“We want to revise the beneficial ownership database, and we are being assisted by the U.K. to implement a new framework,” said Secretary of State Patrick Payet, according to the government-funded Seychelles News Agency.
The archipelago, comprising 115 islands in the Indian Ocean off East Africa, has long been an attractive tax haven for international business. Companies operating there are exempt from taxation on income generated outside the country, and the country’s confidentiality laws protect the privacy of business owners and their financial dealings.
This made Seychelles a magnet for wealthy individuals and corporations seeking to exploit its corporate secrecy and tax advantages.
In 2023, the country was placed on the EU’s blacklist of uncooperative tax havens but was moved to the gray list in February this year after it began cooperating.
Under Tuesday’s agreement, Seychellois financial institutions, including the Financial Investigations Unit, will collaborate with their British counterparts to strengthen their ability to analyze beneficial ownership information and counter illicit financial activities.
The U.K. will also support the Anti-Corruption Commission Seychelles and the national police in investigating corruption cases.
The Bahamas must “avoid stumbling into the pitfalls of the past” by upholding regulatory standards to maintain its perfect rating on anti-financial crime compliance, the Prime Minister says. Philip
Two Democratic lawmakers on Tuesday pressed five of the nation’s largest pharmaceutical companies about their low tax bills and whether they support extending massive tax cuts for the industry
Brazil’s government will propose a 10% tax on corporate profits and dividends sent abroad to help offset revenue lost from an expanded tax exemption for individuals with lower incomes, two sources
With an investment of $65 million, the Development Bank of Latin America and the Caribbean (CAF) together with the Development Finance Institution of Canada (FinDev Canada) and IDB Invest will promote