Tag: tax haven

Minister points to worrying trend at EU grilling

Minister points to worrying trend at EU grilling

| 26/04/2016 | 10 Comments
(CNS Business): The Cayman Islands financial services minister says there is a worrying trend in attitudes towards offshore financial services in Europe that would go well beyond concerns about automatic exchange of information and public access to beneficial ownership. Wayne Panton said some Europe [...]

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Cayman National ‘regrets’ affiliates’ tax scandal

Cayman National ‘regrets’ affiliates’ tax scandal

| 10/03/2016 | 17 Comments
(CNS Business): Cayman National Corporation (CNC) was quick to pass off revelations that its subsidiaries had, for more than ten years, assisted US account holders in massive tax evasion as an historic issue that impacted lots of other banks around the world. In a statement Thursday the corporation [...]

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Cayman firms fined $6M for helping tax dodgers

Cayman firms fined $6M for helping tax dodgers

| 09/03/2016 | 38 Comments
(CNS Business): Two subsidiaries of the Cayman National Corporation have pleaded guilty to helping clients evade taxes in a US Department of Justice crackdown on tax cheats. Cayman National Securities and Cayman National Trust entered guilty pleas Wednesday in a New York federal court. The two entit [...]

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Governor struggles to explain offshore sector

Governor struggles to explain offshore sector

| 25/01/2016 | 36 Comments
(CNS Business): Quizzed over what the Cayman Islands and its offshore sector means to the people of Britain, the governor struggled to answer Jacques Peretti in the documentary aired on the BBC in the UK on Friday evening. “Britain’s Trillion Pound Island”, in which the producer a [...]

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BBC documentary set to scandalize Cayman

BBC documentary set to scandalize Cayman

| 19/01/2016 | 74 Comments
(CNS Business): A new BBC documentary on the Cayman Islands due to air in the UK on Friday is likely to scandalize the jurisdiction once again. Despite efforts  by the Cayman Islands to shake off the tax haven label, the programme by Jacques Peretti will be focusing on the UK territory as a “n [...]

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Tax havens blamed in global inequity crisis

Tax havens blamed in global inequity crisis

| 18/01/2016 | 8 Comments
(CNS Business): Just 62 people hold the same amount of wealth as the poorest half of the entire world population combined, a new Oxfam report published Monday has revealed. The global charity said runaway inequality has seen the wealth of the richest 62 people, mostly men, increase by more than hal [...]

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Clinton takes aim at Cayman on campaign trail

Clinton takes aim at Cayman on campaign trail

| 12/01/2016 | 6 Comments
(CNS Business): Democratic presidential hopeful Hillary Clinton has said that the US government must “go after” tax avoidance schemes that route “income through the Bahamas or the Cayman Islands”, even though she and her husband, Bill Clinton, have both received income from companies doing [...]

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UK enforcement agencies to visit Cayman

UK enforcement agencies to visit Cayman

| 14/12/2015 | 2 Comments
(CNS): The UK is expected to send law enforcement officials to Cayman in the New Year to enhance the current cooperation regime between this jurisdiction and the authorities in Britain regarding financial crime and money laundering. Financial Services Minister Wayne Panton said that experts are com [...]

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Secrecy in BOTs fuelling corruption, says report

Secrecy in BOTs fuelling corruption, says report

| 30/11/2015 | 5 Comments
(CNS Business): A new report released by a coalition of NGOs, including Transparency International UK, has described some of the British overseas territories (BOTs) as “some of the most notorious purveyors of financial secrecy”, despite promises about more transparency. The authors say a Wor [...]

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US now more secret than Cayman

US now more secret than Cayman

| 02/11/2015 | 15 Comments
(CNS Business): Despite the constant criticism of the Cayman Islands as a so-called tax haven by US politicians and media, in the latest edition of the Financial Secrecy Index, compiled by the Tax Justice Network, the United States is placed above the Cayman Islands in its rankings. The report, whic [...]

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$51B of US corporate profit held in Cayman, says report

$51B of US corporate profit held in Cayman, says report

| 07/10/2015 | 4 Comments
(CNS Business): The latest report on the use of tax havens making headlines around the world claims that $51 billion of corporate profits for Fortune 500 companies made in 2014 is held in the Cayman Islands. Describing Ugland House in George Town as a symbol of the “excesses of the world of corpo [...]

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World’s wealth is growing offshore

World’s wealth is growing offshore

| 29/09/2015 | 0 Comments
(CNS Business): A French economist has estimated that the amount of wealth held offshore has increased by 25% in the last five years and currently stands at around US$7.6 trillion, or 8% of the world’s assets. In a new book, The Hidden Wealth of Nations, which is already grabbing headlines, Gabrie [...]

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EU’s newest list not a ‘blacklist’

EU’s newest list not a ‘blacklist’

| 22/06/2015 | 1 Comment
(CNS Business): According to the OECD, the EU Commission has confirmed that they have not yet decided which countries should be included on a new blacklist of non-cooperative tax jurisdictions and the list that they released on 17 June was “based on Member States’ independent national li [...]

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UK clamps down on tax avoidance

UK clamps down on tax avoidance

| 17/12/2014 | 0 Comments
(CNS Business): The British government has published draft legislation for a new Diverted Profits Tax (DPT), dubbed the “Google tax”, by which it intends to sidestep Britain’s existing tax treaties with low-tax jurisdictions by levying a charge that would fall outside the co [...]

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