Fact vs fiction: BDA and industry respond to ICIJ reports
HAMILTON, Bermuda, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Reportage about hacked data from global law firm Appleby has highlighted the substantial lack of media understanding of offshore investment structures and Bermuda's long-time reputation for tax transparency and cooperation with international authorities.
Bermuda is committed to the exchange of relevant information to legitimate regulatory, tax and law enforcement entities. These can request and receive information from Bermuda under information-sharing agreements, including TIEAs and a multi-lateral treaty with more than 100 countries.
Automatic exchange of financial information is also an established part of our economic system. The island's early adoption of OECD standards for Base Erosion and Profit Sharing (BEPS) compliance clearly demonstrates this transparency via several agreements that ensure automatic transmission of taxpayer financial data to relevant authorities.
Notably, Bermuda is a signatory to the Multilateral Competent Authority Agreement for automatic exchange of financial account information via Common Reporting Standard (CRS) and Country-by-Country (CbC) reports. The island has also signed a Model 2 intergovernmental agreement with the US under the Foreign Account Tax Compliance Act (FATCA), again, enabling automatic exchange of information from Bermuda-based financial institutions.
As a direct result of meeting these stringent standards, Bermuda this fall was the first overseas territory to be awarded whitelist status by France for CbC reporting. Bermuda is also judged "largely compliant" by the OECD Global Forum rating following a peer-review process of tax-transparency standards-a rating shared by Canada, Germany and Norway, among other nations.
Additionally, the UK has an agreement with all its Overseas Territories under which Bermuda shares information within 24 hours. Our 70-year-old register-with a starting threshold at incorporation of 10 percent beneficial ownership (vs UK and others at 25 percent-is continuously updated when shares in a company are transferred, as opposed to citing dates of incorporation or annual returns, as is practice in the UK and other jurisdictions.
The issue of privacy versus secrecy has also been confused. Privacy provides protection over confidential information within a well-regulated, safe environment-yet ensures sharing with tax authorities under Bermuda's global treaties. Secrecy, by contrast, enables concealment of information that should be disclosed. Given Bermuda's strong record on compliance and global transparency, our system respects privacy, yet shuns secrecy.
It should also be noted that "tax-haven" is a badly-understood term, particularly by non-trade media. Bermuda does not qualify as a tax haven under a clear OECD definition that stipulates criteria, including lack of transparency and lack of information exchange. No or nominal tax is not sufficient to classify a country as a tax haven. OECD definitions, notwithstanding, the term "tax haven" is synonymous with tax evasion and secrecy-neither of which describe Bermuda.
Bermuda understands and embraces the worldwide movement towards greater financial transparency and regulatory cooperation and continues to commit to international tax disclosure and compliance. We've shown leadership in this sphere and have helped drive global anti-money-laundering directives and anti-terrorist financing standards. These factors differentiate Bermuda from other financial centres, and we stand by that reputation. Response from Bermuda industry groups underscores our market's commitment to transparency:
"Bermuda is a transparent jurisdiction. We have robust regulatory standards and we cooperate and share information with tax authorities and law enforcement agencies. Bermuda is considered a leader on tax-transparency issues by the US Departments of Justice and State, the US Treasury, the OECD, the Financial Action Task Force (FATF) and G20 nations. Bermuda enforces the rules and understands the importance of global compliance and transparency."
-Patrick Tannock, Chairman, Association of Bermuda International Companies (ABIC)
"Bermuda is a place where capital is put to work taking on insurance risk. It is a unique jurisdiction where its substantive insurance regulation has been recognised by both the EU and the US as robust and comparable, and where international regulatory standards are applied. MOUs with leading insurance regulators mean that cooperation with insurance supervisors in the EU, the US, and around the world is part of a routine. This regular information exchange is complemented by treaty commitments with more than 100 jurisdictions for taxpayer automatic exchange of information with global tax authorities. Bermuda's global (re)insurers provide significant amounts of capacity that make insurance markets more competitive. Bermuda's international regulatory and tax commitments are a necessary complement to the role our (re)insurers play in global markets."
