BFSB's Industry Updates
February 2016
Financial Services Minister confirms bilateral approach to tax reporting standard
Financial Services Minister Hope Strachan confirmed that the bilateral approach remains the Christie administration's policy position on the implementation of the Organization of Economic Cooperation and Development (OECD) common reporting standard (CRS) with regard to automatically exchanging tax information.
Top Tax Havens Around the World
We decided to find the lowest places in the world for havens from personal top income taxes.
Isle of Man resists offshore ownership register
Isle of Man has refused London's call to reveal the ownership of thousands of offshore companies, joining other UK overseas territories in resisting David Cameron's pus for transparency.
Foreign Correspondent Banking - The Good, The Bad and The Ugly
Foreign correspondent accounts have long been used by financial institutions to facilitate cross-border transactions. However, as a result of its susceptibility to money laundering and terrorist financing, this practice is encountering heightened concern among U.S. banking regulators. In this rigorous environment, it is increasingly important for financial institutions to take positive actions designed both to safeguard their operations against illicit transactions and, in the event their correspondent business comes under regulatory scrutiny, to establish a defensible position.
The 'extraordinary' loophole that saw Russia threaten to brand UK as tax haven
Russia has come close to blacklisting the UK as a tax haven as concerns grow over Scotland's booming offshore business.
Hedge Funds Down but Not Out
Renewed selling pressure has translated into sharp losses for risk assets lately, with the European banking sector at the forefront of the selloff, according to the latest Hedge Fund Brief from Lyxor.
People and communication are key
A focus on people and communication has been instrumental during the first 100 days as CFO of Nedbank Wealth, says Anbann Chetti, who last year was promoted from his previous role as Nedbank – Corporate Banking CFO. “The move has been phenomenal and the learning has been fantastic.”
UK equities funds the biggest ‘redzone’ culprits
The report identifies worst performing funds over the past three discrete years, all producing third or fourth quartile returns each year.
Advice a must as Common Reporting Standard comes in
Bahamas Financial Services Board
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Website: bfsb-bahamas.com
Phone: (242) 393 - 7001