TaxAdministrationTax haven ‘white list’ excludes UK centres

Tax haven ‘white list’ excludes UK centres

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

Call to target British havens

Read
the Financial Times story

Related Articles

Paul Morton, Tax Director, Office of Tax Simplification

Administration Paul Morton, Tax Director, Office of Tax Simplification

4m Emma Smith, Managing Editor
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

6m Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

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

7m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

8m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

8m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

2y Fraser Simpson, Reporter