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BREAKING NEWS ROUND THE WORLD
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BVI proposes new fund vehicle to inject cash into EU projects
BVI, the German investment funds association, has proposed a new fund vehicle for the EU with the aim of cushioning the economic impact of the pandemic and securing the bloc’s climate goals. Based on the Ucits framework, the ‘European Impact Fund’ (EIF) model intends to invest in ecological and...
EU takes legal action against ‘golden passport’ schemes in Cyprus, Malta
The European Union’s executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as “golden passport” schemes.The schemes allow wealthy foreigners to buy citizenship in exchange for an investment of around 1 million euros in Malta and 2...
Commodities headed for bull market in 2021 on inflation fears, stimulus: Goldman Sachs
A weaker U.S. dollar, rising inflation risks and demand driven by additional fiscal and monetary stimulus from major central banks will spur a bull market for commodities in 2021, Goldman Sachs (NYSE:GS) said on Thursday.The bank forecast a return of 28% over a 12-month period on the S&P/Goldman...
6 money laundering reforms that experts say need to happen right now
The biggest banks in the world are moving vast amounts of money for drug cartels, corrupt regimes, arms traffickers and other international criminals after having pledged repeatedly to do more to staunch the flow of dirty money.The system-wide failures exposed by the FinCEN Files, a 16-month investigation by more...
CYPRUS YOUR GATEWAY TO EUROPE
COMPLIANCE & LEGAL NEWS
Compliance lessons from Goldman Sachs’ $2.9B 1MDB settlement
The Goldman Sachs Group and its Malaysian subsidiary on Thursday reached a $2.9 billion global settlement charging each with conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA)...
JURISDICTIONS
EU blacklist: Barbados ‘appalled’ at ‘unjust and disproportionate treatment’
The government of Barbados said today it is "appalled" by the jurisdiction's inclusion on the EU's "reprehensible" update to its blacklisting of tax havens.In a strongly-worded statement issued this afternoon, Invest Barbados lamented "being penalized for being ‘Partially Compliant' in only three of the ten ‘essential elements' of the OECD's standard."As reported by International Investment, the...
Anger as newly-honoured billionaire brothers who bought Asda for £7bn head for Jersey tax haven
The billionaire brothers who bought Asda for £7billion were last night facing questions over their decision to transfer ownership of the British supermarket to a controversial tax haven.Under the deal struck by Mohsin and Zuber Issa, who were made CBEs in the Queen's Birthday Honours list, the grocer will be legally controlled by a parent company based in...
British Virgin Islands commits to public register of beneficial owners
Announcement follows years of tax evasion scandals involving BVI shell companiesThe government of the British Virgin Islands has finally committed to introducing public registers of beneficial ownership for companies incorporated in the tax haven.The announcement, made in the islands’ parliament, comes after years of tax evasion and money laundering scandals, in which shell companies incorporated in the territory regularly played...
Jersey may have been vulnerable to money laundering, due to lack of staff training
A lack of robust policy and inadequate staff training has left Jersey more vulnerable to money laundering.Today, the first National Risk Assessment (NRA) of money laundering has been published by the Government of Jersey. The report aims to identify where the island is most likely to be used by criminals to launder the proceeds of crime.
MARITIME
BILLIONAIRES & LIFESTYLE
America’s 10 Richest People Are $14 Billion Poorer As Stock Market...
U.S. stock market indices plunged on Monday amid a resurgence in coronavirus cases, causing America’s ten richest people to shed billions of...
Two New Kazakhstan-Based Billionaires Minted In London’s Largest International Tech IPO...
The founders of Kazakh fintech platform Kaspi are new billionaires after a successful IPO on the London Stock Exchange. Cofounder Vyacheslav Kim is...
Jeff Bezos’ 3-question rule for hiring new Amazon employees—and how to...
It takes a lot more than an impressive resume to land a job at Amazon.Even in its early years, when the...
