Better In The Bahamas

Better In The Bahamas

Imagine. Sun, sea, sand and palm trees swaying gently in the breeze. Suddenly you’re daydreaming, imagining lying in a hammock, sipping rum punch and relaxing with not a care in the world. This isn’t your typical introduction to an article appearing in a financial newsletter, and if you’ve now lost all motivation to work for the rest of the day, […]

Changes in the Netherlands: Ruling Policy Released

Why are the Netherlands so attractive from an international tax planning point of view? The Netherlands are a high-tech country and the Dutch economy is performing well. The Netherlands have fantastic geographical advantages, being close to London, Paris, Brussels and Frankfurt. On March 30 2001, in reaction to pressure of other EU member states, the Netherlands Ministry of Finance released […]

EU Attacks on Harmful Tax Competition

The European Commission yesterday attacked 11 corporation tax schemes in 8 EU Member States as possible measures of illegal state aid. This is a sign that the EU Commission’s patience with Member States who are dragging their heels in phasing out the 66 harmful tax measures highlighted in the Primarolo Report of 2 years ago, is finally running out. Mario […]

Panama: Legislation on E-Commerce

August 1 2001 – The Panamanian President, Mireya Moscoso, signed into Law Bill Nø112 ‘which defines and regulates electronic documents and signatures, certification entities and exchange of electronic documents’. The new law grants electronic documents and signatures the same validity as written documents, in order for merchants and users to be able to conduct online transactions in a reliable and […]

US: Four FinCen Advisories withdrawn

The US Department of Treasury Financial Crimes Enforcement Network (FinCen) has withdrawn its Advisories in respect of the Bahamas, Cayman Islands, Liechtenstein and Panama. The Advisories were to inform banks and other financial institutions operating in the US of serious deficiencies in the counter money-laundering systems of the named jurisdictions. As a result of these deficiencies, enhanced scrutiny should be […]

The FATF the List of Non-cooperative Countries and Territories

The Financial Action Task Force on money-laundering (FATF) has announced the results of its discussions on ‘non-cooperative’ jurisdictions since the publication of its second report on non-cooperative countries and territories (NCCTs) in June 2001. First, the FATF reviewed the status of legislative efforts by the Governments of Russia, Nauru and the Philippines, which had been notified in June that failure […]

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