry over this adjustment,” he said.

The IBAN condition would only apply to an estimated five per cent of cases, the finance minister said, as “ninety-five per cent of requests for assistance are based on names”.

The Telegraph (UK)
Swiss target undisclosed assets in UK and Germany
Switzerland believes a deal with the UK and Germany to tax undeclared assets hidden in Swiss bank accounts is imminent, despite taking longer than expected.

By Sean O’Hare 3:52PM BST 21 Jun 2011
In accordance with the Swiss government’s desire to pursue a “white money strategy”, while ensuring a client’s right to privacy, an experimental deal with Germany and the UK was tabled last year and is expected to be in place before the end of summer.

A “clear the slate” charge is to be handed to depositors with undeclared assets and a new witholding tax to be levied on future earned investment.

Business Insider
Deep Thoughts From Currency Guru John Taylor On The Massive Risks From The Swiss Intervention
Joe Weisenthal | Sep. 18, 2011, 4:50 PM
John Taylor of hedge fund FX Concepts takes on the recent Swiss intervention, and discusses some of the massive risks the Swiss National Bank has now opened itself up to.
(...)
Don’t think that this flood of money will be deterred by anti-tax avoidance restrictions because this money will be ‘white’ money, with all taxes paid, and will be almost entirely conservative, non-hedge fund money that is looking to protect itself against a euro collapse.

Bloomberg Businessweek
Swiss Secrecy Besieged Makes Banks Fret World Money Lure Fading
By Elena Logutenkova
March 19, 2012
(...)
White Money
Still, both firms are better prepared than smaller private banks for changes that may be coming with Switzerland’s so-called white-money strategy of relying only on declared assets, Cocca said. UBS and Credit Suisse have through the years built out their onshore wealth-management businesses around the globe.

The Wall Street Journal
April 7, 2013, 7:54 a.m. ET
Credit Suisse Threatens to Cut Off German Clients
By MARTA FALCONI And JOHN LETZING
(...)
Swiss banks have long benefited from privacy rules that have made them popular destinations for offshore wealth. But crackdowns by tax authorities in the U.S., U.K. and Europe in recent years has forced the banks here to hone so-called white-money strategies, which focus on managing only offshore assets declared for tax purposes.

International Adviser
Luxembourg plans tax info agreement with EU by 2015
FROM TAX & REGULATION APR 10 2013 BY: MARK BATTERSBY
(...)
“To this end, it was a good choice of the Luxembourg financial center to focus on a strategy of white money.  The financial sector saw no black money or tax evasion.This is why we can safely apply the automatic exchange of information from 1 January 2015.”

The Wall Street Journal
April 12, 2013, 7:27 p.m. ET
WEEK IN WORDS: ERIN MCKEAN
white money
But crackdowns by tax authorities in the U.S., U.K. and Europe in recent years have forced the banks here to hone so-called white-money strategies, which focus on managing only offshore assets declared for tax purposes.

“Credit Suisse Threatens to Cut Off German Clients,” Europe Markets, WSJ.com, April 7

White money is money that is legitimately earned, and fully reported for tax purposes; blue money is legitimately earned, but not reported to every government that could legitimately tax it; and black money is neither legitimately earned nor reported.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Tuesday, April 30, 2013 • Permalink