Spotlight News

Bahamas House of Assembly Passes Automatic Exchange of Financial Account Information Bill, 2016

Yesterday, the Honourable House of Assembly passed the Automatic Exchange of Financial Account Information Bill, 2016 with the unanimous support of all Parliamentarians. This Bill, which provides for the implementation of [The Common Reporting…

Measures to Combat Money Laundering and the Financing of Terrorism and Proliferation in Switzerland

The FATF has concluded an assessment of Switzerland’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations. This assessment reviews both the level of effectiveness of Switzerland’s AML/CFT regime as well as its level of technical…

BRICS Nations Pledge to Share Tax Information

BRICS nations today pledged to share tax information automatically and adopt global standards on tax transparency to check cross border tax evasion.

The Heads of Revenue of the BRICS countries - the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s…

European Council Adopts Directive on Access to Beneficial Ownership Information

The Council today adopted a Directive granting access for tax authorities to information held by authorities responsible for the prevention of money laundering. According to a release from the EU, the Directive will require member states to provide access to information on the beneficial ownership…

Securities Commission Rules to Facilitate Small Business Funding

New Rules under development by the Securities Commission of The Bahamas would allow entrepreneurs to use crowdfunding to raise up to $1,000,000 and make it easier for small businesses to raise up to $3,000,000 per year.

Crowdfunding Rules as well as Micro, Small and…

BEPS Guidance on CbC Reporting

The Inclusive Framework on BEPS today released two new documents to support the global implementation of Country-by-Country (CbC) reporting (BEPS Action 13).

These are:

  • Key details of jurisdictions' domestic legal frameworks for CbC reporting;…