1.1 INTRODUCTION Offshore bank is a bank that located outside the country of residence of the depositor. Offshore banking has often been related with the underground economy and organized crime, via tax evasion and money laundering; though legally offshore banking does not prevent assets from being subject to personal income tax on interest. Even though, offshore banks may decide not to report income to other tax authorities, and have no legal obligation to do so as they are protected by bank secrecy
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Tax Havens pull up socks in ‘transparency’ era The great ‘subprime’ crisis has had its share of fallouts over past 24 months; yet there is a silver lining emerging from under the dark clouds which has the world order gearing up for a brand new era of financial discipline and enhanced regulation. Ironically, one of the positives borne out of the recent economic upheaval has been staggering focus on ensuring robust transparency standards in tax matters. Before delving further into how tax transparency
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banks has fallen from 145 to 129(though it remains the biggest centre for global offshore wealth with $ 2.2 trillion i.e. 26% of the market, which was 27% in 2012). Example:- Lloyds Banking Group, Commerzbank, etc Reasons• Recent shake up in Europe’s economy • In 2012, one-third of banks had fund outflows • One bank in 6 recorded losses Hence many banks are reviewing their geographical footprint, specially in the offshore markets. Moreover, a combination of government actions from the US & EU and the
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America. Today Panama is popularly known for being one of the most outstanding tax havens in the Central America region. The offshore jurisdiction of Panama has a large client base with investors from all over the world. Panama has a booming financial services sector which provides superior services such as the incorporation of International Business Companies, offshore banking, the formation of Panama Foundations and Trusts, Panama insurance the registration of boats and vessels among other services
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Case Study Why the telecoms industry is doing business in RMB Telecoms equipment and handset manufacturers like Telco – the representative but fictional example in this case study – recognise that they can only stand out in a tough sector by competing on an international scale. This increasingly means doing business in high-growth emerging markets like China and leveraging RMB to gain that vital competitive advantage. Background Telco, with its Head office based in London, began life as a
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CASE #18 CIBC – Barclays: Should their Caribbean Operations be merged? Recommendation: CIBC and Barclays should proceed with a merger of their retail, corporate and offshore banking operations in the Caribbean because of : 1. The need for economies of scale and scope. 2. The need to be more competitive in the light-globalization in the overall industry. Rationale: If CIBC and Barclays decide to merge their operations the new merged entity would be able to serve a more diverse region in
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• Creating a powerful public opinion and broad national consensus on the issue. Those who do not support the move should be seen as supporters of black economy. • India must become a very active player in the G-20 efforts against secret banking and tax havens. • India must urge the German government to provide the details of the Indian names from the LGT bank’s secret records. The BJP, if voted to power, must 2 send a special emissary to Germany, which is willing to give
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sources these have been acknowledges and referenced accordingly.” Assignment I Question 1 Alliance Bank (Bahamas Ltd) is an established offshore bank with an international presence, through a network of subsidiaries, branches and representative offices in over 15 locations. The referenced branch is located in jurisdiction of The Bahamas. A full range of banking and related financial products and services are offered to clients including but not limited to, bank accounts, wire transfers, cash deposits
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Choose one global crime as a case study and critically evaluate the effectiveness of the transnational policing of this crime. This essay focuses on money laundering and argues the effectiveness of the transnational policing of this crime; money laundering is one of the world’s most prevailing organised crimes. This essay firstly defines policing from contrasting viewpoints of different philosophers as well as identifying modes of the police. I will explore the modes of policing and various definitions
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CHAPTER 1 INTRODUCTION 1.0 Overview In recent years, researchers have identified that the offshore outsourcing of services is starting to become a thriving business area, serves as a tool for maintaining and increasing the competitiveness and also an important asset of international growth strategies of many service firms. Bryborn & Jantell (2005) states that every now and then there is a boom of interest in cutting operating costs and every time there is a different ways of how it
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