Vexed Bermoothes

Blustery Opinions From Bermuda

Vexed Bermoothes header image 4

Entries Tagged as 'money laundering'

Upwards Pressure

April 7th, 2009 · Comments Off · Business, Reform

The OECD just announced that the four countries named on its “tax haven blacklist” last week – Costa Rica, Malaysia, the Philippines, and Uruguay – have all cried UNCLE and agreed to the OECD information sharing principles. This means that all attention will now focus on the “greylist”, which includes Bermuda. Obviously, it behooves Bermuda [...]

[Read more →]

Tags:···

OECD Starts to Name & Shame

April 2nd, 2009 · Comments Off · Business

Following the G20 meeting in London, the Organisation for Economic Cooperation and Development started naming and shaming non-compliant tax havens this afternoon. The G20 countries have agreed to work towards levying sanctions on non-compliant countries. Read the OECD announcement Look at the OECD list 40 countries are shown as compliant, including the offshores of the [...]

[Read more →]

Tags:···

G20 backs OECD on Offshores

April 2nd, 2009 · Comments Off · Bermuda Politics, Business

The news is starting to seep out of the G20 meetings regarding what will be done to the offshore jurisdictions, who have been a convenient scapegoat for politicians in the past weeks. Treasury minister Stephen Timms says the G20 have agreed to impose sanctions on tax havens that refuse to sign up to OECD rules [...]

[Read more →]

Tags:···

Witchhunts

March 26th, 2009 · Comments Off · Business

UK Prime Minister Gordon Brown was hoisted on his grim petard in the European Parliament yesterday for his hypocrisy.  Can you imagine such a bold and forthright statement being made in our little league assembly? I believe that Gordon Brown’s whipping up the hounds over offshores is merely a cover to distract attention from his [...]

[Read more →]

Tags:···

G20 and Tax Haven Hypocrisy

March 26th, 2009 · Comments Off · Business

As a performance hiding sideshow, the G20 leaders are whipping up the hounds over tax havens – and the media is largely too complacent to ask questions. The Economist, which is the only news magazine left worth reading, hits the nail right on the head:   the G20 countries have more laxity in terms of money [...]

[Read more →]

Tags:···

Jurisdictional Competition

March 25th, 2009 · Comments Off · Business

World leaders have whipped up a frenzy against the so-called “tax havens”.  I suppose it’s their way of keeping the wingnuts busy, and diverting any embarrassing questions about their own complicity in the economic meltdown.  It’s the equivalent of Bermuda’s own bullets-in-the-mail, rubber checks, racist dogs, Beyoncé’s coming, and plantation questions. Take this fine rant: [...]

[Read more →]

Tags:···

Bermuda is Not a Secrecy Jurisdiction

March 18th, 2009 · Comments Off · Bermuda Politics, Business

I’ve been critical of Government’s silence regarding what it plans to do to protect Bermuda’s interests amidst the tax-haven scapegoating going on amongst global leaders. Finance Minister Paul Cox finally gave a statement today in Parliament which answers some of those questions: “President Sarkozy and other European leaders from the G20 have said that they [...]

[Read more →]

Tags:···