View more on these topics

G20 turns to blacklist in haven clampdown

G20 leaders have pledged to clamp down on non co-operative jurisdictions and tax havens using a blacklist from the Organisation for Economic Cooperation and Development as their starting point.

The list, issued by the OECD secretariat last week, named and shamed Costa Rica, Malaysia, the Philippines and Uruguay as the worst offenders who are yet to commit to the internationally agreed tax standards.

It also featured 38 other territories that have agreed to improve standards but have not yet done so, such as Liechtenstein, Luxemburg, Gibraltar, Andorra and Caribbean islands including the Bahamas, Bermuda and the Cayman Islands.

The report named the Isle of Man and Guernsey among those that had “substantially implemented the internationally agreed tax standard”.

AES International managing director Sam Instone says the jurisdictions highlighted as particularly bad are not the usual suspects and seem “rather inconsequential”.

He says: “It will be very interesting to look at the category that the OECD have judged to have made significant progress and consider what tangible measures are going to result from all the sabre rattling.”

Recommended

Draw align

Last week, I considered the current momentum, both for businesses and individuals, behind accessing value and reducing costs. I linked the potential importance of tax reduction through planning to this growing phenomenon and suggested that advisers seeking to have profitable conversations with existing and potential new clients should, in deciding what communication initiatives to lead with, seriously consider alignment with these strong underlying demands.

Cru awakening

or every adviser reciting “I told you so,” there is another who believes the suspension of the cru funds is a result of a witch-hunt by the press, the authorised corporate director and the list goes on. Even God has been pulled into this debate.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com