By Rym Ayadi, Emrah Arbak
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Extra resources for Financial Centres in Europe: Post-Crisis Risks, Challenges and Opportunities
This would imply that companies registered in Gibraltar, which was presumed to be a part of the UK, would incur lower tax liabilities than companies registered in the UK (‘regional selectivity’). 20 Having appeared during the course of a discussion on independence, these arguments roused controversy in Gibraltar. The Commission’s position, to a large extent, rested on the assumption that Gibraltar is part of the UK, so Gibraltar’s system had to harmonize with UK tax law. If instead Gibraltar’s tax regime were deemed to be independent, then the measures would not problematic as long as it did not selectively discriminate among companies within Gibraltar.
26 Developments at the start of the second decade of the 21st century have shown that the revision process is far from over. Since 2006, the FATF has published several reports drawing attention to new trends and techniques in money laundering. In these documents, the operations of trusts and company service providers are particularly relevant (FATF, 2006). As ‘no questions asked’ bank accounts have become increasingly hard to open around the world, due in part to the success of the FATF initiatives, intermediaries such as trust and company service providers (TCSPs) and the corporate vehicles they help form are becoming popular as shelters, potentially attracting illicit transactions.
AT, LU Anguilla Aruba BVI Cayman Islands Montserrat Guernsey* Isle of Man* Withholding tax or voluntary information exchange AT and LU Andorra Gibraltar Jersey Liechtenstein Monaco Netherlands Antilles San Marino Switzerland Turks and Caicos Notes: Belgium switched to automatic information exchange starting from January 2010. *As of April 2011, Guernsey and the Isle of Man have started to gradually shift to automatic information exchange, to be completed by July 2011. The British Virgin Islands (BVI) followed as from January 2012.