Day: November 17, 2017

PARADISE PAPERS UPDATE

ICIJ adds new data in the Offshore Leaks Database on close to 25,000 entities connected to the Paradise Papers investigation

https://www.icij.org/blog/2017/887/universities-colleges-offshore-leaks-database/

The OECD Global Forum on Transparency and Exchange of Information for Tax Purpose has published a number of Second Round Peer review reports on the Exchange of Information on Request.  These are for Jersey, Isle of Man, India, Denmark, Italy and Curacao.  The Global Forum concluded that the Isle of Man continues to be Compliant with the international standard on transparency and exchange of information upon request.  The second round peer review reveals the important progress made by Jersey in the implementation of the international standard, leading to the upgrade of its overall rating from Largely Compliant to Compliant with all elements determined to be in place and rated Compliant

https://www.accountancylive.com/cch_uk/cln/news_004986_oecd_global_forum

http://www.oecd.org/tax/transparency/

http://www.oecd.org/tax/transparency/second-round-global-forum-peer-review-reports-november-2017.htm

On 14^th November, US law firm Watson Farley & Williams published a useful briefing dealing with the fine detail of the US financial sanctions on Venezuela, and particularly its oil company PdVSA.  As the briefing says, “the sanctions are broadly designed to make it more difficult for the Government of Venezuela to raise funds internationally. Although the sanctions are limited in scope, parties wishing to deal directly or indirectly with the Government of Venezuela or PdVSA should exercise caution, as there are many nuances and uncertainties in the application of the sanctions”

http://www.wfw.com/wp-content/uploads/2017/10/WFWBriefing-US-SANCTIONS-TARGET-VENEZUELAS-PDVSA-1.pdf