The US government has adopted a new rule requiring financial institutions to identify the true owners of companies they do business with in a bid to crackdown on international tax evasion, media outlets have reported.
Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money.
More than 200,000 offshore firms will have details of their links to the Panama Papers scandal made available when The International Consortium of Investigative Journalists (ICIJ) launches a searchable database next month.
The UK’s Financial Conduct Authority (FCA) has asked a further 44 financial services firms to disclose their involvement in the tax-evasive practices uncovered by the Panama Papers leak.
International jurisdictions need to be “cautious” how they respond to the increased transparency measures put in place following the Panama Papers leak earlier this month, Isle of Man-based IFA group Abacus has warned.
The Labuan International Business and Financial Centre (IBFC) has committed to playing a “facilitative role for cross-border trades and investments particularly in the Asean region”, as the fallout from the Panama Papers continues to ripple around the world.
Britain, Germany, France, Italy and Spain have signed a deal to automatically share information on the ultimate owners of companies in the latest move to tackle the growing use of international financial centers to dodge taxes.
The 50 biggest US corporations have more than a trillion dollars hidden offshore, according to a new report published by Oxfam on Thursday.
The headquarters of Mossack Fonseca, the law firm at the centre of the biggest financial data leak in history, were raided by police in Panama on Tuesday, the attorney general’s office has revealed.
The British prime minister David Cameron has announced a new law which makes companies criminally liable for employees who aid tax evasion as he defended his own tax affairs from mounting criticism following the ‘Panama Papers’ leak.
HM Revenue & Customs and the UK’s National Crime Agency will work with investigators, compliance specialists, the Serious Fraud Office and the Financial Conduct Authority (FCA) to deal with the fallout of the Panama Papers.
The Isle of Man is to set up a central database of beneficial ownership information that it will share with law enforcement agencies in the UK.
