Offshore News: August 2010

6.08.2010: The British Virgin Islands Financial Services Commission (FSC) announced the extension of transitional dates for relevant BVI companies to introduce frameworks to comply with recently-introduced Securities and Investment Business Act (SIBA), 2010, and the Mutual Funds Regulations, 2010.
The Securities and Investment Business Act and the Mutual Funds Regulations provide the legislative framework under which the FSC regulates mutual funds and other investment-related entities that conduct business in the BVI.
Originally there were an August and October deadline. Now the FSC has amended these dates to one date, December 31, 2010, through the introduction of the Securities and Investment Business (Amendment of Schedule 8) Order, 2010, and the Mutual Funds (Amendment) Regulations, 2010.

15.08.2010: Offshore jurisdiction of Seychelles has signed Tax Information Exchange Agreement (TIEA) with the Netherlands. Thhe OECD international standard was included into this TIEA upon consent of both countries.
This is the first TIEA signed by the Seychelles, and probably it will be followed by many others, as the government of Seychelles attempts in the future to further develop its international business and financial services sector. Further agreements will be necessary if Seychelles wishes to remove itself from the 'grey list' of jurisdictions who have not substantially implemented the OECD's tax standard on transparency and the exchange of tax information.

21.08.2010: India has been welcomed as full member of the Financial Action Task Force (FATF), and became the 34th country member of organization. The laws amended or passed by the Parliament of India to follow the requirements of FATF are now in line with FATF 40+9 recommendations, and this enabled India to enter the organization.
US Charge d'Affaires in India Steven J White commented in India's membership in FATF that the country ‘has made significant progress over the last several years in moving toward an anti-money laundering and terrorist financing (AML/CFT) regime that meets international standards, and has committed itself to continue to improve its AML/CFT system.’