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Offshore News 2006

Two banks of Switzerland - Credit Agricole (Suisse) SA, and Societe Generale Bank and Trust – were granted banking licences by the Hong Kong Monetary Authority.

The heads of Government of the Organisation of Eastern Caribbean States (OECS) signed the Declaration of Intent to form an Economic Union of the OECS region.

The British Virgin Islands Financial Services Commission (FSC) has published an expanded list of countries and jurisdictions that are recognised according to the BVI's Mutual Funds Act, 1996. More than 3 000 mutual funds are registered in the British Virgin Islands, which is more than 100 billion USD under management.

The US judicial authorities have signalled of their intention to crack down on illegal online gambling, which can be used as means for money laundering.

The Swiss Parliament has ratified the Hague Convention on the Law Applicable to Trusts and on their Recognition of July 1st 1985 (Hague Trust Convention). The Hague Trust Convention and the new internal legal provisions are expected to enter into force in July 2007.