Not Above the Law? the Role of Lawyers in Combating Money Laundering and Illicit Asset Flows Summary
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British Virgin Islands High Court
JANUARY 2014 BRITISH VIRGIN ISLANDS HIGH COURT Appleby Corporate Services (BVI) Limited - BVI DISCRETIONARY TRUST - SOLE ASSET v- Citco Trustees (BVI) Limited Claim No. ENTIRE ISSUED SHARE CAPITAL OF INVESTMENT BVIHC (Com) 156 of 2011 COMPANY - MANAGEMENT OF INVESTMENTS DELEGATED TO PROFESSIONAL MANAGERS - ALMOST ENTIRE VALUE OF TRUST FUND LOST - DUTIES OF TRUSTEE - WHETHER TRUSTEE UNDER A DUTY TO REVIEW - PERFORMANCE OF MANAGERS - APPROACH TO THE ASSESSMENT OF EQUITABLE COMPENSATION - COURT’S POWER TO AWARD INTEREST IN EQUITY In this case the current trustee of a BVI discretionary trust, to information giving cause for concern about the management Appleby Corporate Service (BVI) Limited (“Appleby”) sought an of the Company’s assets but also to inform itself at appropriate Order requiring the former trustee, Citco Trustees (BVI) Limited intervals on the state of the Company’s portfolio and the manner (“Citco”) to reconstitute the trust fund by compensating the trust in which it was being managed. for losses, which it claims were suffered by the trust as a result of the negligence of Citco. The sole asset of the trust was the The Court held that among the duties owed by Citco to the entire issued share capital of an investment company. The beneficiaries of the Trust was a duty to take reasonable steps to investments were delegated to professional managers who satisfy itself at appropriate intervals that the investment disregarded contractual investment guidelines with a resultant guidelines were being observed and that the overall value of the loss of almost the entire value of the trust fund. fund had not been affected by any abuse on the part of investment manager of its delegated authority. -
Notary Public Register Isle of Man
Notary Public Register Isle Of Man Elwyn is aspiring and snooker dominantly while pathetic Uri enrobes and mizzles. Jackie shutter her mainmasts distinguishably, drooping and monarch. Bread-and-butter and malarious Austin embracing her animus lyrist reorientating and posits fustily. A Notary Public until a trust of Isle of Man lawyer and public official whose. The document must be issued in silver State of California signed by an authorized corporate agent or notarized before our local notary public need be bare for the. Our Isle of industry process server will advertise your case promptly and efficiently. And future Crown Dependencies of the Isle of mob and Channel Islands. South African Attorney Notary and Conveyancer 1994 Registered Legal Practitioner Isle of Man 199 to date Notary Public Isle of Man 2003 Admitted as a. Practice History John Wright Advocate. Advocate Nadine Roberts were both granted Notary status after satisfying the. EX-54 SECgov. Isle of authorities law society. They were Alexandria Colindres civil aviation liaison the public relations. Corbridges Advocates Solicitors and Notaries Public. CEN Cooperation of Central European Civil Law Notaries Croatia Austria Slovakia Slovenia. Conveyancing advocates isle of man TJ Sokol Kounice. All Isle of Man companies must link a registered office abort the Isle of Man. Notarial Services Simcocks. For the purposes of foreign courts registries public authorities suspect other notaries. Isle of Man Steampacket Company's steamers 227 Scale and Car Fares. Appleby's Isle of prominent office Appleby Isle of Man LLC is old of the longest established legal. Final draft Isle of Man Financial Services Authority. -
FINANCE Offshore Finance.Pdf
This page intentionally left blank OFFSHORE FINANCE It is estimated that up to 60 per cent of the world’s money may be located oVshore, where half of all financial transactions are said to take place. Meanwhile, there is a perception that secrecy about oVshore is encouraged to obfuscate tax evasion and money laundering. Depending upon the criteria used to identify them, there are between forty and eighty oVshore finance centres spread around the world. The tax rules that apply in these jurisdictions are determined by the jurisdictions themselves and often are more benign than comparative rules that apply in the larger financial centres globally. This gives rise to potential for the development of tax mitigation strategies. McCann provides a detailed analysis of the global oVshore environment, outlining the extent of the information available and how that information might be used in assessing the quality of individual jurisdictions, as well as examining whether some of the perceptions about ‘OVshore’ are valid. He analyses the ongoing work of what have become known as the ‘standard setters’ – including the Financial Stability Forum, the Financial Action Task Force, the International Monetary Fund, the World Bank and the Organization for Economic Co-operation and Development. The book also oVers some suggestions as to what the future might hold for oVshore finance. HILTON Mc CANN was the Acting Chief Executive of the Financial Services Commission, Mauritius. He has held senior positions in the respective regulatory authorities in the Isle of Man, Malta and Mauritius. Having trained as a banker, he began his regulatory career supervising banks in the Isle of Man. -
