Featured Offshore

INSIGHT-Dirty money risks encroach on Estonia’s digital utopia

Estonia’s push to become a digital society has left it vulnerable to dirty money and sanction breaches, the country’s top banking regulator has warned. The Baltic state took centre stage in one of the largest-ever money laundering scandals last year – the Estonian branch of Danske Bank helped funnel money… Read More

Regulation: UK’s position on Gibraltar after Brexit

On the day the United Kingdom leaves the European Union, it will be looking to preserve its current regulatory position on Gibraltar within the Financial Conduct Authority’s (FCA) handbook, the watchdog said. The announcement is in line with the UK’s position that Gibraltar financial services firms should, until December 2020,… Read More

Tax treaties create $4.2 trillion cash flow through Netherlands

A network of favorable tax treaties and an industry devoted to minimizing tax bills has made the Netherlands the conduit for an annual flow of capital five times the size of its own economy, new research showed on Thursday. Statistics Netherlands published the data for the first time — based… Read More
14th December 2018
The Royal Court in Jersey has ruled that a trust for a convicted fraudster should be allowed to open a bank account on the Isle, despite being denied banking services in other jurisdictions. The case put before the Jersey court is linked to another infamous scam, unrelated to the trust… Read More
10th December 2018
A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More
5th December 2018
The United Kingdom’s Gambling Commission has taken action against three online casinos following an investigation into how firms handle money laundering and problem gambling. In its findings, the Commission highlighted a number of compliance failings across the firms. “Nearly £14m in penalty packages will be paid by three companies… Read More
22nd November 2018
A key figure in the $234 billion Danske Bank money laundering affair has hit out at the United Kingdom, highlighting the role of British company structures in what is considered to be the ‘biggest scandal in Europe.’ Whistleblower and former Danske employee Howard Wilkinson reportedly told European Union… Read More
12th November 2018
The European Commission has launched proceedings against the Isle of Man after its probe into the Paradise Papers uncovered widespread VAT evasion in the yacht and aviation industries in the bloc. The EU investigation was launched following the Paradise Papers exposé which showed – amongst other issues – that wealthy… Read More
30th October 2018
Britain will seek to boost its efforts to combat tax evasion and avoidance at home and offshore by launching measures that could raise billions for the Treasury, Chancellor Philip Hammond said in his Budget speech. Over the years, HMRC has announced various plans to tackle tax evasion and avoidance, and… Read More
27th August 2018
The UK’s parliamentary research department has published a paper on registers of beneficial ownership. The study outlines the beneficial ownership structure in the UK, and also looks at issues around its Overseas Territories. It explains that the UK has registers of beneficial ownership for three different types of assets: companies,… Read More
22nd June 2018
A gambling firm which failed to conduct important anti-money laundering checks on a customer whose deposits eventually reached £750,000 has been fined £2 million by the Gambling Commission. The watchdog said 32Red should have reviewed the customer’s account for source of wealth and other checks in 2016, but ‘because of… Read More
17th May 2018
The United Kingdom’s Crown dependencies (CDs) are facing increasing calls to adopt public registers of beneficial ownership, after British lawmakers voted to compel the overseas territories (OTs) to implement the measures. British parliamentarians from both the Tory and Labour parties recently voted to make it compulsory for the OTs to… Read More
3rd May 2018
The British Virgin Islands has hit out at the United Kingdom’s plans for its Overseas Territories to publish publicly accessible registers naming the beneficial – or real – owners of firms, saying it already provides the UK with such information and the scheme could have a negative impact on its… Read More