-Brad Kading, President & Executive Director, Association of Bermuda Insurers & Reinsurers (ABIR)
Bermuda is one of the best regulated international finance centres, a fact acknowledged by independent assessments from some of the world's leading bodies, including the OECD. Bermuda is fully aligned with the highest standards of the third anti-money laundering EU Directive and is a signatory to the IOSCO Multilateral Treaty, an international benchmark for cross-border co-operation between regulators. BALT is committed to the absolute integrity and high international standing of Bermuda's trust industry. We work with the Bermuda government and the BMA to ensure the trust industry continues to maintain the superior international standards our jurisdiction is known for.
-Leah Scott, President, Bermuda Association of Licensed Trustees (BALT)
"Bermuda is not a place to hide money, as implied by recent sensationalist press coverage. Bermuda is at the forefront of tax transparency, standing out from other international financial centers due to its high level of compliance, cooperation and exchange of information. The country is an early adopter of international tax-reporting standards and is actively committed to deterring money laundering and financial crime. Bermuda was the first overseas territory to be awarded whitelist status by France for Country-by-Country reporting."
-Sylvia Oliveira, Director, Bermuda International Long Term Insurers & Reinsurers (BILTIR)
"Bermuda has consistently ranked as a global leader in regulatory compliance and transparency. BIMA, its regulated members and the regulated entities they represent, work hard to maintain adherence to those high standards. BIMA fully supports the Bermuda government and its intolerance of illegal activity or breaches of compliance with Bermuda regulations and legislation. BIMA and its members will continue to support the interests of our clients, protect the interests of their policyholders, and we reiterate our commitment to the highest standards of regulatory compliance and transparency."
-Grainne Richmond, President, Bermuda Insurance Management Association (BIMA)
Our Bermuda branch shares STEP's global mission to promote education and high professional standards. A key part of what STEP members do in Bermuda and around the world is to ensure they and their clients are compliant with all relevant legislation and regulation. STEP Bermuda's hard-working members are employed in a trust industry which is well regulated, transparent and cooperative. All STEP members are expected to abide by the STEP Code of Professional Conduct, which highlights the principal professional standards that a STEP member agrees to uphold. STEP Bermuda members will continue to focus on providing excellent service to the families whose trusts are established in Bermuda.
-Keith Robinson, Chair, Society of Trusts and Estates Practitioners (STEP) Bermuda
email@example.com 441 278-6558 |441 337-4696
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business here smooth and beneficial.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bermuda Business Development Agency (BDA) via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
GaN Systems to Showcase Innovative GaN Power Technologies and Customer Solutions at PCIM Europe 201823.5.2018 15:00 | Pressemelding
Record-setting GaN transistors and an array of new products, design tools, and reference designs that make it easier to develop ground-breaking power systems will be displayed OTTAWA, May 23, 2018 (GLOBE NEWSWIRE) -- GaN Systems, the global leader in GaN (gallium nitride) power semiconductors, today announced that it will be exhibiting the company's new products and design tools and presenting customer demonstrations at PCIM Europe 2018 (Power Conversion and Intelligent Motion), Booth 511 in Hall 9 (9-511) from June 5-6, 2018 in Nuremberg, Germany. At PCIM Europe, one of the leading exhibitions for power electronics and its applications, attendees to the GaN Systems booth will learn about new products, the numerous IC companies that have collaborated with GaN Systems, and a vast array of customer implementations spanning the consumer, data center, industrial, and automotive market segments. Also, GaN Systems' subject matter experts will be speaking at four sessions over the course of t
Addiko Bank Implements Digital Banking Solutions on Appian23.5.2018 13:30 | Pressemelding
Digital Lending and Trade Finance applications cut customer wait times in half RESTON, Va., BELGRADE, Serbia and LJUBLJANA, Slovenia, May 23, 2018 (GLOBE NEWSWIRE) -- Appian (Nasdaq:APPN) and Addiko Bank, an international financial group headquartered in Vienna, Austria, today announced that the bank has deployed two new digital banking applications on Appian's low code application platform. The applications cover Lending and Trade Finance processes across Addiko's Corporate and Small Medium Enterprise (SME) customers. The applications have reduced customer wait times by as much as 50% by cutting "time to yes" for simple loans down from one week to just three days. Addiko Bank is the only financial group primarily focused on markets in the South Eastern Europe region (SEE), servicing more than 1 million customers. With these Appian deployments, Addiko Bank is the first bank within the SEE region to provide such a digital banking platform to customers in Slovenia and Serbia. Addiko is a
