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 … Read More
International Issues
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 … Read More
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 … Read More
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, … Read More
BEPS Guidance on CbC Reporting
The [Inclusive Framework on BEPS](http://www.oecd.org/ctp/beps-about.htm) 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 … Read More
Cayman Invites Comments on Legislation to Create Beneficial Ownership Platform
Cayman’s [Ministry of Financial Services, Commerce & Environment ](http://www.caymanfinance.gov.ky/portal/page/portal/pruhome)has invited public comments on the Companies (Amendment) Bill, 2017, a key legislative amendment that would allow Cayman to develop a centralised … Read More
Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS
More than 100 jurisdictions have concluded negotiations on a multilateral instrument that will implement a series of tax treaty measures to update international tax rules and lessen the opportunity for … Read More
Common Reporting Standard Implementation in The Bahamas
The Bahamas Financial Services Board (BFSB) and The Association of International Banks and Trust Companies (AIBT), along with industry stakeholders, today held a consultative session with The Official Opposition to … Read More
European Parliament – Automatic Exchange of Bank Account Information
Members of the European parliament (MEPs) [have approved plans](http://www.europarl.europa.eu/news/en/news-room/20161117IPR51550/tax-evasion-meps-back-automatic-exchange-of-bank-data-to-track-account-owners) to allow European tax authorities to automatically share certain information about bank account holders in order to prevent tax evasion and … Read More
St. Lucia Expands Capacity to Fight International Tax Avoidance and Evasion
Saint Lucia has signed the [Multilateral Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/ctp/exchange-of-tax-information/convention-on-mutual-administrative-assistance-in-tax-matters.htm?utm_source=Adestra&utm_medium=email&utm_content=Multilateral%20Convention%20on%20Mutual%20Administrative%20Assistance%20in%20Tax%20Matters&utm_campaign=Tax%20News%20Alert%2021-11-2016&utm_term=demo), becoming the 107th jurisdictions to join the Convention. The Convention was developed jointly by the OECD … Read More