TaxPersonal TaxTreasury committee to grill tax havens over safeguards

Treasury committee to grill tax havens over safeguards

Tax havens forced to reassure MPs over their money laundering and tax evasion safeguards

Cayman Islands

Accountants and regulators from tax havens face having to reassure MPs over
their money laundering and tax evasion safeguards.

The Treasury select committee is considering calling witnesses from British
Overseas Territories, which include the Cayman Islands (pictured) and Bermuda,
as part of its inquiry into offshore tax centres.

MPs are visiting Jersey and the Isle of Man this week to gather information
for the investigation, due to produce recommendations for the government by
September.

The committee is also set to call professionals from the Foreign and
Commonwealth Office and financial services companies with offices in the UK.

The inquiry comes amid concerns that tax havens have become virtually
impossible to regulate properly and have destabilised the global economy.

Richard Murphy, an adviser to the
Tax
Justice Network
, said: ‘Why are there so few suspicious activity reports
filled in [by overseas offshore centres]? And why are so few investigated or
prosecuted? Basically, this means the system is not working.’

An Isle of Man government spokesman said it had submitted information to the
Treasury select committee and was cooperating with the review.

Related Articles

Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4w Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

2m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

2m Alia Shoaib, Reporter
HMRC collects record £5bn in inheritance tax

HMRC HMRC collects record £5bn in inheritance tax

3m Emma Smith, Managing Editor
Making Tax Digital: What might HMRC’s penalties model look like?

Corporate Tax Making Tax Digital: What might HMRC’s penalties model look like?

3m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

2m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

3m Emma Smith, Managing Editor
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

3m Emma Smith, Managing Editor