TaxPersonal TaxForeign Office holds tax havens summit

Foreign Office holds tax havens summit

Foreign Office to meet with representatives of tax havens in a bid to crack down on the governance of the jurisdictions

cayman islands

The Foreign Office’s Overseas Territories Consultative Council is to meet
with representatives of tax havens, as it comes under pressure to crack down on
the governance of the jurisdictions.

In April and May there were bilateral talks with territories’ attorney
generals, police commisioners and regulators.

Next week’s London meeting follows criticism from the
Commons Foreign
Affairs Committee
, which supported a demand from the
Public
Accounts Committee
for territory governors to use reserve powers to bring in
more external investigators or prosecutors.

The FO denied complacency over money laundering risks in offshore tax haven
administrations in British overseas dependencies. It claimed it had ‘close and
consistent engagement’ with agencies in Anguilla, Montserrat and the Turks and
Caicos Islands in particular to ‘encourage’ them to keep up with international
standards and help draft legislation.

The FO said it provided ‘targeted assistance where vulnerabilities have been
identified’ and insisted its ‘partnership approach’ was ‘crucial’.

‘Use of governors’ reserve powers to bring in external investigators would be
very much
a last resort,’ it said.

There are bilateral talks with agencies in the territories aimed at drawing
up action plans to improve capacity and compliance with international standards.

The National Audit
Office
last year raised the alarm over territories’ ability to assess money
laundering risks.

Gibraltar chief minister Peter Caruana dismissed the concerns.

Related Articles

HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m 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

4m 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

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

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

5m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

5m Emma Smith, Managing Editor