Fact vs fiction: BDA and industry respond to ICIJ reports
HAMILTON, Bermuda, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Reportage about hacked data from global law firm Appleby has highlighted the substantial lack of media understanding of offshore investment structures and Bermuda's long-time reputation for tax transparency and cooperation with international authorities.
Bermuda is committed to the exchange of relevant information to legitimate regulatory, tax and law enforcement entities. These can request and receive information from Bermuda under information-sharing agreements, including TIEAs and a multi-lateral treaty with more than 100 countries.
Automatic exchange of financial information is also an established part of our economic system. The island's early adoption of OECD standards for Base Erosion and Profit Sharing (BEPS) compliance clearly demonstrates this transparency via several agreements that ensure automatic transmission of taxpayer financial data to relevant authorities.
Notably, Bermuda is a signatory to the Multilateral Competent Authority Agreement for automatic exchange of financial account information via Common Reporting Standard (CRS) and Country-by-Country (CbC) reports. The island has also signed a Model 2 intergovernmental agreement with the US under the Foreign Account Tax Compliance Act (FATCA), again, enabling automatic exchange of information from Bermuda-based financial institutions.
As a direct result of meeting these stringent standards, Bermuda this fall was the first overseas territory to be awarded whitelist status by France for CbC reporting. Bermuda is also judged "largely compliant" by the OECD Global Forum rating following a peer-review process of tax-transparency standards-a rating shared by Canada, Germany and Norway, among other nations.
Additionally, the UK has an agreement with all its Overseas Territories under which Bermuda shares information within 24 hours. Our 70-year-old register-with a starting threshold at incorporation of 10 percent beneficial ownership (vs UK and others at 25 percent-is continuously updated when shares in a company are transferred, as opposed to citing dates of incorporation or annual returns, as is practice in the UK and other jurisdictions.
The issue of privacy versus secrecy has also been confused. Privacy provides protection over confidential information within a well-regulated, safe environment-yet ensures sharing with tax authorities under Bermuda's global treaties. Secrecy, by contrast, enables concealment of information that should be disclosed. Given Bermuda's strong record on compliance and global transparency, our system respects privacy, yet shuns secrecy.
It should also be noted that "tax-haven" is a badly-understood term, particularly by non-trade media. Bermuda does not qualify as a tax haven under a clear OECD definition that stipulates criteria, including lack of transparency and lack of information exchange. No or nominal tax is not sufficient to classify a country as a tax haven. OECD definitions, notwithstanding, the term "tax haven" is synonymous with tax evasion and secrecy-neither of which describe Bermuda.
Bermuda understands and embraces the worldwide movement towards greater financial transparency and regulatory cooperation and continues to commit to international tax disclosure and compliance. We've shown leadership in this sphere and have helped drive global anti-money-laundering directives and anti-terrorist financing standards. These factors differentiate Bermuda from other financial centres, and we stand by that reputation. Response from Bermuda industry groups underscores our market's commitment to transparency:
"Bermuda is a transparent jurisdiction. We have robust regulatory standards and we cooperate and share information with tax authorities and law enforcement agencies. Bermuda is considered a leader on tax-transparency issues by the US Departments of Justice and State, the US Treasury, the OECD, the Financial Action Task Force (FATF) and G20 nations. Bermuda enforces the rules and understands the importance of global compliance and transparency."
-Patrick Tannock, Chairman, Association of Bermuda International Companies (ABIC)
"Bermuda is a place where capital is put to work taking on insurance risk. It is a unique jurisdiction where its substantive insurance regulation has been recognised by both the EU and the US as robust and comparable, and where international regulatory standards are applied. MOUs with leading insurance regulators mean that cooperation with insurance supervisors in the EU, the US, and around the world is part of a routine. This regular information exchange is complemented by treaty commitments with more than 100 jurisdictions for taxpayer automatic exchange of information with global tax authorities. Bermuda's global (re)insurers provide significant amounts of capacity that make insurance markets more competitive. Bermuda's international regulatory and tax commitments are a necessary complement to the role our (re)insurers play in global markets."
