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GOVT URGED TO MAKE PENANG OFFSHORE FINANCIAL HUB
The Federal Government should explore transforming Penang into an offshore financial centre as part of the state’s intellectual infrastructure development, said Real Estate and Housing Developers’ Association (Penang) chairman Datuk Jerry Chan Fook Sing. “Research, medical, and management faculties should be developed to enhance the remodelling of Penang as a high-value finance and education hub.

WILL ABU DHABI BECOME A GLOBAL FINANCIAL CENTRE?
Abu Dhabi is well positioned to be a key banking centre in the Middle East, but it faces challenges in its quest to become an international financial services hub, according to speakers at the Meed Abu Dhabi Conference 2007

FINANCIAL ‘FINGERPRINTS WILL HELP TRACK TERRORISTS’
Bahrain’s financial institutions were yesterday urged to follow the financial “fingerprints” of international terrorists and help bring them to justice, by experts at a high-profile security meet. Former UK Home Secretary and Conservative MP Michael Howard led a panel of international speakers in calling for a coherent international response to the huge global money laundering industry which could be worth as much as $500 billion - a growing portion of which was being used to fund terrorist activities. He was speaking on the second day of the Middle East: Homeland and Global Security Forum at the Ritz Carlton Hotel and Spa.

REVENUE OFFERS NEW AMNESTY ON TAX DELINQUENTS
Her Majesty’s Revenue & Customs (HMRC) is trying once more to claw back money from people with offshore bank accounts through the offer of a partial amnesty. The move follows an attempt to offer offshore account holders an amnesty in June 2007 which has produced meagre pickings for Revenue & Customs.
From early next year, HMRC will announce a second partial amnesty designed to persuade holders of offshore accounts to reveal the tax that they owe in exchange for a reduced fine.
http://www.theherald.co.uk/business/law/display.var.1841802.0.0.php

REGULATORS SHUT OFFSHORE BANK
Colorado’s last remaining “offshore bank” is out of money and has been shut by state regulators. Colorado banking Commissioner Richard Fulkerson delivered the order to American Intercapital Depository & Trust today at 11:30 a.m. after the state’s Banking Board voted to seize the institution.

UAE, CHINA DISCUSS ANTI-MONEY LAUNDERING COOPERATION
he UAE’s Anti Money Laundering Committee (AMLC) has concluded tour to China where officials from both the countries agreed to cooperate launching anti-money laundering initiatives. The committee led by Governor Central Bank of the UAE earlier visited Japan, and South Korea also and discussed anti-money laundering measures.

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UK COUNT DOWN TO THE NEW MONEY LAUNDERING REGULATIONS
The new Money Laundering Regulations (MLRs) come into effect on 15 December 2007.
The new Regulations will affect:
* Money Service Businesses (MSBs);
* Trust or Company Service Providers (TCSPs);
* High Value Dealers (HVDs);
* Accountancy Service Providers (ASPs).

HOUSE DRAFTS BILL TO STRENGTHEN DRIVE AGAINST TAX EVASION
Philippines–A bill is being prepared at the House of Representatives to give the Bureau of Internal Revenue (BIR) power to prosecute tax cheats on its own and put more teeth to its campaign against tax evasion, a congressman said.

UAE, HONG KONG AND RUSSIA BEST FOR LOW INCOME TAX
The United Arab Emirates (UAE), Hong Kong and Russia have the most attractive personal tax regimes, according to a survey by investment services firm Mercer. Mercer’s Worldwide Individual Tax Comparator Report found Australia ranked in the middle of the pack. Belgium, Denmark and Hungary had the least attractive personal tax regimes.

SWISS RE STILL STANDING AMID FINANCIAL STORM
For Swiss Re, Monday’s SFr1.2bn ($1bn) loss on a pair of complex credit default swap products was like a hurricane - only one involving a man-made disaster, rather than the natural catastrophes the world’s biggest reinsurer is used to covering.

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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
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This entry was posted on Friday, November 23rd, 2007 at 1:40 am and is filed under non-resident account, banking privacy, offshore bank, offshore bank account, Offshore Banking, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.