Tag: IFC
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Article 23 of the Basic Law: A Turning Point for Hong Kong’s Economy and Offshore Banking Sector
The impending enactment of Article 23 of the Basic Law in Hong Kong marks a significant pivot point for the region’s economy and its global financial hub status. This new national security law, aimed at prohibiting offenses such as treason, secession, sedition, and the theft of state secrets, is stirring considerable anxiety within the international…
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Mauritius to become Southern Hemisphere’s number 1 financial centre within a decade
[box]Mauritius is destined to become the Southern Hemisphere’s leading international financial centre within the next decade, affirms the CEO of one of the world’s largest independent financial services organisations.[/box] The comments from Nigel Green, founder and chief executive of deVere Group, follow the announcement that his company has received an investment banking licence from the…
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Tax havens hidden in plain sight
Many of the world’s most secretive tax havens, ranging from Anguilla to Uruguay, are set to open their books to foreign tax by 2017. A year later, dozens more, including Belize, Hong Kong and Singapore, are set to follow suit. Among them is Switzerland, abandoning a tradition of secrecy that dates back at least as…
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Hong Kong leads the way on TIEAS
It’s important to understand that Hong Kong has never had any bank secrecy laws, the Inland Revenue Department (IRD) always had a mandate to collect information from banks for the purposes of administration of taxes under the IRD tax code. Hong Kong, when collecting data to honor the terms of the tax information agreements (TIEAs)…
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Cayman 8 points ahead of Guernsey in Banker magazine’s International Financial Centre survey
A survey by The Banker magazine shows that the Cayman Islands can hold their own against international standards relating to service or regulation. For the third time in a row, The Banker magazine’s 2011 International Financial Centre (IFC) survey has awarded the top spot to the Cayman Islands in the Specialized Financial Centre category, besting…