The new Anti Terrorism Bill that has been passed into law in the United States will make it more difficult for offshore entities to operate bank accounts in the U.S.Under the new law, all U.S. financial institutions must establish anti
Major legislation has been introduced to US Congress that would extend the power of the US authorities to apply its money laundering laws and penalties in other countries.The proposed laws, which were tabled in April, has the support of both Democrats and Republicans, according to a report in Miami-based newsletter Money Laundering Alert.
Cayman governor John Owen appears to have secretly promised the UK government that Cayman will change its law to allow foreign investigations of tax evasion.That is the startling revelation disclosed in the minutes of a meeting of the Public Accounts Committee of the UK government held in London on December 15, 1997.
Offshore financial centres that are also UK Overseas Territories have been told that it is not enough for them simply to introduce legislation outlawing ‘all-crimes' but that they must also enforce the new laws.That was one of the messages delivered to the House of Commons Select Committee on Public Accounts by Sir John Kerr, Permanent Under-Secretary of State for the UK government.
UK Dependent Territories that are also offshore financial centres have until 1999 to comply with a "check-list" of four key areas of financial regulations to improve standards, UK Foreign Minister Robin Cook announced in London today.