OFFSHORE INVESTMENT FUND PROPERTY RULES CLARIFIED by the TAX COURT Posted on July 28, 2016
OFFSHORE INVESTMENT FUND PROPERTY RULES CLARIFIED BY THE TAX COURT Posted on July 28, 2016 Categories: Insights, Publications The recent decision of the Tax Court of Canada in Gerbro Holdings Company v. The Queen ("Gerbro")[1] is the first judgment to consider the application of the offshore investment fund property rules (the "OIFP Rules") contained in section 94.1 of the Income Tax Act (Canada) (the "Tax Act") to interests in investment funds based in what have traditionally been viewed as "tax-havens".[2] The decision, a win for the taxpayer, held that tax considerations were not "one of the main reasons" motivating the taxpayer to invest in, and hold shares of, the offshore investment funds at issue. Therefore, the OIFP Rules were found not to apply to the taxpayer. Background The OIFP Rules are anti-avoidance rules intended to discourage taxpayers from investing in investment funds situated outside of Canada in order to reduce or defer their liabilities for Canadian tax. In highly simplified terms, the OIFP Rules apply where: 1. a taxpayer acquires an interest ("Offshore Property") in a foreign entity (other than a "controlled foreign affiliate"), 2. the investment can reasonably be considered to derive its value, directly or indirectly, principally from certain "portfolio investments" of the foreign entity (or any other non-resident person) (the "Portfolio Test"), and 3. it may reasonable be concluded that one of the main reasons for the taxpayer investing in the Offshore Property was to derive a benefit from portfolio investments in such a manner that the taxes, if any, on the income, profits and gains from such portfolio investments for any particular year are significantly less than the tax that would have been payable under Part I of the Tax Act if the income, profit and gains had been earned directly by the taxpayer (the "Motive Test"). -
BRITISH VIRGIN ISLANDS Jurisdic Onal Guide
BRITISH VIRGIN ISLANDS Jurisdic�onal Guide GENERAL INFORMATION The Bri�sh Virgin Islands (BVI) comprises of 50 islands in the Caribbean Sea, located approximately 96 km east of Puerto Rico, north of the Leeward Islands, and adjacent to the US Virgin Islands. Its principal Islands are Tortola, Virgin Gorda, Anegada and Jost Van Dyke, spanning a total area of 153 sq.km. The capital is Road Town, Tortola. The BVI is an economically and poli�cally stable non-sovereign, Bri�sh Overseas Territory with its legal system being based on English Common Law. The BVI’s economy is dependent mainly on tourism and financial services, with the la�er being the largest contributor to its GDP. The BVI is the world’s largest offshore corporate domicile with close to 500,000 ac�ve companies. It is also the world’s second-largest offshore investment funds domicile, with close to 3,000 ac�ve investment funds. BVI Business Companies (BCs) are very popular and widely used offshore vehicles because of their administra�ve ease, flexibility, taxa�on exempt status and the fact that they are widely accepted and understood by the interna�onal financial community. The BVI regime offers no controls on the import and export of currency, capital or profits, even though those are subject to An�-Money Laundering laws and regula�ons. There are no taxes on profits or dividends, nor is there any capital gains tax, income tax, capital transfer or estate tax. BVI also boasts one of the largest yach�ng industries in the Caribbean featuring over 20 yacht harbours and marinas, including an exclusive mega-yacht marina and several annual mega-yacht rega�as. -
British Virgin Islands About Appleby
