Bank Secrecy

New Compliance Regime in DMCC – Unreasonably

(Dubai, 30/08/2014) Since June/July this year, licensees of Dubai’s DMCC start to rub their eyes when it comes to their annual license renewal. Out of the blue, the Free Zone Authority hands out a “DMCC Inspection Form” to its clients. Since its establishment in 2002, the former Duplex Free Zone DMCC (Dubai Multi Commodities Centre) […]

Hong Kong and USA Work Toward FATCA IGA

(Hong Kong, 2014-03-26) On March 25, Hong Kong and the United States signed a Tax Information Exchange Agreement (TIEA), which will provide the necessary basis for Hong Kong to enter into an Intergovernmental Agreement (IGA) to adhere to the United States' Foreign Account Tax Compliance Act (FATCA). Hong Kong's Secretary for Financial Services and the […]

Europe 2013: Bi-lateral agreement of information exchange dropped – „Europeization“ of German reverse onus

(Berlin, 20/12/2012) On January 1st, 2013, the EU Directive 2011/16/EU gets in force for all EU Member States. It regulates the administrative cooperation in the field of taxation and means in practice: EU-wide information sharing, EU-wide authorization for tax audit authorities, EU-wide delivery of administrative acts and EU-wide repeal of bank secrecy. In particular, especially from German view […]

Guernsey, Jersey & Isle of Man to strike FATCA deals with US

(Dubai, 11/10/2012) The governments of Guernsey, Jersey and the Isle of Man have simultaneously announced that they are seeking to negotiate partnership agreements with the United States to implement the Foreign Account Tax Compliance Act (FATCA). The intention is that the three British Crown Dependencies will negotiate their own individual agreements which will follow the […]

Dubai ranks high in FSI 2011

Tax Justice Network (TJN) issues a yearly Financial Secrecy Index (FSI), which combines two measurements: one qualitative and one quantitative. The qualitative measure looks at a jurisdiction's laws and regulations, international treaties, and so on, to assess how secretive it is. The assessment is given in the form of a Secrecy Score: the higher the […]

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\r\n (Dubai, 20/10/2014) In August 2014 already, the “so much to UAE committed” foreign bank Standard Chartered announced to exit parts of its SME business in the federat...
\r\n (Dubai & Berlin, 30/09/2014) The increasing “European-ization” of all areas will now also make no longer halt before inheritance. At least, once international ba...
\r\n (Dubai, 04/09/2014) This week the World Economic Forum (WEF) published the results of its annual Global Competitiveness Report (GCR) 2014-2015 with impressive rankings for the U...
\r\n (Dubai, 30/08/2014) Since June/July this year, licensees of Dubai’s DMCC start to rub their eyes when it comes to their annual license renewal. Out of the blue, the Free Z...
\r\n (Dubai, 08/08/2014) MCI offers actually several Shelf Companies, aged between 2yrs, 10mths and 6yrs, 1mth - as per August 2014.\r\n\r\n\r\n\r\n \r\n \r\n \r\n DESCRIPTION\r\n \r\n \r\n ...
\r\n (Hong Kong, 2014-07-27) This month, the first revision of Shanghai Free Trade Zone’s (FTZ) Negative List took place.\r\n\r\n\r\n\r\n Shanghai Free Trade Zone (FTZ) was launched in...
\r\n (Dubai, 14/07/2014) The UAE Ministry of Labour (MOL) has announced that it will stop the usage of the old plastic labour cards & paper contracts starting from July 13, 2014....
\r\n (Hong Kong, 25-06-2014) We found a very interesting BBC documentary about China's debt policy and situation from February 2014, critical as well (of course). But watch yours...
\r\n (Dubai, 13/04/2014) With effect 01/05/2014, Emirates NBD massively increases the required Minimum Balances for its Business Banking Clients.\r\n\r\n\r\n\r\n Emirates NBD, one of UAE'...
\r\n (Dubai, 26/03/2014) Finally, Virtual Currency (VC) Tax Rules - including the most popular, Bitcoin - came to the US on March 25! Several insiders predicted that the government w...

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