09/22/2007
World Bank v. tax havens
The World Bank and the United Nations announced a couple of days ago that they were setting up a system to help developing nations recover assets stolen and sent abroad by corrupt leaders that amount to an estimated $40 billion a year.
The overall cross-border flow of global proceeds from criminal activities, corruption and tax evasion is assessed $1 trillion to $1.6 trillion annually.
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12:05 | Permalink | Comments (0)
American Senator Obama v. tax havens
Senator Barack Obama said a couple of days ago that :
It’s time to shed some sunlight not only on companies that abuse the tax code, but also on the secretive offshore tax havens that shelter them
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12:03 Posted in General | Permalink | Comments (0)
Anti-money laundering practice note
The Law Society issued early September a practice note on anti-money laundering and counter-terrorist financing. It aims to assist solicitors in good practice and compliance with the Proceeds of Crime Act 2002, Terrorism Act 2000 and Money Laundering Regulations 2007.
They are seeking approval of the practice note from HM Treasury, so have issued a consultation running until 3 October 2007. Stakeholders are invited to comment on the practice note, particularly those parts implementing the risk-based approach and responding to changes brought about by the Money Laundering Regulations 2007
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Letter to senior partners
Consultation paper
11:47 Posted in UK | Permalink | Comments (0)