BANKS SET FOR EU BORDERLESS PAYMENTS
Clients of Maltese banks will have their credit frontiers pushed wide open on Monday as the Maltese banking system joins the other 26 in the EU to create a Single European Payments Area, to be known as Sepa.
MAURITIUS’ NEW ACT GOOD FOR INDIAN IMMIGRANTS
India’s double tax avoidance treaty with Mauritius may be causing sleepless nights for both tax authorities and businesses, but for different reasons. However, the new business facilitation Act that Mauritius has implemented will go a long way in helping individuals and businesses from India in setting up shop or moving to the island nation.
 
NEW BERMUDA FINANCIAL WATCHDOG UNVEILED
Members of a group tasked with ensuring that shady or illegal transactions don’t pass under the radar have been named. The group is tasked with gathering information on suspicious transactions of companies or individuals who may be participating in money laundering or terrorist financing activities.

PRIVATE EQUITY BOOM DRIVES UK FINANCIAL SERVICES
The private equity industry is driving the growth of UK financial services firms according to a new study published by the British Venture Capital Association (BVCA). Private equity firms generated around £5.4bn in fees for bankers, lawyers and other professional services firms in 2006, said the industry body. The figure accounted for around 12 per cent of the total turnover of the UK financial services industry in that year.

NON-DOM TAX MOVES ‘WILL DRIVE RICH AWAY’
Concern is growing that rules designed to hammer wealthy individuals with foreign connections will affect up to 6m people, and could even see precious artworks on loan to British museums being stashed offshore. The Government’s draft legislation on the new tax regime for residence and domicile, released on Friday, has dismayed tax advisers. They fear that charitable contributions made by non-doms may disappear abroad.

LATIN AMERICA BANKS ON INDEPENDENCE
In the closing weeks of 2007, a region in revolt against the economics of corporate globalization issued its most unified declaration of independence to date. On Dec. 9, standing before the flags of their countries, the presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, along with a representative from Uruguay, gathered in Buenos Aires and signed the founding charter of the Banco del Sur, or the Bank of the South.

CANADA REVENUE AGENCY: TAX CHEATING IS A CRIME
Gordon O’Connor, Minister of National Revenue, reminds Canadians that not complying with the tax laws will result in serious consequences. “Not paying your taxes is against the law,” said Minister O’Connor. “The Canada Revenue Agency works hard to identify and correct non-compliance. This keeps the system fair for the honest Canadians who comply with the tax laws.”

PING AN SAID TO TARGET U.K. FINANCIAL FIRMS
With $22 billion soon to be in its war chest, oh, the companies that Ping An Insurance could buy. China’s second-largest life insurer is rumored to be considering acquiring significant stakes in U.K. insurers Prudential and Aviva and banking giant HSBC.

PAY PAL IRS NOTICE
PayPal has received a summons from the United States Internal Revenue Service requiring them to produce various account records, including data related to PayPal accounts.

IFC NewsLinks is brought to you by:
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Capital Conservator is composed of financial services companies organized and authorised in various 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, SwiftTrust Treuhand SA, and other subsidiary financial services companies in various countries.

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