26.03.2006 The Hong Kong Monetary Authority has announced this week that, under the Hong Kong Banking Ordinance, banking licences have been granted to Credit Agricole (Suisse) SA, and Societe Generale Bank and Trust. A restricted banking licence has been granted to Credit Agricole and a banking licence to Societe Generale.
Credit Agricole is a Swiss-based wholly owned subsidiary of the Credit Agricole Group that mainly deals with private and corporate banking as well as capital markets activities.
Societe Generale Bank and Trust, incorporated in Luxembourg, is a wholly-owned subsidiary of Societe Generale. In accordance with the July 2005 issue of The Banker, in terms of tier 1 capital, it was the 4th largest bank in Luxembourg.
There are currently 32 restricted-licence banks and 134 licensed banks in Hong Kong.
24.03.2006 A guide to investment products and services for helping retail investors clarify investment products and financial instruments has been published by the Gibraltar Financial Services Commission. The guide consists of 8 parts and includes guidance on investment services, investment types, property purchases, pension and investment protection.
The guide provides investors with basic information on various investment instruments. The guide covers both relatively simple low-risk assets and quite complex and risky financial products such as bonds, shares, collective investment schemes, life insurance, contracts for differences, forward contracts, spread betting, etc. The guide also advises about the potential dangers of investing.
The guide is written in quite a simple language to perform informative function.
23.03.2006 A Memorandum of Understanding with the Jersey Financial Services Commission (JFSC) has been signed by the Dubai Financial Services Authority (DFSA). The agreement that formalises arrangements for co-operation and information sharing between the JFSC and DFSA was signed by Chief Executive of the DFSA Mr. David Knott and Director General of the JFSC Mr. David Carse. This Memorandum of Understanding is very significant for business relationship between financial firms in Jersey and the Dubai International Financial Centre.
The DFSA is responsible for the regulation of all financial and ancillary services carried within or from the DIFC. These services include banking, asset management, re-insurance, securities trading, Islamic finance as well as international financial exchange.
The JFSC is responsible for the regulation and supervision of banking, insurance business, collective investment funds, investment business as well as trust company business within Jersey.
21.03.2006 In accordance with Prince Alois, ruler of the Principality, Liechtenstein is unlikely to dispense with its coveted banking secrecy laws in the near future as this would not be approved if put to a referendum. He suggests that banking secrecy is fortified well in Liechtenstein and changing current laws to satisfy the OECD and the FATF would not be approved by the people, which is a necessary measure under the Principality's constitution.
Financial services make about 30% of Liechtenstein's gross domestic product. The US State Department's recent progress report on anti-money laundering initiatives across the globe descripes Liechtenstein as a well-developed offshore financial services sector. Financial intermediaries in Liechtenstein are able attract funds from abroad because of relatively low tax rates, liberal incorporation and corporate governance rules and tradition of strict bank secrecy.
Though, the report notes that t relatively low tax rates, liberal incorporation and corporate governance rules and tradition of strict bank secrecy are also the factors that have made Liechtenstein attractive to money launderers.
02.03.2006 Today, 2 March 2006, constitutional reform talks are taking place in the British Virgin Islands (BVI). The British Virgin Islands waited long to engage the UK in negotiations about reforming the Constitution. So, now the main issues on the list are adding the sixth ministerial position, reducing the Governor's powers, adopting cabinet system of Government, adding the human rights chapter in the Constitution and establishing the constitutional post of Director of Public Prosecution.
The British Virgin Islands is one of the most popular offshore jurisdictions incorporating more than 50,000 new IBCs a year. The popularity of the BVI can be explained by the fact that BVI offshore tax haven is active in protecting privacy and secrecy of those who use its environment for tax avoiding and tax planning however, on the other hand, it complies with international standards, has good practice in regulating the international financial sectors and actively fights against cross border white-collar crime.
01.03.2006 The US Securities and Exchange Commission has announced the filing of securities fraud charges against the operators of "a paid autosurf program", www.12dailypro.com. In fact, this was a large scheme to have raised more than USD 50 million from over 300 000 investors worldwide by means of offering a 44% return on investment in just 12 days.
In accordance to the complaint of the US Securities and Exchange Commission, 12dailypro called themselves a paid autosurf program, a kind of online advertising program that automatically rotates advertised websites into a viewer's Internet browser, and so, purportedly generates advertising revenue. So, purportedly, advertisers pay "hosts," which, in their turn, pay their members to view the rotated websites.
The complaint alleges that 12dailypro's sale of membership units established the fraudulent and unregistered sale of securities and that 12dailypro defrauded investors using new investor monies to pay the promised returns to existing investors - which is against the federal securities laws.
The Commission aims at getting repayment of ill-gotten gains.
