Offshore News: February 2008
25.02.2008 On February 21, 2008, the Cayman Islands Monetary Authority (CIMA) and the United Kingdom's national regulator of financial services and markets Financial Services Authority (FSA) have signed a memorandum of understanding for the exchange of information and investigative assistance. The memorandum is the latest cooperation agreement between CIMA and UK's FSA. The document is aimed at providing a formal basis for cooperation between the two organizations. For CIMA similar to 11 other agreements signed by the Authority with overseas financial regulators. Previously, CIMA implemented an agreement with the Office of the Insurance Commissioner of Washington State. The Cayman Islands Monetary Authority has cross-border agreements with the Jersey Financial Services Commission (JFSC); the Bermuda Monetary Authority; the Isle of Man Financial Supervision Commission; the Commodity Futures Trading Commission and the Securities and Exchange Commission in the US; the Office of the Superintendent of Financial Institutions in Canada; the Central Bank of Brazil; the Superintendency of Banks of the Republic of Panama; the Bank of Jamaica; and a multilateral Memorandum of Understanding with 8 Caribbean regulators.
10.02.2008 It has been announced that Hong Kong and the Mainland have signed the 2nd protocol to the Arrangement for the Avoidance of Double Taxation & Prevention of Fiscal Evasion that regards taxes on income. The double tax agreement clarifies which firms based in Hong Kong should pay Enterprise Income Tax on the Mainland. The tax arrangement was formally signed on August 21, 2006, and launched on December 8, 2006, however, the governments Hong Kong and the Mainland had interpreted some parts of the agreement in different ways.
04.02.2008 The Belize Trade and Investment Development Service (BELTRAIDE) has announced the launch of Action Plan for the coming year that seeks to further unlock potential for more investments, business opportunities and job creation in Belize. Last annual plan was launched by BELTRAIDE on March 1, 2007. Three strategic areas pointed out in the plan are investment promotion, entrepreneurial development, and marketing. The two additional goals set by BELTRAIDE for 2008 are the development of a National Investment Policy and the establishment of an Entrepreneurial Development and Trade Center in Belmopan.
03.02.2008 On January 30, 2008, the International Monetary Fund staff mission issued the Statement at the Conclusion of the 2008 Article IV Staff Mission to Seychelles. This statement was published on its website on February 1. The statement signifies that a team from International Monetary Fund visited Seychelles on January 17-30 to conduct the Article IV consultation discussions with the offshore jurisdiction, to review its economic developments and prospects, and to talk about the policies that aim to achieve external stability, debt sustainability and the goals indicated in Strategy 2017 with the Seychellois authorities. The mission met with the Seychellois President, the Minister of Finance, the Minister of National Development, the Governor of the Seychelles Central Bank and other government officials, private sector representatives, non-government organizations, as well as the diplomatic community. The IMF statement says that economic growth in the jurisdiction continued to be robust in 2007. It also notes that the unemployment in the jurisdiction is at a historically low level.
