Sunday, February 18, 2018

The Bahamas: Clearly Focused

By Tanya McCartney

Globally, there is a commitment to tax cooperation and transparency. Governments across the world are working with their international partners to address the issue of global inequality.

This is being achieved largely through the exchange of information. The risks to the financial services industry have never been higher as clients report their offshore accounts via voluntary disclosure programs, whistleblower claims are increasing exponentially, massive data leaks are becoming more prevalent, and governments are sharing voluminous data through automatic and specific exchanges of information.

This spirit of cooperation is coupled with the teeth of enforcement, as the enactment of the UK Criminal Finances Act, extends extraterritorial reach to individuals and entities that fail to implement policies and procedures to prevent the facilitation of tax evasion.  Read more >>