OFFICE DESCRIPTION BRITISH VIRGIN ISLANDS ABOUT APPLEBY APPLEBY IS ONE OF THE WORLD’S LEADING INTERNATIONAL LAW FIRMS. OUR GLOBAL TEAMS OF LEGAL SPECIALISTS ADVISE PUBLIC AND PRIVATE COMPANIES, FINANCIAL INSTITUTIONS AND PRIVATE INDIVIDUALS. We are regularly recognised for our professionalism, integrity and excellence, “Appleby is a firm and these are the values we pride ourselves on and are at the core of our that you can put your business. complete trust in to find a solution” We are a full service law firm providing comprehensive, expert advice and - Legal 500 services across Corporate, Dispute Resolution, Property, Regulatory and Private Client and Trusts practice areas. We work with our clients to achieve practical solutions whether from a single location or across multiple jurisdictions. Through Appleby Global Services, Appleby provides a range of administration, reporting and fiduciary services focused on corporate structures. Our dedicated teams of experienced professionals work closely with our legal specialists to provide our clients with an integrated legal and corporate administration offering. “A respected firm We have offices in ten highly regarded, well-regulated global locations, with an unparalleled operating in nine and practicing the laws of eight jurisdictions. Our office global network” locations include the key international jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius, and - Chambers & Partners the Seychelles, as well as the international financial centres of Hong Kong and Shanghai. Our global presence enables us to provide comprehensive, multi-jurisdictional legal advice at the times most beneficial to our clients. 2 BVI Office Description applebyglobal.com OVERVIEW ABOUT THE BRITISH VIRGIN ISLANDS THE BRITISH VRIGIN ISLANDS IS AN INTERNATIONALLY RESPECTED FINANCIAL CENTRE CONNECTING MARKETS, FACILITATING INVESTMENT, TRADE AND CAPITAL FLOW. -
Appleby Global Services Mauritius
BROCHURE MAURITIUS About Appleby Global Services (Ags) .................................................................................... 3 Appleby Global Services Mauritius ........................................................................................ 4 Why Mauritius .............................................................................................................................. 5 Ease of Doing Business: ............................................................................................................ 5 CONTENTS Type of Entities............................................................................................................................. 6 About Appleby Global Services ............................................................................................... 7 2 Appleby Global Services Mauritius global-ags.com ABOUT APPLEBY GLOBAL SERVICES (AGS) Appleby Global Services (AGS) provides a range of administration, reporting and fiduciary services primarily focused on corporate structures. KEY CONTACTS Funded with significant development capital and owned by Appleby with equity participation by the key leadership team, our strategy has a long term focus to build the business sustainably through: • A continued investment in people • Developing long term client relationships • Investment in technology and processes to deliver operational excellence • Maintaining strong risk management practices • Augmenting growth and service depth through strategic opportunities MALCOLM MOLLER Group Managing -
International Trust Laws and Analysis, Company Laws, Wealth Management & Tax Planning Strategies, As Well As the U.S
INTERNATIONAL INTERNATIONAL TRUST LAWS TRUST LAWS AND ANALYSIS AND ANALYSIS Company Laws, Wealth Management, Company Laws, Wealth Management, & Tax Planning Strategies & Tax Planning Strategies VOLUME 1-10 VOLUME 1-10 William H. Byrnes and Robert J. Munro William H. Byrnes and Robert J. Munro of Texas A&M University School of Law of Texas A&M University School of Law Published by: Kluwer Law International B.V. PO Box 316 2400 AH Alphen aan den Rijn The Netherlands E-mail: [email protected] Website: lrus.wolterskluwer.com Sold and distributed in North, Central and South America by: Wolters Kluwer Legal & Regulatory U.S. 7201 McKinney Circle Frederick, MD 21704 United States of America Email: [email protected] Sold and distributed in all other countries: Air Business Subscriptions Rockwood House Haywards Heath West Sussex RH16 3DH United Kingdom Email: [email protected] Printed on acid-free paper ISBN 978-90-411-9830-3 This title is available on lrus.wolterskluwer.com © 2017, Kluwer Law International All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher. Permission to use this content must be obtained from the copyright owners. More information can be found at: lrus.wolterskluwer.com/policies/permissions-reprints- and-licensing. Website: lrus.wolterskluwer.com Printed in the United Kingdom. FOREWORD ACKNOWLEDGEMENTS Primary Authors Professor William H. Byrnes, an Associate Dean of Texas A&M University School of Law, is one of the leading authors in the professional markets, authoring and co- authoring over 20 books and treatises that have sold in excess of 120,000 copies in print and online, with over 2,000 online database subscribers. -
Mapping Financial Centres
