13th September 2017
The Ministry of Corporate Affairs on Tuesday announced that more than 1.06 lakh directors of shell companies will be disqualified as part of the stepped up war against black money. The move is a sequel to the ministry cancelling the registration of 2.09 lakh companies that have not been… Read More
8th September 2017
Bulgaria has ordered an investigation after revelations by the Guardian and other media partners that Azerbaijan operated a secret $2.9bn fund to lobby influential Europeans and to funnel money offshore. Prosecutor Sotir Tsatsarov said he was launching an inquiry into Kalin Mitrev, Bulgaria’s representative to the European Bank of Reconstruction… Read More
23rd August 2017
HM Revenue and Customs is sending letters warning of the ‘potentially life-changing consequences’ of failing to disclose offshore-held wealth, as part of a drive to prevent people skirting tax rules. Millions of UK taxpayers are being sent the warning via their financial institutions and advisers. Read More
17th August 2017
People in Jersey are being urged to be extra vigilant following a series of targeted attempts to defraud Jersey companies and their clients. The Jersey Financial Services Commission are warning local businesses and members of the public to be careful after at least three cases surfaced, where locally registered business… Read More
16th August 2017
A global mining giant seeking public funds to develop one of the world’s largest coal mines in Australia has been accused of fraudulently siphoning hundreds of millions of dollars of borrowed money into overseas tax havens. Indian conglomerate the Adani Group is expecting a legal decision in the “near future”… Read More
25th July 2017
We know there are tax havens. We just can’t agree on where they are. Although many countries recognise that major corporations divert tax revenue—there’s a reason, after all, why US multinationals hold more than $2 trillion overseas—collective action is tough. Read More
Stephen Platt, Chairman of KYC Technologies, offers an optimistic perspective on the impact of technology on AML compliance. Read More
14th July 2017
This week the Manx Independent looks more closely at the issues that are affecting the Manx police force. We have spoken to the Chief Constable about how greater pressure to investigate financial crime has affected the constabulary. The issue has become his biggest challenge, he tells us. Read More
3rd July 2017
The Isle of Man is on track to meet deadlines for improvements to anti-money laundering legislation. Last week, the House of Keys agreed to take the first two reading stages of the Gambling (Anti-Money Laundering and Countering of the Financing of Terrorism) Bill. Read More
26th June 2017
Assets held offshore in the British Virgin Islands (BVI) are worth $1.5 trillion (£1.19 trillion), double the International Monetary Fund’s 2010 estimate. That’s according to a new report by Capital Economics, seen by the Financial Times. Read More