Jersey could tighten the rules on how it governs American companies based in the island for tax.
The treasury said the regulations needed to match the Common Reporting Standard (CRS) – the global standard for the automatic exchange of financial account information, which aims to prevent cross-border tax evasion.
Ian Gorst, the Minister for External Relations, proposed an amendment, external to the current taxation regulations to “ensure adequate powers” existed to ensure compliance of financial institutions.
He said the amendment would ensure American companies based in Jersey that did not have any business or premises in the island were complying with the regulations.
The government said an international inspection would take place and would be debated by the states from July.
The legislation for the anti-money laundering and counter-terrorism financing amendments must be finalised as soon as possible to ensure sufficient time for implementation, CA ANZ has told the government.
Almost one in four applicants for Malta’s golden passport scheme are refused, official data seen by the Times of Malta shows. Around half the refused applications came from Russian nationals while
Bank of America must shore up its Bank Secrecy Act and sanctions compliance programs, according to a cease-and-desist order issued last week by the Office of the Comptroller of the Currency. The Dec.
While the financial secrecy of offshore tax havens has historically created ample tax evasion opportunities for wealthy individuals, automatic information exchange between tax authorities is an ambitious