Offshore News: December 2007

28.12.2007 In accordance with one of the most important anti-money laundering reports in recent years, the Cayman Islands is an offshore jurisdiction that has a good compliance. The Caribbean Financial Action Task Force (CFATF) has rated the jurisdiction above average. The report released in the middle of December and consisting of 163 pages declares that the Cayman Islands is compliant or largely compliant with 38 of 40 recommendations for anti-money laundering, and with 6 of another 9 recommendations for counter-terrorist financing.

10.12.2007 The Bermuda Stock Exchange (BSX) has announce that, with effect from December 4, 2007, the UK's HM Revenue and Customs has designated it as a "recognised stock exchange" under UK tax law. This designation regards to the entire Bermuda Stock Exchange, and listed securities will meet the HMRC interpretation of "listed" as stated in the Income Act 2007, as amended by Schedule 26 to the Finance Act 2007. Also, with effect from December 4, 2007 the BSX is regarded as a recognised stock exchange for Inheritance Tax purposes. The BSX saw the designation by the UK's Revenue and Customs as a significant development expanding the services provided by an offshore stock exchange to higher levels.