TAX INCENTIVES COSTLY
The Government of The Bahamas and its counterpart governments in the Caribbean region are being urged to diversify their focus from tax concessions and explore other factors to lure foreign investors.
http://www.jonesbahamas.com/?c=47&a=14454

SIEMENS FINED €201M FOR BRIBERY
Siemens was on Thursday night fined €201m by the German authorities over a bribery scandal in its telecommunications unit in the first of several rulings that could end up costing Europe’s largest engineering group billions. The fine by the Munich district court represents the first step by the German conglomerate to address what senior directors have called a “systematic” approach to bribery that has spawned investigations by several regulators including the US Securities and Exchange Commission.
http://www.ft.com/cms/s/0/160aa23a-72ad-11dc-b7ff-0000779fd2ac.html

ATO LURES PEOPLE OUT OF TAX HAVENS
DOZENS of people have come forward in less than four months and declared money sent offshore, following the Tax Office’s decision to reduce penalties for individuals making voluntary disclosures about tax havens. Acting commissioner Jennie Granger said there had been 91 voluntary disclosures worth almost $5 million in taxable income since July. She encouraged more people to come forward before it was too late.
http://www.theage.com.au/news/business/ato-lures-people-out-of-tax-havens/2007/10/08/1191695829650.html

COURT ACQUITS SIX OF MANIPULATING DUBAI ISLAMIC BANK SHARE PRICES
A top lawyer has called for an urgent upgrade of business laws after a court acquitted six dealers of manipulating Dubai Islamic Bank (DIB) share prices through bogus trading. The Dubai Court of Cassation brought the DIB bogus shares case to an end yesterday when it confirmed the irreversible acquittal of six Arab suspects for manipulating the prices of DIB shares on the Dubai Financial Market (DFM) on August 27 and 28, 2005.
http://archive.gulfnews.com/articles/07/10/09/10158966.html

EU LEADERS SET TO TACKLE DEBILITATING RISE OF EURO
European leaders went on the offensive yesterday over the rise in the euro, as Taoiseach Bertie Ahern blamed it for some of Ireland’s lost competitiveness. The European Central Bank President reminded currency markets that the ECB can intervene if it thinks the currency is moving too violently. “It is not a one-way bet,” he told members of the European Parliament.
http://www.independent.ie/business/european/eu-leaders-set-to-tackle-debilitating-rise-of-euro-1139005.html

NORTHERN ROCK GUARANTEE HIGHLIGHTS RAW DEALS ELSEWHERE
The Government has stepped in to help Northern Rock customers but what about expats who have had their state pensions frozen.
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2007/09/27/northern-rock-comment.xml

EU WEIGHS NEW FINANCIAL REGULATIONS
European finance ministers agreed to work on French proposals aimed at improving transparency and accountability in financial markets, including stronger regulation for ratings agencies. European Central Bank President Jean-Claude Trichet appeared to support the initiative, telling the European Parliament in Brussels that policy makers need to reassess the influential role credit-rating agencies play in global markets.
http://online.wsj.com/article/SB119196309124053748.html?mod=googlenews_wsj

PRIVATE BANKS GIRD FOR ASIA ONSHORE PUSH
Global private banks, used to serving Asia’s wealthy from Hong Kong and Singapore, are increasingly jumping directly into the region’s local markets, betting that tougher restrictions there will be offset by a bounty of new millionaire clients.
Capital controls and limits on what products they can offer are just some of the constraints these international players are prepared to accept as they enter new markets like China, India, Japan and South Korea.
http://www.reuters.com/article/WealthManagement07/idUSPEK27085120071010

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INCOMING US AMBASSADOR TO CHILE WILL BE TOUGH ON MONEY LAUNDERING
Paul Simons, the next U.S. ambassador to Chile, will make money laundering legislation one of his top priorities. His plans to fight money laundering include promoting strong legislation and more regulation of certain financial institutions. “From the time I am confirmed,” he said, “I will emphasize to Chile’s government the importance of creating legislation that complies with all international standards, and does everything possible to facilitate investigations.”
http://www.tcgnews.com/santiagotimes/index.php?nav=story&story_id=14894&topic_id=15

SHRINKING BANK SECRECY PUTS FOCUS ON TAX GAINS
Increasing demands from tax authorities around the world are challenging traditional private bankers while opening opportunities for niche players who can help rich clients pay less taxes in a legal way. Managing off-shore, often undeclared funds in bank secrecy strongholds such as Switzerland and Luxembourg has been a traditional activity of many private banks. But a global movement towards more stringent tax and transparency requirements is challenging this approach.
http://www.reuters.com/article/WealthManagement07/idUSL104523820071010

COPING WITH THE UK NEW TAX CHANGES
The ramifications of Alistair Darling’s pre-Budget report could be significant. There are three immediate areas of interest - inheritance tax, capital gains tax, and the taxation of foreigners living in the UK.
http://news.bbc.co.uk/1/hi/business/7037319.stm
 

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