GMO Internet Group Offers GMO miner, The World's First Mining Machine Equipped with Mining Chips Using a Cutting-Edge 7 nm Process Technology: information session on Wednesday, June 623.5.2018 13:03 | Pressemelding
TOKYO, May 23, 2018 (GLOBE NEWSWIRE) -- Tokyo, Japan - May 23, 2018 - GMO Internet Group (https://www.gmo.jp/en/ ) will launch GMO miner (product name: GMO miner B2), which is our own high-performance computer for mining (mining machine), on Wednesday, June 6, 2018. We will mass-produce the world's first mining machine equipped with a cutting-edge 7 nm* process based semiconductor chip (7 nm mining chip; "GMO 72b"), which will be shipped at the end of October 2018. As a result, an information session for potential customers considering the purchase of GMO miner will be held on Wednesday, June 6 in Shibuya, Tokyo, and we will explain the details of GMO miner, such as price and performance. *nm: nanometer. 1/1 billion meters. 1/1 million millimeters. Selling "GMO miner" Cryptocurrency mining requires high-performance mining machines enabling highly sophisticated and intensive computation. Accordingly, GMO Internet Group has been working on research and development of a cutting-edge 7 nm
SolarWinds Extends Network Management Software Leadership with Deeper Visibility and Smarter Scalability23.5.2018 12:30 | Pressemelding
Software now simplifies management of complex networks with Network Insight for Cisco Nexus and intelligent mapping, supporting environments four times larger than previous generation AUSTIN, Texas, May 23, 2018 (GLOBE NEWSWIRE) -- SolarWinds, the worldwide leader in network management software, today announced a wave of updates to its network management product portfolio, which can now support networks up to four times larger than the previous generation. This significant gain makes it easy to consolidate monitoring solutions to a single provider enterprise-wise, and gives IT professionals far greater flexibility to scale up and support larger data center networks as workloads increase, or scale out to address complex distributed networks. SolarWinds says the broad refresh of its network management portfolio strengthens its IDC®-validated network management leadership position.1 Updated versions of Network Performance Monitor (NPM), Network Configuration Manager (NCM), IP Address Mana
VITEC to Showcase High-Quality, Low-Bandwidth Tactical Video Solutions at Eurosatory 201823.5.2018 10:00 | Pressemelding
VITEC Boosts Its ISR and Homeland Security Video Streaming and Dissemination Solutions With the World's Smallest Quad-Channel Rugged HEVC Encoder and a New Military-Grade IPTV Portal PARIS, May 23, 2018 (GLOBE NEWSWIRE) -- VITEC, a worldwide leader in advanced video encoding and streaming solutions, today announced it will showcase its latest high-performance video streaming solutions for military and defense applications at Eurosatory 2018. Scheduled for June 11-15 at Paris Nord Villepinte, Eurosatory is the premier international defense and security exhibition. "VITEC is strongly committed to providing every capability for processing and distributing Intelligence, Surveillance, and Reconnaissance (ISR) and situational awareness video generated in the field," said Richard Bernard, product manager, VITEC. "As a result of that commitment, we've added MGW Diamond TOUGH to our encoder lineup. The multichannel encoder streams up to eight video channels with extremely low bandwidth and low
DealCloud announces global expansion, opening of EMEA Headquarters23.5.2018 08:00 | Pressemelding
LONDON, May 23, 2018 (GLOBE NEWSWIRE) -- DealCloud, a technology leader for deal & relationship management in the private capital markets, announces the opening of its EMEA headquarters in Holborn, London, United Kingdom. With the opening of the regional headquarters in London, DealCloud operates out of 4 offices globally. Supporting a rapidly growing client base in the region, DealCloud now provides implementation services, client support, and account management through a dedicated team based out of the London office. "We work closely with every client to tailor our exceptional technology and capabilities to their specific process," says DealCloud Co-Founder and Chief Revenue Officer Ben Harrison. "We are committed to delivering the best possible results for our clients, and we believe growing our team in London is the best way to do this." "Supporting dozens of clients in EMEA today, and adding new clients every week, we are excited about the impact our office expansion will have wit
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom