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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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IMF Urges Bermuda To Tighten AML Regime,
by Amanda Banks, Tax-News.com, London 07 February 2008
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The International Monetary Fund (IMF) has urged the Bermudian authorities to
speed up the process of updating anti-money laundering and counter-terrorist
financing laws (AML/CFT), after a recent assessment suggested that legislation has
not kept pace with the Financial Action Task Force (FATF) Recommendations.
In a report based on its mission to Bermuda in 2006, which was released last
month by the Caribbean Financial Action Taskforce (CFATF), the IMF concluded
that there has been little legislative change since the AML laws and Guidance
Notes (GNs) were brought into force in 1998, and the last IMF assessment in
2003.
"Apart from a few changes to the Proceeds of Crime Act (POCA) and the
GNs, the only significant new legislation enacted was the Anti-Terrorism (Financial
and Other Measures) Act 2004 (ATFA). New draft GNs, prepared soon after the
last IMF mission, are still to be finalized and implemented," the report
noted.
"The current AML/CFT regime has, therefore, not kept pace with changes
in the FATF Recommendations, and the authorities have been slow in implementing
a number of key recommendations from the last IMF assessment, particularly with
respect to the reporting entities in the financial and non-financial sectors,"
it added.
While observing that the criminalization of money laundering and terror financing
is "generally comprehensive", with offenses applying to both natural
and legal persons, the IMF found difficulty in assessing the effectiveness of
the legal framework because there have been limited money laundering investigations,
and only one prosecution for this offence in the last five years. Meanwhile,
there have been no investigations into suspected terror financing.
However, the IMF took account of the fact that several pieces of new legislation
were under consideration by Parliament to address a number of weaknesses in
the regime at the time of the mission in 2006, and these were enacted in June
2007. The updates include amendments to the Proceeds of Crime Act, the Criminal
Justice International Cooperation (Bermuda Act), and the Financial Intelligence
Agency Act (FIA Act) to establish an administrative financial intelligence unit.
"Once implemented, these new laws will address a number of the weaknesses
in the AML/CFT legal framework identified by the mission," the IMF observed.
Despite the report's highlighting of shortcomings in Bermuda's AML/CFT laws,
the jurisdiction's government welcomed its conclusions, and Finance Minister
Paula Cox responded that the island "has nothing to be ashamed of".
"The Government of Bermuda recognises the important international role
that it must maintain to safeguard the security and economic well being of Bermudians
and people of other nations from the global threat of organised crime and terrorism,"
Cox said in a speech commenting on the IMF report.
She went on to add that the government "is committed to completing the
process of updating Bermuda's AML/CFT regime to reflect the most recent developments
in financial crime and the revised international standards from the FATF".
"Our objective in Bermuda is to establish and maintain oversight arrangements
that are transparent, consistent with international standards, suited to the
risk profile of our industries and effective in encouraging prudent conduct
and high standards of corporate behaviour," Cox stated.
The full text of the IMF report on Bermuda's Anti-Money Laundering Regime can
be found in the Tax-News Resources
section.
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