US, Canada sign agreement to halt offshore tax evasion in the Caribbean
From Caribbean360: The US Congress enacted the FATCA in 2010 to “target non-compliance by US taxpayers using foreign accounts,” including those in the Caribbean. WASHINGTON D.C., United States, Thursday February 6, 2014, CMC – The United States Department of the…
The Editor Speaks: Reporting Corruption
“No jurisdiction is reporting corruption enough through the anti-corruption mechanisms” The quote above is from Cayman Islands Premier Alden McLaughlin’s Keynote Address to Chatham House Conference “Combating Global Corruption” on 4th February 2014 in London UK. The whole address, in…
Bahamas nearing full compliance under FATCA
From Caribbean360 The Bahamas government said it has devoted considerable resources to ensuring that Bahamian financial sector participants and the Bahamian public were well educated about FATCA and would continue to do so. NASSAU, Bahamas, , CMC – The Bahamas…
Republican Party Backs FATCA Repeal Resolution
By SAMUEL RUBENFELD Wall Street Journal From Risk & Compliance Journal The Republican National Committee approved a resolution on Friday that called for the repeal of a law aimed at U.S. tax evaders. The party adopted a resolution to repeal…
Cayman Islands retain Moody’s Triple A Rating
Article by Louise Groom and Marco a Martins, Harneys The Cayman Islands Ministry of Public Finance has reported that the jurisdiction has retained its very high “Aa3” rating from Moody’s, one of the world’s foremost financial rating agencies. Cayman has…
Cayman Islands accountholders must disclose financial affairs “within 30 days”, says HMRC
From Out-Law.com UK taxpayers with undisclosed income and capital gains in the Cayman Islands must provide HM Revenue and Customs (HMRC) with this information “within 30 days” or face “detailed investigation”, according to letters sent to accountholders by the UK…
Cayman Finance lines up impressive list of speakers for timely tax seminar
(George Town, Grand Cayman) Anyone interested in finding out more about some of the multilateral initiatives proposed and confirmed with regard to international tax — such as BEPS and the effects of US and UK FATCA on the hedge funds,…
Cooperation with regulators improves reputation
By Colin MacKay The 2007/8 global financial crisis continues to influence the environment within which the Cayman investment funds industry operates. Global economic patterns, largely driven by factors emerging from that crisis, continue to shape cross-border political and regulatory developments….
US FATCA And Cayman Funds: Entity Classification
By Martin Livingston, Jon Fowler, Tim Frawley and Alasdair Robertson From MAPLES Last Updated: 15 January 2014 On 29 November 2013, the Cayman Islands government signed a Model 1B (i.e. non-reciprocal) intergovernmental agreement with the United States (the “US IGA”)….
Overseas Tax Havens toppled by IRS
By Eric L. Reiner From Private Wealth Some of the world’s most notorious secret account havens have agreed to give information about U.S. taxpayers to the Internal Revenue Service. In a 24-day span ending December 19, eight jurisdictions — the…
