White-listing ‘should have silenced critics’
Saturday 21st November 2009, 2:29PM GMT.
UNFAIR criticism of well-regulated offshore finance centres must be stamped out, according to the High Commissioner for Mauritius.
Abhimanu Kundasamy, who was in the island yesterday, said that when both Mauritius and Guernsey appeared on the Organisation for Economic Cooperation and Development’s tax white list it should have ended scrutiny of the offshore finance centres.
The list was released following the G20 summit in March.
‘If the OECD have come up with this list it means they have gone through a process of checking and double-checking how services in both jurisdictions are regulated,’ said Mr Kundasamy (pictured).
He added that the OECD was comfortable with the way both centres operated.
Each was considered transparent and Mr Kundasamy could not understand the continuing criticism.
‘It is unfortunate and unfair, particularly when centres like Mauritius and Guernsey are doing so much to improve their jurisdictions,’ he said.
‘It is a little bit insensitive. A lot of people’s livelihoods depend on the industry. ‘
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“Abhimanu Kundasamy…said that when both Mauritius and Guernsey appeared on the Organisation for Economic Cooperation and Development’s tax white list it should have ended scrutiny of the offshore finance centres.”
How can he be so naive. Most of the TIEAs that tax havens rushed to sign to try and clamber up onto to white list have not been commenced. In most cases the legislation that would give effect to these TIEAs has not even been enacted.
Smaller countries such as Monaco, Liechtenstein and San Marino made a mockery of the whole process by signing TIEAs with each other! The list goes on……….
Get real Mr Kundasamy!
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Yes, Mark.
Even when ratified they are next to useless.
“HMRC has to satisfy a number of conditions in order for the exchange agreement to have merit. These include:
•Stating the name of the person under enquiry and the reasons why the request is relevant
•Stating the name(s) of the people believed to hold the information they are requesting
•Stating the period for which the information is required and the tax reason for the request
•Demonstrating that HMRC has tried all others means to obtain the information/documents requested.”
If Guernsey was transparent why would HMRC, along with anyone else, need to have an ‘agreement’?
They would know already what they needed to know.
That quote was not taken from from any NGO, but from a tax ‘planning’ website.
Eat my shorts.
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Well!”
for all the signatures and Blah Blah, from people deeply involved; they forgot, probably with aforethought; that white is white and at times can be discoloured,. and most of all the gentleman who makes that astonishing statement forgot the one thing.
The morality of such havens.
Oh I know it may help places like Guernsey;
However at what Price?
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Was it “White Listing” or White Washing ???
No matter how many times The Stain Still Shows.
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