Tag: tax haven
Offshore law firm goes after press in Paradise Papers hack
(CNS Business): The law firm which was the victim of a hack in which millions of documents about their clients’ offshore financial affairs were exposed is taking legal action against the BBC and the Guardian. Both media organisations have stated that they will defend the breach of confidence proceedings instigated by Appleby, which has also […]
Queen using Cayman investment fund
(CNS Business): Labour leader Jeremy Corbyn has called on Queen Elizabeth to apologise to the British people for using tax havens, including the Cayman Islands. Revelations that the Queen was among a list of very rich individuals and organisations using offshore vehicles to dodge taxes has come with the release of a trove of information […]
Cayman still labeled as ‘notorious tax haven’
(CNS) Business): Despite the efforts of Cayman Islands’ finance industry, with government and its lobbyists spending time and money trying to paint a picture of how it fits into the global economy and its high standard of regulation, another report on tax issues relating to US-based global corporations has painted Cayman as a notorious tax […]
Panton challenges constant regulatory change
(CNS Business): Financial Services Minister Wayne Panton has pointed to the constant changes and jumping around in the global regulatory environment as a major flaw that prevents solutions being able to show their worth before they are replaced. Speaking in Brussels earlier this month about offshore regulation, he said the fundamental flaw that undermines the […]
Panton navigates choppy ‘blacklist’ waters
(CNS Business): The Cayman Islands financial services minister has been doing the rounds in Brussels and London over the last week to persuade European officials that Cayman should not be on any grey or blacklists and to talk about the continued pressure from the UK for Cayman and the other territories to introduce a public register […]
Cayman Finance says Oxfam is wrong
(CNS Business): The local body representing the offshore sector has described a recent Oxfam report on tax havens as “the same purposefully misleading rhetoric pretending to be research that Oxfam has published and republished for years”. Cayman Finance said the analysis was biased and “intentionally inaccurate and misleading information”, as it accused the global charity that […]
Cayman Finance boss talks transparency with BBC
(CNS Business): Appearing on ‘Business Live’ on the BBC’s World News channel earlier this month, Jude Scott stressed that Cayman is not a tax haven but a tax neutral jurisdiction. The CEO of Cayman Finance pressed home the continued claim that Cayman is a transparent jurisdiction where the financial industry is held to the highest […]
UN expert calls on new boss to abolish tax havens
(CNS Business): The new United Nations Secretary-General, António Guterres, is being asked by one of the body’s human rights experts to call a world conference on tax avoidance and evasion, with the goal of abolishing all tax havens. The UN’s independent expert on the promotion of a democratic and equitable international order, Alfred de Zayas, […]
UK bill to open details on multinational tax avoidance
(CNS Business): A legislative amendment in the UK this week will give the British government the power to publish details of tax payments made by UK-based multinational corporations on a country by country basis, as tax authorities try to clamp down on the abuse of tax laws and aggressive tax avoidance. The change in the […]
Travers takes aim at ‘delusional thinking’ on offshore finance
(CNS Business): Anthony Travers, a former Chairman of the Board of Cayman Finance, took aim at critics of low-tax jurisdictions as he joined documentary film maker, Jaques Perretti, on a panel at the IBC Transcontinental Trust Forum in Geneva last month looking at the media portrayal of the offshore industry. Dismissing those critics as “delusional”, Travers […]
UK PM signals tax haven clampdown
(CNS Business): Just as the Cayman Islands government was feeling confident that its relationship with the British government was better than ever and the UK was beginning to understand and accept the role of the offshore financial sector, the new prime minister, Theresa May, is believed to have ordered a clampdown on the use of […]
Cayman changes perception of offshore centres
(CNS Business): The narrative that the Cayman Islands and other offshore jurisdictions are to blame for the world’s corruption, financial crime and tax evasion is finally changing, Premier Alden McLaughlin and Financial Services Minister Wayne Panton believe. Having openly agreed to sign up to any new mechanisms for exchange of information on beneficial ownership at […]
Panama Papers published on line
(CNS Business): The huge database of documents, now known as the Panama Papers, relating to more than 200,000 offshore accounts has been posted online. The full database became accessible to the public for the first time at 18:00 GMT on Monday at offshoreleaks.icij.org. Anyone can now search the extensive data base, which includes many entities registered […]
EU blacklist of tax havens coming within six months
(CNS Business): A European-wide blacklist of non-cooperative tax jurisdictions is definitely coming and will be announced within six months, according to EU officials. Member of European Parliament (MEP) Jeppe Kofod, who is part of the TAXE2 Committee that a delegation from Cayman recently appeared before, confirmed to CNS Business that an EU blacklist for non-cooperative […]
UN calls for greater global tax coherence
(CNS Business): Statistics released by the United Nations Conference on Trade and Development (UNCTAD) Tuesday revealed considerable volatility in foreign direct investment flows in 2015, with investment flows to offshore financial centres retreating from a high of $132 billion in 2013 to $75 billion, in line with previous years. But the report noted that there […]
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