[ Offshore Tax ] Can the Caribbean offshore sector keep up with the rest of the world?
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https://htj.tax/nomad-offshore-summit-2023Three important data drops via the International Consortium of Investigative Journalists — the so-called Pandora, Paradise, and Panama Papers — and smaller leaks have shed some light on the sorts of deals that occur.
So what exactly are these offshore structures? The European Commission, through a contrived process, constructed two blacklists: one for countries they believed were not compliant with international tax standards and the other for “third-world” countries with weak anti-money-laundering and terrorist-financing regimes.” All countries on the European blacklist are small and relatively underdeveloped; most are territories or ex-European colonies with small GDPs.
The amount of money laundered through these countries is tiny compared to that of the money laundering cities in Europe.
TIMESTAMPS:
0:00 INTRO
0:15 Management and control in the Caribbean offshore sector
1:30 PFIC amended in the Caribbean
2:20 Evaluation yearly of FTX in the Caribbean
3:30 OUTRO
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So we are where we are. And even though the actual management and control of these entities, well the FTX was like an exception. They tend to be elsewhere. They, the structures do take advantage of what you, what you've said with the Caribbean has for that light touch. And that's, that has its pros and that has its cons. So, so we, we have this regulation and it will, it will do what it, it does, which will continue the philosophy of being like touch as we go forward And, and, and, and I think let's, let's not, let's take the view that legislation is not fixed in stone. So I mean, look, the BVI has circulated a draft bill. It's not for the industry to comment on that. And then to have a finalized version, which will be brought into effect. The AML set of laws has already been amended as of December 2022. Now let's look at SY kits and Nevis. They passed their virtual assets act and brought it into effect in 2020, but they have already amended that twice, right? The last time was in 2021. And that was to streamline virtual assets. So what are the reporting requirements for a virtual asset service provider in respect of AMLCFT? Cuz it wasn't clear. So, this legislation is not set in, in stone.
MIKHAIL CHARLES:
And I think that it's a testament to our legislative responses. I mean, I would critique most of the Caribbean as being slow in terms of legislative responses. But the point is that there is a response that can be made where there is risk and that's why the FATF has labeled any legislative response to be risk-based. Now naturally as a result of this FTX, that risk is now going to be heightened. But that is why every two years or so, there's a round of evaluations by the FATF whereby the local authorities for each island I evaluated can raise or lower legislative responses if necessary. So there is a range of things that can be done and will be done in respect of the handling of crypto and the treatment of crypto assets.
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