This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
USA-TAX-NEWS.COM Favicon USA-TAX-NEWS.COM
Join us on Twitter Lowtax Facebook page Join our discussion on LinkedIn Join us on Google+ Delicious Subscribe to the Tax-News RSS Feed
 USTAXNETWORK.COM:
NEWSLETTER

To receive our free monthly network newsletter enter your email address below:

ADVERTISE!

Our sites have more than 200,000 highly targeted visitors every month. With cost-effective marketing solutions to suit any budget, we feel confident that we can deliver the results you need.

Contact us at info@ ustaxnetwork.com or for more information, click here.


HOME | CONTACT | RECRUITMENT | ABOUT | LEGAL | LINKS
 
 
> Information provided on this site is for general guidance only and is often simplified. Actual IRS procedures are complex, and taxpayers should obtain professional assistance or use IRS sources for complete information.

 



AML Standards Highest In Offshore Territories, by Amanda Banks, Tax-News.com, London Thursday, September 27, 2012

A new study from the Centre for Governance and Public Policy at Griffith University, Australia, has confirmed that a number of offshore territories have substantially stronger safeguards in place to prevent the use of shell companies for anti-money laundering and terrorism financing purposes than many advanced onshore nations such as the United Kingdom and the United States.

The report, which assesses the ease of establishing untraceable shell companies internationally, says that: "Some of the top-ranked countries in the world are [territories] such as Jersey, the Cayman Islands and the Bahamas, while some developed countries like the United Kingdom, Australia, Canada and the United States rank near the bottom of the list."

The report concludes that it is easier to obtain an untraceable shell company in the United States than in any other country except Kenya.

"Against the conventional policy wisdom, those selling shell companies from tax havens were significantly more likely to comply with the rules than providers in OECD countries like the United States and Britain," the report states. "Another surprise was that providers in poorer, developing countries were also more compliant with global standards than those in rich, developed nations."

The authors said that a research team had impersonated a variety of low- and high-risk customers, including would-be money launderers, corrupt officials and terrorist financiers when requesting the anonymous companies. In total 7,400 emails were sent to more than 3,700 corporate service providers in 182 countries worldwide. The report found however, that corporate service providers were "significantly less likely" than other marketers of shell companies to reply to potential terrorists or to offer anonymous shell companies to customers who are possibly linked to terror.

.




THE LOWTAX SUBSCRIPTION LIBRARY

THE LOWTAX LIBRARY

One of the web's largest and most authoritative business and investment information sources. Alongside topical, daily news on worldwide tax developments, you can receive weekly newswires or access up-to-date intelligence reports on a range of legal, tax and investment subjects.

FREE TRIAL NEWS SUBSCRIPTION

Our 16 constantly updated intelligence reports cover every important aspect of 'offshore' and international tax-planning in depth, including banking secrecy, the EU's savings tax directive, offshore funds, e-commerce, offshore gaming and transfer pricing. Reports are available for immediate downloading or as subscription services with news pages.

Lowtax Network Sites
Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Expat Briefing: A free online publication serving international expatriates and featuring world news, forums, events, in-depth country information and reliable investment and personal taxation guides.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
Offshore Trusts Guide: OTG publishes news, features and newsletters on the use of offshore trust structures.
TreatyPro: Online tax treaty resource.
Global Incorporation Guide [GIG]: A BSI / Lowtax Network international business smart tool.

IMPORTANT NOTICE: Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

All rights reserved. © 2014 Wolters Kluwer TAA Limited


All content on this site has been provided by BSIRN.