SWISS REGULATORS DRAFT RULES ON MARKET ABUSE
Switzerland’s financial-services regulator has proposed introducing new rules on market abuse three years after an initial draft for new guidelines was rejected.
The Swiss Federal Banking Commission now says it has started a consultation on proposed guidelines on market behavior. The proposed rules state it is impermissible to trade on the basis of confidential information, or to divulge it so that they affect the price of public securities. Equally, they say, it is wrong to spread rumors with the intention of making a financial gain.
 
TAX MAN TAPS BANKS FOR CLIENTS’ OFFSHORE ACCOUNTS INFO
The tax man is embarking on a ‘fishing expedition’ to round up unpaid tax on offshore. These notices are unusual because they require documents that relate to the tax liability of an unnamed taxpayer or class of taxpayers. In other words, the taxman doesn’t have any details of these bank customers and is simply fishing to find out who may have undeclared interest or income on offshore investments.

MALTA NOTED FOR ANTI-MONEY LAUNDERING STAND
The Council of Europe’s MONEYVAL Committee (Committee of Experts on the Evaluation of Anti-Money Laundering Measures) gave a positive assessment on Malta but suggested Maltese authorities should review and if necessary adopt a clearer legal framework. The money laundering criminal provision under the Prevention of Money Laundering Act has been extended to any criminal offence, including the offence of terrorist financing.
 
MONACO & ANDORRA BANKS BOOM
Two of Europe’s top tax havens - Monaco and Andorra - are seeing an influx of funds to their banks, despite governments worldwide actively trying to stop their citizens using tax havens to bank their money. Their financial industry is attracting money from wealthy individuals seeking a degree of privacy, and keeping their assets away from the clutches of their governments at record levels with most of the money coming from the Middle East and Europe.

IRISH OFFSHORE ACCOUNT HOLDERS TO SUE BANKS OVER PROBE
The Irish High Court has ruled that the tax authority had no right to force Irish banks to hand over financial details of overseas bank accounts held by Irish residents. The Revenue said late last week that it was appealing the decision to the Supreme Court.
The judgment paves the way for Irish residents who held offshore accounts to sue their bank for breach of confidentiality, according to senior legal sources. Many were forced into making settlements after the Revenue was given details of their bank.

LUXEMBOURG BLOCKS EU SALES TAX SHAKE-UP
Luxembourg blocked on Tuesday EU plans to shake up sales tax on electronic commerce over fears the package would undermine the Grand Duchy’s role as a hub for e-trade, officials said. Luxembourg Prime and Finance Minister Jean-Claude Juncker opposes the reform because VAT revenues on e-commerce currently bring in 220 million euros (321 million dollars) a year to the state coffers, equal to one percent of output.

 
FRONTLINE STRATEGY LAUNCHES EQUITY FUND FOR SMALLER INDIAN COS
Mauritius-based asset management firm Frontline Strategy Ltd said it has launched a 200 mln usd fund that will make equity investments in Indian small- and medium-sized enterprises. The India Industrial Growth Fund (IIGF) will invest in India’s SMEs, with each investment likely to be in the range of 10-12 mln usd.

 
OPPOSITION LED COALITION GOVERNMENT IN MARSHALL ISLANDS?
While final results are still a week away, the Marshall Islands appears certain to have a change of Government in the wake of last week’s elections. The administration of Kessai Note, who has been President for three terms, and his United Democratic Party, will not have a majority and could be shut out of government altogether.

 
BNB HAPPY TO LEND 80% OF DEPOSITS
BARBADOS NATIONAL BANK (BNB) is lending out about 80 per cent of the $1.90 billion it has in deposits. However, BNB’s managing director Robert Le Hunte said he was comfortable with the bank’s degree of exposure because of the level of liquidity in the system and the fact that it could leverage the access it has to parent company Republic Bank’s resources.

 
COSTA RICA ASSUMES PRESIDENCY OF CFATF
Costa Rica Friday stepped up to the international plate in the battle against drug trafficking, organized crime and terrorism by assuming a one-year stint heading the Caribbean Financial Action Task Force (CFATF).

 
OUTLOOK STABLE FOR CYPRIOT BANKS
Moody’s Investors Service said the credit outlook for rated Cypriot banks is stable, reflecting the ongoing restructuring of their domestic operations, their improving financial fundamentals and their continuing geographical diversification through their expansion overseas.
 
TRUSTS IN GUERNSEY
Guernsey is on course for a comprehensive update of its trusts law to ensure that it remains user friendly for the 21st Century. On 25 July 2007, the Trusts (Guernsey) Law, 2007 (”the Law”) was approved by Guernsey’s legislature and is expected to come into force in January 2008. The Law was drafted after significant consultation with the trusts sector. It will replace the existing Trusts (Guernsey) Law, 1989 (”the 1989 Law”) in its entirety. The underlying objective is to ensure Guernsey remains attractive in an increasingly competitive market.

*************************************
IFC NewsLinks is brought to you by:

Capital Conservator - The Private Financial Account Solution for Select Clients

Looking for a Low profile Alternative to Offshore Banking?
Click this link to find out more http://www.CapitalConservator.Com

CC Companies requires modest and sensible due diligence and is pleased to welcome:
• accounts from offshore companies, trusts, and foundations;
• other non-resident or “special needs” accounts;
• customers without bank references; and
• short-term transit accounts.

We provide customer service in English, Russian and Spanish.
Online account access now available!

*************************************

Capital Conservator Group

Capital Conservator is composed of financial services companies organized and authorised in 5 countries. The Flagship Company is Capital Conservator Savings & Loan Limited (CCS&L), a New Zealand authorised offshore finance company. In addition to CCS&L, the Group includes Capital Conservator Treasury Services SA, a Uruguay Financial Investment Company, SwiftTrust Treuhand SA, a Uruguay trust company, and financial services companies in Serbia and Kazahkstan.

Montevideo, Uruguay Tel: +598 (2) 623-5547 Fax: +598 (2) 623-5434
London, UK Tel/fax: +44 (0) 207-99-34-183
Delaware, United States Tel/fax: +1 302-351-8308 OR toll-free 1-877-689-2918
Additional Fax from the US: +1-888-348-3193