tax havens

Seychelles’ New FSA To Regulate Offshore Financial Sector

On March 1, 2014, under The Financial Services Authority Act 2013, the Seychelles International Business Authority (SIBA) FCA - MAldiveschanged its name to the Financial Services Authority (FSA), and became the regulator for offshore non-bank financial services in the Seychelles.

While the SIBA, in the past, was also a service provider and facilitated international business, the FSA represents an evolution in international financial services in Seychelles, in that the new institution will concentrate solely on regulatory matters. It will be responsible for the licensing, supervision, and development of the non-bank financial services industry, including the registration and regulation of international finance companies, foundations, limited partnerships, and trusts in the Seychelles.

The authority’s Chief Executive Wendy Pierre confirmed that the FSA has the capacity and the commitment to fulfill its mission, which is to provide a sound regulatory system in compliance with international laws and practices.

She pointed out that, while the non-bank financial services industry has meant increased knowledge and expertise in the Seychelles in professional services, such as legal, banking and accountancy, she now also looked for the development of the Seychelles’ financial sector into new areas, including Islamic finance.

The FSA has also launched its new website, and has signed of memoranda of understanding with what were described as three of its most important stakeholders – the Central Bank of Seychelles, the Fair Trading Commission and the Seychelles Investment Board.

A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

Source: Tax-News

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PEP names revealed in leaked records of China elite’s hidden offshore holdings

Close relatives of China’s top leaders have held secretive offshore companies in tax havens that helped shroud the Communist elite’s wealth, a leaked cache of documents reveals.

The confidential files include details of a real estate company co-owned by current President Xi Jinping’s brother-in-law and British Virgin Islands companies set up by former Premier Wen Jiabao’s son and also by his son-in-law. Nearly 22,000 offshore clients with addresses in mainland China and Hong Kong appear in the files obtained by the International Consortium of Investigative Journalists.

Among them are some of China’s most powerful men and women — including at least 15 of China’s richest, members of the National People’s Congress and executives from state-owned companies entangled in corruption scandals.

For the full story, go to the ICIJ website