A study on Money laundering and tax evasion risks in free ports provides an insight into the money laundering, tax evasion and tax avoidance risks connected with free zones, particularly those that function as (semi-) permanent storage for high-value goods, often referred to as ‘free ports’. Conducted at the request of the European Parliament’s Special […]

OECD ‘Black List’ & CRS warning will impact a number of area from onboarding questions through to data capture. The OECD, on 16 October 2018, published a report on countries offering the Residence and Citizenship by Investment (CBI/RBI) schemes. The OECD has analysed over 100 CBI/RBI and identified a number of schemes that potentially pose […]

25/11/2016 – Following the first meeting of the Inclusive Framework on BEPS in Japan, on 30 June-1 July, and recent regional meetings, more countries and jurisdictions are joining the framework. The Inclusive Framework on BEPS welcomed Macau (China), Mauritius and Ukraine bringing to 90 the total number of countries and jurisdictions participating on an equal […]

(Seychelles News Agency) – No funds or assets linked to investigations targeting a Malaysian state fund — 1Malaysia Development Berhad (1MDB) — have been found in Seychelles to date, the island nation’s authorities said Friday. The Financial Intelligence Unit (FIU) said the probe remains ongoing. In a press statement, the FIU said it is believed that “while the non-financial […]

An OECD-StAR study shows many countries lack the necessary expertise and legal infrastructure to establish such systems — many schemes that exist on paper are not effective in practice. – READ THE REPORT: http://bit.ly/29z4yYn

One of the most basic legal principles is that crime should not pay – Yet this OECD chapter will show that, in many jurisdictions with weak sanctions, foreign bribery may be an attractive investment. In others, foreign bribery is subject to strong penalties, although some of these penalties exist only on paper because they are […]

The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions, with effect from January 1, 2016. According to the OECD, all major financial centres have now signed up to the standard. Financial institutions should now be preparing for the commencement of CRS […]

Seychelles rated ‘largely compliant’ by OECD – continued vigilance and reforms needed to uphold status, says finance minister This follows a re-assessment of the island nation’s ‘practical implementation’ of its legal and regulatory framework in place for the exchange of information. It was in 2013, that the OECD rated Seychelles as non-compliant in two areas […]