The TCI commission has allowed a peek into the sordid side of small island politics. The Turks case has involved a massive web of front companies, allegedly used to obscure the involvement of prominent individuals in deals with the Government. The Commission has recommended a list of steps to rectify the situation. Most are plain [...]
Entries from March 16th, 2009
Beneficial Ownership
March 16th, 2009 · Comments Off · Accountability, Bermuda Politics, Transparency
Tags:AML/ATF·Contracting·courthouse
Turks Constitution Suspended
March 16th, 2009 · Comments Off · Accountability, Reform, Transparency
The Governor of the Turks & Caicos has announced that their constitution will be partially suspended for up to two years while the Government of TCI is effectively rebuilt. It seems that the many governance shortcuts that have been taken in pursuit of rapid growth have seriously undermined the country and, in effect, created a [...]
Tags:TCI·Turks & Caicos
Legislative Drift
March 16th, 2009 · Comments Off · Accountability, Bermuda Politics
The Bank of Bermuda, noting that nearly three-quarters of its employees are female is holding an HR development conference dedicated to them. That’s positive. I will note that back in 2007, Bermuda was promising to enact enabling legislation for the “UN Convention on the Elimination of all Forms of Discrimination against Women”. Updates? Another piece [...]
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Budget Debate in the Senate
March 15th, 2009 · Comments Off · Accountability, Bermuda Politics
Government can’t seem to be bothered to inform the public on the schedule for the House or the Senate. No, of course it’s not on Government’s CITV mouthpiece. But, the sessions are broadcast live on the radio (ZBM FM 105). There is no meaningful transcript of either the House or Senate, so mind [...]
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Halifax Bound
March 14th, 2009 · Comments Off · Business
The flow of Bermuda operations to Nova Scotia has been steady and strong for several years now. Much was made over the MOU that Bermuda signed with Nova Scotia earlier this year – but we have yet to hear of any concrete benefits to Bermuda from it. The attractions for Bermudian organisations to “onshore” to [...]
Tags:mou
Reform
March 13th, 2009 · Comments Off · Accountability, Bermuda Politics, Transparency
Very clear words about Bermuda’s malgovernment: The problem isn’t that an Auditor General seems determined to damage the Government, as the Premier claims, but that the Government seems determined to damage itself. This keeps going on and on, with no sign of remorse or correction, no indication that lessons are learned or that anything at [...]
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Games Games Games
March 13th, 2009 · Comments Off · Accountability, Bermuda Politics
The Governor has rightfully come out in support of Auditor General Larry Dennis. If you wonder why the Auditor might be frustrated to the point of issuing a Qualified Opinion on the Consolidated Fund, consider this: Most audit schedules for 2005 were not available when promised and, when they were submitted, there were problems with [...]
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Swiss to Adopt OECD Tax Evasion Policies
March 13th, 2009 · Comments Off · Business
In a major shift in policy, Switzerland has folded to international pressure on tax havens/banking secrecy jurisdictions. (Swiss President) Merz said the country — which already works with other countries to fight terror financing and return dictator cash — will now adopt standards set by the Paris-based Organization for Economic Cooperation and Development for countries [...]
Tags:tax haven
Diplomatic Clout
March 13th, 2009 · Comments Off · Business
Reuters points out the obvious: “One trend that we see is that particularly Bermuda-based companies are now moving to Switzerland,” said Martin Frey, a partner at law company Baker & McKenzie. “That may only partly be obviously for tax reasons, but also for security reasons and the fact that the Obama administration may go after [...]
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Auditor’s Report
March 12th, 2009 · Comments Off · Accountability, Bermuda Politics
A reader requested a copy of the Auditor General’s report, which is now a public document: Special Report of the Bermuda Auditor General 2009 (pdf, now also available on Government’s website) The Premier is complaining that the Auditor General has politicised his position and should be removed immediately. My opinion is that you reap what [...]
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