Offshore News: February 2009

03.02.2009 The Isle of Man and Australia have concluded two tax co-operation agreements: a tax information exchange agreement based on the OECD model, and an agreement for the allocation of taxing rights over certain income of individuals and the establishment of a mutual agreement procedure in respect of transfer pricing adjustments.
The documents were signed by the Isle of Man's Treasury Minister, Allan Bell, and the Australian High Commissioner to the United Kingdom, John Dauth.

27.02.2009 Indian Parliament adopted the Prevention of Money Laundering (Amendment) Bill, 2009. The Bill was passed on February 24, 2009. It is aimed at combating money laundering, terrorist financing and cross-border economic offenses, and provides for checking the use of “black money” for financing terrorist activities.
According to the new law, the proceeds of crime will be checked for not being raised from sale of narcotics or breach of the Unlawful Activities (Prevention) Act. The Prevention of Money Laundering (Amendment) Bill, 2009 will enable India's entering into the Financial Action Task Force (FATF).