Tax haven ‘white list’ excludes UK centres
A row has erupted over a ‘white list’ of financial centres which excludes UK-linked tax havens
A row has erupted over a ‘white list’ of financial centres which excludes UK-linked tax havens
An international ‘white list’ of financial centres with top quality
anti-money laundering controls, drawn up by
EU
member countries, omits financial centres in Britain’s Caribbean territory and
gives the Crown dependencies of the Channel Islands and Isle of Man only a
qualified status, but includes Russia and other countries with contentious
anti-money-laundering records.
The list gives companies operating in EU member states the option of waiving
some of the checks they would otherwise carry out on financial transactions
involving territories that feature on it, the Financial Times reports.
One financier, specialising in offshore finance, said the centres excluded
from the list could find themselves at a competitive disadvantage compared with
those on it.
A British official in anti-money laundering said the decision to include Russia
while excluding the Cayman Islands was ‘outrageous’ – it seemed to reflect a
historic suspicion of the Caribbean territory.
Further reading:
EU agrees to review tax haven rules
Read
the Financial Times story
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article