Helpdesk Report Mapping Financial Centres Hannah Timmis Institute of Development Studies 15 May 2018 Question What are the key financial centres that affect developing countries? Contents 1. Overview 2. IFCs and developing countries 3. Key IFCs 4. References The K4D helpdesk service provides brief summaries of current research, evidence, and lessons learned. Helpdesk reports are not rigorous or systematic reviews; they are intended to provide an introduction to the most important evidence related to a research question. They draw on a rapid desk- based review of published literature and consultation with subject specialists. Helpdesk reports are commissioned by the UK Department for International Development and other Government departments, but the views and opinions expressed do not necessarily reflect those of DFID, the UK Government, K4D or any other contributing organisation. For further information, please contact [email protected]. 1. Overview International financial centres (IFCs) are characterised by favourable tax regimes for foreign corporations. They are theorised to affect developing countries in three key ways. First, they divert real and financial flows away from developing countries. Second, they erode developing countries’ tax bases and thus public resources. Third, IFCs can affect developing countries’ own tax policies by motivating governments to engage in tax competition. The form and scale of these effects across different countries depend on complex interactions between their national tax policies and those of IFCs. In order to better understand the relationship between national tax regimes and development, in 2006, the IMF, OECD, UN and World Bank recommended to the G-20 that all members undertake “spillover analyses” to assess the impact of their tax policies on developing countries. -
The Data Journalism Handbook
THE DATA JOURNALISM HANDBOOK Towards a Critical Data Practice Edited by Liliana Bounegru and Jonathan Gray 1 Bounegru & Gray (eds.) The Data Journalism Handbook “This is a stellar collection that spans applied and scholarly perspectives on practices of data journalism, rich with insights into the work of making data tell stories.” − Kate Crawford, New York University + Microsoft Research New York; author of Atlas of AI “Researchers sometimes suffer from what I call journalist-envy. Journalists, after all, write well, meet deadlines, and don’t take decades to complete their research. But the journalistic landscape has changed in ways that scholars should heed. A new, dynamic field—data journalism—is flourishing, one that makes the boundaries between our fields less rigid and more interesting. This exciting new volume interrogates this important shift, offering journalists and researchers alike an engaging, critical introduction to this field. Spanning the globe, with an impressive variety of data and purposes, the essays demonstrate the promise and limits of this form of journalism, one that yields new investigative strategies, one that warrants analysis. Perhaps new forms of collaboration will also emerge, and envy can give way to more creative relations.” − Wendy Espeland, Northwestern University; co-author of Engines of Anxiety: Academic Rankings, Reputation, and Accountability “It is now established that data is entangled with politics and embedded in history and society. This bountiful book highlights the crucial role of data journalists -
Vista, Sista & Traditional Trusts: 'O Le Fogava'a E Tasi
VISTA, SISTA & TRADITIONAL TRUSTS: ‘O LE FOGAVA’A E TASI LAWS 542: OFFSHORE TRUST LAW RESEARCH PAPER FACULTY OF LAW 2018 Beatrice Tabangcora STUDENT ID: 300463444 Word count: 7458 Special Trusts in the BVI & Samoa Table of Contents I Introduction 3 II Special Trusts in the British Virgin Islands 4 A The Prudent Investor Rule 4 B Non-Legislative Alternatives to VISTA Trusts 5 C Key Features of the Virgin Islands Special Trusts Act 2003 7 III Special Trusts in Samoa 12 A Background on the Samoan Offshore Financial Centre 12 B The Samoan International Special Trust Arrangement 13 IV Special Trusts in Practice 14 A Setting up a Special Trust 14 B Advantages of Special Trusts 15 C Criticisms of Special Trusts 16 V Are Special Trusts still Trusts? 17 A Traditional Trust Principles 17 B Questioning the Validity of Special Trusts 18 C Special Trusts are still Trusts? 19 VI Conclusion 20 2 Special Trusts in the BVI & Samoa I Introduction When the Panama papers were released, the British Virgin Islands (“BVI”) and Samoa were implicated as the first and sixth most popular tax havens for companies. The BVI are a self-governing overseas territory of the United Kingdom located in the Caribbean. The BVI are home to about 35,000 people and a lucrative offshore finance centre. Offshore financial services generate more than half of the total of Government revenues.1 Over 12,000 kilometres away from the BVI are the Samoan islands, an independent nation in the South Pacific Ocean. Samoa is home to about 200,000 people and a modest offshore finance centre. -
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