-Brad Kading, President & Executive Director, Association of Bermuda Insurers & Reinsurers (ABIR)
Bermuda is one of the best regulated international finance centres, a fact acknowledged by independent assessments from some of the world's leading bodies, including the OECD. Bermuda is fully aligned with the highest standards of the third anti-money laundering EU Directive and is a signatory to the IOSCO Multilateral Treaty, an international benchmark for cross-border co-operation between regulators. BALT is committed to the absolute integrity and high international standing of Bermuda's trust industry. We work with the Bermuda government and the BMA to ensure the trust industry continues to maintain the superior international standards our jurisdiction is known for.
-Leah Scott, President, Bermuda Association of Licensed Trustees (BALT)
"Bermuda is not a place to hide money, as implied by recent sensationalist press coverage. Bermuda is at the forefront of tax transparency, standing out from other international financial centers due to its high level of compliance, cooperation and exchange of information. The country is an early adopter of international tax-reporting standards and is actively committed to deterring money laundering and financial crime. Bermuda was the first overseas territory to be awarded whitelist status by France for Country-by-Country reporting."
-Sylvia Oliveira, Director, Bermuda International Long Term Insurers & Reinsurers (BILTIR)
"Bermuda has consistently ranked as a global leader in regulatory compliance and transparency. BIMA, its regulated members and the regulated entities they represent, work hard to maintain adherence to those high standards. BIMA fully supports the Bermuda government and its intolerance of illegal activity or breaches of compliance with Bermuda regulations and legislation. BIMA and its members will continue to support the interests of our clients, protect the interests of their policyholders, and we reiterate our commitment to the highest standards of regulatory compliance and transparency."
-Grainne Richmond, President, Bermuda Insurance Management Association (BIMA)
Our Bermuda branch shares STEP's global mission to promote education and high professional standards. A key part of what STEP members do in Bermuda and around the world is to ensure they and their clients are compliant with all relevant legislation and regulation. STEP Bermuda's hard-working members are employed in a trust industry which is well regulated, transparent and cooperative. All STEP members are expected to abide by the STEP Code of Professional Conduct, which highlights the principal professional standards that a STEP member agrees to uphold. STEP Bermuda members will continue to focus on providing excellent service to the families whose trusts are established in Bermuda.
-Keith Robinson, Chair, Society of Trusts and Estates Practitioners (STEP) Bermuda
firstname.lastname@example.org 441 278-6558 |441 337-4696
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business here smooth and beneficial.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bermuda Business Development Agency (BDA) via Globenewswire
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
SEMAFO Mourns Passing of Board Chairman Jean Lamarre23.11.2017 22:01 | Pressmeddelande
MONTREAL, Nov. 23, 2017 (GLOBE NEWSWIRE) -- SEMAFO (TSX:SMF) (OMX:SMF) announces with sadness the passing of Mr. Jean Lamarre, Chairman of the Board of Directors of the Corporation, on November 22, 2017 following a short illness. Mr. Lamarre joined the Corporation's Board of Directors in 1997 and was appointed Chairman of the Board in 2000, a position he held until his demise. "Jean made an indelible mark on SEMAFO, both in terms of his corporate governance expertise and his 45 years of experience in Africa," said President and CEO Benoit Desormeaux. "Over his 20-year tenure with SEMAFO, he brought unique insight, business acumen and leadership to the Corporation as it transitioned from an exploration company to a junior gold producer. He did this, always without compromising his values: the integrity of the Corporation, his deep love for Africa and its people, and his priority to SEMAFO's long-term sustainability. On behalf of SEMAFO's Board of Directors, management and employe
Premier to join industry leaders at BDA London forum23.11.2017 21:39 | Pressmeddelande
