Sovereign Report – Issue 5

Content Summary

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1. European News
   • Gibraltar: Secures EU financial services passporting
   • Austria: To abolish anonymous passbook accounts
   • Monaco: Report on Banking
   • Liechtenstein: To set up Financial Intelligence Unit
   • Channel Islands: To extend regulation to fiduciaries
2. USA & Caribbean News
   • BVI: To increase transparency
   • UN: Sets out minimum standards
   • USA: To replace FSC regime
   • USA: Anti- money laundering law
3. Far East News
   • Mauritius: Date for uniform tax rate
   • Hong Kong: To update company laws
   • Hong Kong: Internet Banks
   • Singapore: To introduce PCCs
   • Seychelles: Amends IBC Act
4. Legal News
   • England / Wales: Breach of trust
   • Guernsey: Interim injunction
   • Jersey: Variation of trusts
   • BVI: Imperfect transfer of shares
5. Fiscal News
   • OECD: Publishes tax haven list
   • UK: Tax rules for multinationals
   • Isle of Man: To restructure taxation
   • EU: Information exchange
6. Special Report
   • Taxation of e-commerce
   • Report on non-cooperative countries or territories