In an attempt to keep itself off the OECD's 'harmful tax regimes' blacklist, the Bahamas will introduce tough new financial regulations designed to make the operation of international business companies (IBCs) more transparent.
The Bahamas, which has a zero income tax regime and is home to over 400 private banks, has been singled out by the OECD as one of the main targets for sanctions if it does not accede to its demands for greater transparency in banking financial services regulation and greater co-operation with OECD countries over tax evasion and money laundering allegations.
In a recent interview with the Financial Times, The Bahamas Finance Minister, Sir William Allen, said that Bahamas is considering a number of new regulatory measures, including the outlawing of unregistered bearer shares issued by IBCs, and expanding its anti-money laundering legislation to include tax crimes. "Tax evasion is almost always linked to some criminal activity and we would encourage our institutions to stay away from it. We don't encourage tax evaders and don't particularly want them," Sir William said.
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