Attacking low-tax jurisdictions will not help Africa’s growth

The new millennium has brought unprecedented growth and prosperity to much of the developing world.  

 

Bahamas jurisdictional update

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.’

 

United States v. Eric St-Cyr, et al.:

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.  

 

Defrauded in the Bahamas: What is your best option?

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.

 

Caribbean financial centers: “We have met the enemy and he is us.”

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.”    

 

IFC Forum: Activities update

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.

 

Leading IFCs deserve credit

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.    

 

The future of offshore financial centres:

The only issue more prominent than the mounting challenges faced by offshore financial centres (increasingly referred to as ‘International Financial Centres/IFCs’), is the question of whether their demise is now imminent. This has led in some quarters to the conclusion that the end of the offshore financial world is here. 

The offshore world: Past, present and future?

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. 

 

Highlighting how leading IFCs can support Africa’s economic development

It is our view that centers such as Jersey that can demonstrate their positive contribution to economic development, and package, administer and invest international capital at a competitive cost without dislocating domestic tax systems, will thrive.

 

Offshore financial centres and international development:

This article gives an NGO perspective on the role of offshore financial centres in global development and why it is in the self interest of OFCs to share information.

Jersey ensures its regulatory landscape evolves

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.   

 

The role of offshore jurisdictions in Russia

International finance centers play a significant role in Russian foreign direct investment (FDI). For example, in 2012 it was observed that 11 of the 40 main recipients of Russian FDI were IFCs. Of these finance centers, the largest recipients were the BVI, the Cayman Islands and Cyprus. 

 

Stateless income and offshore financial services centres

Read our article in the Cayman Financial Review Magazine, eversion The Cayman Islands and other offshore financial services centres are sophisticated business locales, well situated...

Offshore financial centers in the global capital network

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. 

 

 

The vital cross-border investment role played by IFCs

We have been able to respond with hard evidence to counter bogus arguments from opponents about the high levels of so called “tax leakage” from jurisdictions, such as Jersey, having a detrimental effect on the U.K. economy. 

 

Third Quarter 2013

Politics and Government, Judiciary and Financial services review from Editor Michael Klein. 

 

The role of international finance centers in the PRC

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. 

 

 

Out of line – Hanjin Shipping’s filing for receivership raises more concerns for the...

In late August, Hanjin Shipping, a South Korea-based containership liner company, filed for receivership in bankruptcy court in Seoul, a few days after its...

Competition, innovation and best practice

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. 

 

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