This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax 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.
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.
BMA Launches 2009 Business Plan,
by Phillip Morton, Investor Offshore.com
Wednesday, January 28, 2009
The Bermuda Monetary Authority has announced its aims and objectives for 2009.
The Authority will focus on continued active management of the financial crisis,
work towards mutual recognition in key overseas markets, and implement new anti-money
laundering standards.
The BMA introduced its 2009 Business Plan, at
its inaugural Annual Meeting in January 15. The plan sets out the organization’s
strategic priorities and work plan for the coming year.
According to the BMA, publishing the Business Plan demonstrates the regulator’s ongoing commitment
to improving transparency around the work of the Authority, and explains to
stakeholders what enhancements to Bermuda’s regulatory regimes will take
place in the near future.
Chief Executive Officer, Matthew Elderfield said: “This is the second
year that the BMA has published a business plan. This year’s plan builds
on the foundation established in 2008, where we successfully completed an ambitious
set of initiatives for the development of Bermuda’s regulatory framework.”
“In common with other financial services regulators, 2008 was a particularly
challenging year for the Authority, given the need to both manage the prevailing
financial crisis and maintain our focus on our regulatory agenda. This year
we face the same challenge, as the financial crisis moves into a new phase,
with a broader impact on the economy.”
Speaking about the effects of the financial crisis on Bermuda, Elderfield stated:
“Bermuda’s financial markets have proved resilient in the face of
the financial crisis, although some sectors and market participants have, and
will continue to face challenges. In the year ahead the BMA plans to continue
its active supervisory approach managing these challenges.”
“The initiatives set out in the Business Plan will strengthen the Authority’s
ability to respond to the crisis as it moves into a new phase, such as the implementation
of the Basel 2 Accord for banks and some investment businesses and further enhancements
to our solvency framework for insurers. Much of our effort will by necessity
remain behind the scenes, as we work with challenged firms and use a combination
of market surveys, stress test and on-sites to identify firms for close monitoring.”
On the implementation of new anti-money laundering standards, Elderfield explained that,
following the enactment of a suite of legislation that enhanced Bermuda’s
anti-money laundering and countering terrorism financing (AML/CTF) provisions
in late 2008, the BMA now has broader supervisory and enforcement powers with
regard to AML/CTF.
“This year the Authority’s work will shift from policy making to
focused on-site reviews of AML standards. The Business Plan sets out our plans
for a dedicated team to conduct reviews on AML compliance. These reviews will
provide a basis for feedback to the market on progress in implementing the new
standards and will also establish a benchmark for follow up enforcement activity,
if deemed necessary.”
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed