Oliver Hazard Perry’s famous War of 1812 report of the Battle of Lake Erie to General William Henry Harrison in which he wrote: “We have met the enemy and they are ours: two ships, two brigs, one schooner and one sloop.”
The British Overseas Territories and Crown Dependencies are coping with increasing amounts of regulation and are working hard to obtain the credit many deserve for their response to the shifting regulatory agenda.
Last November Americans went to the polls and voted a new Congress into office. Capitalizing on President Obama’s unpopularity, Republicans dominated the mid-term contest at the federal, state and local levels.
The new millennium has brought unprecedented growth and prosperity to much of the developing world.
US entities, including the Department of Justice and the Internal Revenue Service, continue to direct investigative efforts at the Cayman Islands financial sector in order to detect evasive tax maneuvers and other illicit activity.
In his 2012 address, Putin declared that the level of offshore investments and ownership was so high that nine out of ten transactions made by Russian companies were made under foreign, not Russian law.
Would the world be better or worse off if there were no so-called offshore financial centers? For those who can think beyond “stage one” and have a good grasp of economics, the unambiguous answer to the question is the world is better off.
Some authors suggest that tax competition between governments is as productive as competition between firms, while others argue that it creates a free rider economy and increases inequality.
There are many myths and misconceptions about the role that international finance centers, such as the British Virgin Islands and the Cayman Islands, play in international finance. Sadly, many common narratives about IFCs do nothing to dispel these myths.
The recent global economic climate has been pretty desperate. Many large, previously well-established and thriving economies found themselves with huge fiscal black holes. The ugly fallout included a knee-jerk backlash against international financial centers
At Fidelity Bank’s recent Cayman Economic Outlook conference in February, economist Tyler Cowen outlined a sobering view of the new global economic reality in a speech titled ‘The new normal: Lower living standards and their impact.’
Fraud occurs in the Bahamas just as it does elsewhere in the world and the options upon the discovery of fraud are much the same in the Bahamas as they are elsewhere.
Our members come from the professional services and financial industries in small international financial centres. In the Cayman Islands, our members include Appleby, Butterfield, Harneys, Intertrust, Maples and Calder, Mourant Ozannes, Rawlinson & Hunter and Walkers.
The reputation of many jurisdictions, or so called ‘tax havens’, has been attacked by other nations, most which fail to apply the same policies that they advocate for others.
One of the factors that helps maintain Jersey’s leading position as an International Finance Center is its willingness to refine and enhance its regulations consistently to meet investor needs.
In June 2014, the government of Anguilla published for public consultation, a document entitled: “Enhancing the transparency of Anguillian company ownership and increasing trust in Anguillian business.
At a recent visit to the OECD headquarters, the Irish government delegation was all smiles and used photo-ops, speeches and statements to extol the virtues of Ireland’s economic recovery. Only one cloud obscured the otherwise sunny horizon of the trip...
In order to compete successfully for the financial flows that are the lifeblood of a financial center they must differentiate themselves. Offshore centers are currently at a disadvantage due to reputational damage they have suffered over the last six or seven years.
In this age of automatic exchange of information and transparency, IFCs have to find ways to survive -one such way is to increase the substance within their confines.
Today’s global financial markets offer companies and investors an enormous variety of choices across a range of economic prospects, political systems, and operating environments.