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IoM Strengthens Anti-Money Laundering Law

The Isle of Man Government has announced the Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Act 2018 has received Royal Assent and is now law. The Government says the new law strengthens the island's anti-money laundering and countering the financing of terrorism (AML/CTF) regime, helping the territory to preserve…
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Hong Kong Property Levy Payable From July

Hong Kong purchasers of residential and non-residential property are now required to pay a levy of HKD350 (USD45) within 30 days after a conveyance on sale is executed. The levy is payable from July 1, 2018, and applies specifically to property conveyances. It is payable regardless of the price paid…
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Cayman Considering Legal Challenge To UK Beneficial Ownership Law

Cayman Premier Alden McLaughlin met with lawyers in London on Monday to discuss the territory's constitutional relationship with the UK in light of UK legislation forcing the territory to set up a publicly accessible register on the beneficial ownership of legal entities. Under the UK Sanctions and Anti-Money Laundering Act…
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Bahamas, Aruba Hiked Consumption Tax Rate On July 1

Two Caribbean territories instituted significant changes to their consumption tax regimes from July 1: the Bahamas hiked its value-added tax rate to 12 percent and Aruba increased its sales tax. Bahamas hiked its rate to 12 percent from 7.5 percent but also exempted from VAT basic, edible commodities, except for…
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100 States Now Expected To Swap Taxpayer Data In September

More than 100 jurisdictions will automatically exchange financial account information in September 2018 after a significant increase in the number of countries participating in the Convention on Mutual Administrative Assistance in Tax Matters, the OECD has said. Announcing the publication of a new set of bilateral exchange relationships established under…
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