Now that the US election is over, the focus in Washington has moved to the US’s budget deficit and its “fiscal cliff”. At press time, it’s uncertain whether the US will jump off of the cliff, or find a solution which involves restructuring taxes and spending.
It is fortunate that Mark Carney, who moves from the governorship of the Bank of Canada to that of the Bank of England in July 2013, is no stranger to political minefields.
At Cayman Finance, we’ve been watching the United States presidential election carefully, and observe the disappointing, though somewhat predictable, distortion of the facts by some US politicians and media, regarding the financial services industry in Cayman.
There seems to be no let up from the tidal wave of international legislation in the pipeline this year from both sides of the Atlantic, targeting the financial services industry. Senators Carl Levin and Kent Conrad’s newly passed Highways Tax Bill and the Foreign Account Tax Compliance Act (FATCA) are the ...