HAMILTON, Bermuda, Nov. 23, 2017 (GLOBE NEWSWIRE) -- Premier David Burt will join more than two-dozen Bermuda executives in a multi-industry forum being held in London next week to showcase the breadth of expertise and advantages offered by the island's global business market. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/78c5ac53-07f7-4dd8-83e0-753ea5b4c80b Organised by the Bermuda Business Development Agency (BDA), the one-day event Tuesday, November 28 at ME London has attracted over 200 registrants. It will feature top regulatory and industry leaders in moderated discussion panels covering re/insurance, captive insurance, insurance-linked securities, asset management, family offices, and trust and private-client business. A networking reception will wrap the event in the evening. "The government supports the Bermuda Business Development Agency in this awareness-raising event that offers such gre
Crown Bioscience and Data Sciences International (DSI) Partner to Advance Metabolic Disease Research Using an Implanted Telemetry Device for Long-Term Blood Glucose Monitoring23.11.2017 14:00 | Pressmeddelande
SANTA CLARA, Calif., Nov. 23, 2017 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE: ticker 6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation cardiovascular and metabolic disease research, announces the successful development of an enhanced method for preclinical obesity and type 2 diabetes studies in partnership with Data Sciences International (DSI). Crown Bioscience's clinically relevant models and DSI's HD-XG implantable glucose device combine to create a superior approach to preclinical metabolic disease research. Recently published work in the Journal of Endocrinological Investigation and Nature's Scientific Reports demonstrates the advantages of a new method using DSI's HD-XG implantable glucose device and Crown Bioscience's models of spontaneous and diet-induced diabetes. The HD-XG device allows for continuous, long-term measurement
LeoVegas AB: Valberedning utsedd i LeoVegas inför årsstämma 201823.11.2017 11:50 | Pressmeddelande
Enligt de principer för valberedning i LeoVegas AB (publ) ("Bolaget" eller "LeoVegas") som antogs på årsstämman den 17 maj 2017 ska valberedningen bestå av fyra ledamöter utsedda av de tre största aktieägarna per den 30 september 2017, jämte styrelsens ordförande. Baserat på ovanstående har valberedningen inför årsstämman 2018 fastställts till att bestå av följande personer som tillsammans representerar cirka 23 procent av antalet aktier och röster i Bolaget per den 30 september 2017: Anders Fast, valberedningens ordförande och utsedd av Gustaf Hagman Joachim Spetz, utsedd av Swedbank Robur Fonder Dan-Alp Lindberg utsedd Robin Ramm-Ericson Mårten Forste, styrelseordförande Valberedningens förslag kommer att presenteras i kallelsen till årsstämman 2018 samt på bolagets hemsida, www.leovegasgroup.com.
LeoVegas AB: Nomination committed appointed for LeoVegas ahead of 2018 Annual General Meeting23.11.2017 11:50 | Pressmeddelande
In accordance with the principles for appointment of a nomination committee of LeoVegas AB (publ) ("the Company" or "LeoVegas") that were adopted by the Annual General Meeting on 17 May 2017, the Nomination Committee shall consist of four members appointed by the three largest shareholders as at 30 September 2017, together with the Chairman of the Board. Based on the above, the Nomination Committee ahead of the 2018 Annual General Meeting has been determined to consist of the following persons, who represent approximately 23% of the number of shares and votes in the Company as per 30 September 2017: Anders Fast, Nomination Committee chair, representing Gustaf Hagman Joachim Spetz, representing Swedbank Robur Fonder Dan-Alp Lindberg, representing Robin Ramm-Ericson Mårten Forste, Chairman of the Board The No
Hemcheck Sweden AB: Viktigt patent beviljat av PRV23.11.2017 09:00 | Pressmeddelande
PRESSMEDDELANDE Viktigt patent beviljas av PRV PRV, det svenska patent och registreringsverket, meddelar att HemChecks patentansökan gällande bolagets blodseparationsteknik kommer att beviljas för Sverige den 19 december 2017. Patentets publiceringsnummer kommer att bli 539853. -För HemCheck är patentet strategiskt mycket viktigt, eftersom det innefattar vår teknik för blodseparation. Det skyddar den teknik som gör att en ej definierad blodvolym kan användas i vårt engångstest och det är just det som gör vårt hemolystest så unikt, enkelt och användarvänligt - och dessutom mycket snabbt. I kombination med övriga patent har vi nu ett mycket bra skydd för den metod som HemChecks affärsidé i grunden bygger på, säger vd Annelie Brolinson i en kommentar. En internationell patentansökan har lämnats in för att söka skydd på övriga viktiga marknader. För ytterligare information, kontakta: Hemcheck Sweden AB
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum