Offshore Tax Havens
As unravelling fraud and extravagant bonus payments continue to dominate international headlines, there has been an increase in interest in offshore tax havens and the need to better regulate the most secretive tropical islands and moun-tainous retreats.
The blacklisting of 45 territories by the Organisation for Economic Co-operation and Development (OECD) for non-compliance was a recent focal point of the G20 Summit in London, where punitive financial sanctions were discussed as the next step in dealing with these havens.
When the term 'offshore' is mentioned, a list of familiar jurisdictions usually comes to mind, but does this reflect the true picture? Whilst many of these jurisdictions still operate with a varying degree of company and banking secrecy, it should not be forgotten that there are major economies closer to home that also operate in this way. In the US for example, there are several states where it is possible to open bank accounts or establish companies with little or no verifiable information. Some also pride themselves in offering limited reporting and disclosure requirements to government. Even in the UK, a determined applicant can form a company via the internet without providing identification or verification of information.
Wherever you plan to do business, be it in a traditional offshore territory or a leading economy, it is always wise to conduct an appropriate level of due diligence to determine beneficial ownership and company history. In doing this, simply obtaining paper filings and company registration details is often insufficient and in many cases provides no information of value. To better understand the background and business reputation it is always worthwhile to consider the 'human intelligence approach' and access contacts or sources in the industry who are close to the subject entity; rarely, if ever, is this found in the jurisdiction itself.
Page Group has developed a wide network of sources and former industry professionals in many global locations who are often able to provide an in depth insight into a company or subject‟s history. This is often the area where the most valuable and incisive information originates from.
Posted date 07-04-2009
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2010
2009
Haiti
The 12th July 2010 marked 6 months since the devastating earthquake that struck the Caribbean island of Haiti earlier this year. The earthquake’s epicentre, which measured 7.0 on the Richter scale, was just south of the capital, Port au Prince, and levelled all but the smallest of structures, leaving an estimated 230,000 dead, 300,000 injured and a further estimated 1.3 million homeless. For those fortunate enough to have survived the initial quake, weeks of tremors that shook the already destabilised capital and further reduced buildings to piles of rubble and twisted steel followed.Googling
We’ve all done it. Approached by the name of a new client, potential partner or investor, we’ve typed their name into the world’s favourite internet browser, checked a few of the links on the first page and ‘Googled’ them. Sometimes, this alone can provide some very useful information about a subject. You can occasionally get an idea of a person or company’s general profile (high or low) and hints of a major red flag from these ten links that come up right away.Bribery Act
The introduction of the Bribery Act, which was voted through the House of Commons on 8 April 2010 and is expected to come into force in October 2010, is going to have a great effect on the way British companies operate aboard. The Act brings together numerous parts of previous legislation relating to corruption and bribery under one bill making it easier for Serious Fraud Office or other law enforcement organisations to prosecute British companies and nationals.Surveillance
Surveillance is increasingly being considered by clients to monitor the movements of an individual in order to gain information. Whilst surveillance can be used as an effective tool in many investigations, in order to obtain the best results and be cost effective, certain issues must be considered before the operation commences:Pakistan at the crossroads
At no other time in its 62 years has the survival of Pakistan looked so fragile. Events of the last few months have generated media headlines of 'failed state' and 'Pakistan on the brink' with the more alarmist observers pointing to a possible scenario of the 'Balkanisation' of the country. International perception has been badly (some say irretrievably) damaged with the consequent impact on foreign direct and institutional investment. But are things as bad as they appear?Sudan
The largest country on the African continent is not high on the list of favourites among foreign direct investors. Issues such as Darfur, the regime in Khar-toum, the years of civil war between north and south, and the impact of US sanctions (intriguingly, except for gum Arabic, which is the only item that is exempt sanctions because it is the essential ingredient for Coca Cola) have blighted most opportunities. That is before the recent ruling by the ICC for the arrest and trial of the sitting President of the country.India
India has become a focal point of late; with the Mumbai terrorist attack unprecedented in the country catching global attention, October‟s mission to the moon, and its longstanding nuclear power, India's position as a regional power in South Asia and growing presence as an international player are indisputable. As the world's second most populous country, its vast potential is difficult to ignore; huge amounts of wealth are being created by Indians investing not just locally but internationally. Four of the top ten richest individuals in the world are from India. Still, the country faces challenges politically and commercially because of its caste, religious and regional tensions.