G-20 Sets Tax Haven Deadline and Other Offshore News
G20 SETS TAX HAVENS DEADLINE
Finance ministers of the G20 countries have given tax havens until March 2010 to tackle tax evasion, or face harsh sanctions.
Representatives of the world’s largest economies have threatened offshore centres on the OECD list of “tax havens” with sanctions, unless they increase transparency.
http://www.ifaonline.co.uk/international-investment/news/1532667/g20-sets-tax-havens-deadline
CAYMAN CRISIS ‘EXAGGERATED’, INSISTS BANK BOSS
There’s trouble in paradise but press reports that Cayman Islands could be facing near-bankruptcy have been exaggerated, says the boss of the Isle of Man-based Cayman National Bank. The global crisis and crackdown on offshore finance centres has created a financial crisis for the government of Cayman, the world’s biggest hedge-fund venue and fifth-biggest bank centre.
http://www.iomtoday.co.im/isle-of-man-business/Cayman-crisis-39exaggerated39-insists-bank.5627338.jp
EU COURT UPHOLDS ANTITRUST RULING VS CLEARSTREAM
A European court Wednesday upheld an antitrust ruling against payment clearing house Clearstream International SA for abuse of its dominant position in the market. Europe’s second-highest court, the Court of First Instance, dismissed an appeal brought against the European Commission, Europe’s antitrust regulator “in its entirety,” it said in a statement.
http://online.wsj.com/article/BT-CO-20090909-704176.html
U.S., MONACO SIGN TAX INFORMATION SHARING AGREEMENT
The U.S. has signed a deal through which it will share tax information with Monaco, the U.S. Treasury announced Tuesday.
“We are working with countries like Monaco to ensure that the IRS has access to the information that it needs to enforce U.S. tax law,” Deputy Treasury Secretary Neil Wolin said in a statement. Under the deal, Monaco is to provide the U.S. with information including that related to bank accounts held in the country. The U.S. will be permitted to begin seeking information on both civil and criminal matters in 2010.
http://online.wsj.com/article/BT-CO-20090908-714006.html
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UK SIGNS TAX INFO EXCHANGE PROTOCOL WITH SWITZERLAND
The U.K. government said Monday it had signed a tax information exchange protocol with Switzerland, the latest in a string of such accords in recent months. The U.K. treasury said the protocol opens the way for a “comprehensive” exchange of tax information. It will come into effect once the two countries’ parliaments approve the relevant domestic laws, the treasury and the Swiss finance ministry said.
http://online.wsj.com/article/BT-CO-20090907-706169.html
PICTET SAYS PRIVATE BANKS WILL BE SQUEEZED BY SECRECY EROSION
Ivan Pictet, senior managing partner at Pictet & Cie., Switzerland’s biggest closely held private bank, says margins will be squeezed as bank secrecy comes under attack and the industry goes through a period of transition. “Our industry has to prepare itself for a transition phase that will last between one and three years with margins under pressure and, if so, an impact on employment,” Pictet said in an interview with Bilan magazine published today.
http://www.bloomberg.com/apps/news?pid=20601085&sid=a9r_rZVvtBD8
CAYMAN ISLANDS SAYS COMPETITION PROMPTS UK STANCE
The UK government’s move to block loans to the Cayman Islands is designed to disadvantage a competitive rivalry in financial services at a time when the UK sector itself is under threat, said the head of the islands’ regulatory agency on Thursday.
The Cayman Islands, the Caribbean overseas territory which is domicile to the majority of the world’s hedge funds, failed to gain approval from the UK government last week to extend its borrowing to plug a government deficit of $82 million.
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL355818020090903
PANAMA MAY SIGN TAX ACCORDS TO AVOID SANCTIONS, OFFICIAL SAYS
Panama will share tax information with at least 10 countries to prevent sanctions over banking secrecy laws, Finance Vice-Minister Frank De Lima said. The Central American nation is close to signing accords with Spain and Mexico to exchange information, De Lima said in an interview. Switzerland, Belgium and Canada are also interested in signing similar treaties, he added.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aK5UdfodrRXI
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