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ANJOUAN INSTABILITY SPELLS DECLINE FOR OFFSHORE BANKING THERE
The prospects for a peaceful resolution to the deepening political impasse between Anjouan, one of three semi-autonomous islands that make up the Indian Ocean archipelago of Comoros, and the Union government, are becoming ever less likely. Efforts by the African Union (AU) to negotiate a deal and the imposition of sanctions targeting the freedoms and financial assets of Anjouan’s leadership since then have failed to break the deadlock.
STAY OUT OF JAIL FOR $52 MILLION?
Forbes 400 member Igor M. Olenicoff pleaded guilty today to a federal tax felony and has paid $52 million in back federal taxes, interest and civil fraud penalties to settle charges that he lied for years about his ownership of offshore accounts in the Bahamas, Switzerland, Liechtenstein and Britain. He has also agreed to move all his offshore money back to the U.S. The single felony he pleaded to–filing a false 2002 tax return–is punishable by up to three years in prison. But Olenicoff’s deal with the government makes it highly unlikely he will get more than six months, and he could get off with home detention or probation.
20-YEAR FIGHT OVER MILLIONS IN OFFSHORE MONEY ISN’T OVER YET
Bankruptcy trustee Alan Goldberg, above, has spent 11 years trying to get millions from Stephan Lawrence, who is now suing him. Goldberg would like Lawrence back in jail. A long-running legal battle over offshore money is heating up again in Florida’s federal courts, with new international intrigue coming to light. Lawrence’s case has been used around the world as an example of the wrong way to move assets before a bankruptcy: Judges can get angry about assets shielded from creditors.
 
BERMUDA BATTLES CAYMANS FOR OFFSHORE FUNDS
The British colony has been struggling to catch up to its Caribbean cousins, the Caymans and British Virgin Islands, in the race for the $2 trillion hedge fund industry’s fast-growing offshore business. While Bermuda dominates the offshore insurance industry, the Cayman Islands is the epicenter for hedge funds, with about 9,000 of these loosely regulated investments registered in the British territory.

CAYMAN ISLANDS MONETARY AUTHORITY LAW CHANGED
An amendment to the Monetary Authority Law passed in the Legislative Assembly will make it easier for foreign regulatory bodies to obtain information from the CIMA. The need to change the law rises from CIMA’s desire to become a member of the International Organisation of Securities Commission.

EU AND U.S. MAKE DEAL IN WTO INTERNET GAMBLING DISPUTE
The European Union and the United States agreed Monday on terms to compensate the Union for the loss of trade stemming from Washington’s refusal to lift restrictions on Internet gambling. The U.S. decision to withdraw its commitments to the WTO, thereby allowing it to keep its markets to offshore Internet gambling operators closed, meant it had to compensate other governments that would be affected so the overall level of its market access remains unchanged. Any government that says its interests are harmed by a change to pledges opening borders at the WTO is entitled to request negotiations with the United States.

OFFSHORE FIRMS BRING IN $5.22M TO BRUNEI COFFERS
Offshore companies registered in Brunei bring in about $5.22 million every year to the sultanate’s coffers in the form of licensing and registration fees, according to a provider of international corporate and trust services. There are over 8,000 foreign firms, or so-called, Brunei International Business Companies, currently set up here by registering agents licensed by the Brunei International Financial Centre.

GFH PLANS TO BUILD N AFRICA’S FIRST FINANCIAL CENTRE FOR $3 BILLION
Bahrain’s Gulf Finance House (GFH), one of the Middle East’s major investment banks, is planning to set up a $3 billion offshore financial centre in Tunisia, according to a company statement released yesterday. Called Tunis Financial Harbour (TFH), it will be built at Tunis Bay marking GFH’s entry into Tunisia and it becoming one of the major investors in that country.

ALL UK INVESTMENT COMPANIES DOMICILED OFFSHORE THIS YEAR
Every investment company was domiciled in Jersey or Guernsey in 2007 rather than in the UK. A total of 19 new trusts came to the market this year, raising £4.5bn and for the first time all were domiciled overseas. The £4.5bn figure dwarfs the £2.7bn raised in 2006.

Bermuda Stock Exchange Recognised by UK
The Bermuda Stock Exchange (BSX) announced today that the Board of the United Kingdom’s HM Revenue and Customs have designated the Bermuda Stock Exchange as a “Recognised Stock Exchange” as of 4 December 2007. The designation extends to the entire Bermuda Stock Exchange and as such securities listed will meet the HMRC interpretation of “listed” as set out in Section 1005 (3) (a) and (3) (b) Income Act 2007 as amended by Schedule 26 to the Finance Act 2007.

SHANGHAI SETS UP FINANCIAL ARBITRATION COURT
A court of arbitration specializing in financial disputes was inaugurated in Shanghai yesterday, marking what industry analysts say is a milestone in the city’s efforts to establish itself as an international financial center. Experts yesterday praised the introduction of the arbitration system, calling it an essential feature of any international financial center where complex transactions involving many different parties are common.

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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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