Houston Attorney Charged in Offshore Tax Evasion Scheme – Allegedly Conspired to Repatriate More Than $18 Million in Untaxed Money Held in Isle of Man Bank Accounts A federal grand jury sitting in Houston, Texas returned an indictment today charging a Houston attorney with one count of conspiracy to defraud the United States and three […]

The EU has put pressure on offshore centres such as Jersey, Guernsey and the Isle of Man to make sure that companies which are tax resident there have genuine local substance. Recently issued guidelines extend the scope of the EU’s Code of Conduct for Business Taxation with respect to companies located in zero tax territories. […]

Introduction 1. Jersey, Guernsey and the Isle of Man have been working together to address the concerns of the EU Code of Conduct Group (Business Taxation) (“the COCG”) regarding economic substance. 2. As part of a review of over 90 jurisdictions, the EU Code Group concluded that a. Jersey and the other Crown Dependencies were […]

A probe’s been launched after Addax, owned by the China Petroleum & Chemical Corporation, paid £20 million for legal advisers in 2015. Auditor Deloitte says the payments from Manx and Nigerian accounts may have been siphoned off to government officials in Africa. It says it’s had whistle-blowing allegations from Addax staff claiming some of the […]

IT HAS been reported that an Isle of Man company has been named in a damning investigation by United States authorities into money laundering. According to the US Department of Treasury, companies owned or controlled by Island businessman Paul Davis have knowingly processed payments on behalf of mail fraud schemes for 20 years. Mr Davis, […]

The law firm at the heart of the Panama Papers revelations has decided to close its offices in the British-dependent territories of Jersey, Isle of Man and Gibraltar. Mossack Fonseca “will be ceasing operations” in those territories, “but we will continue serving all of our clients”, it said. “This decision has been taken with great […]

The Isle of Man Government has updated its stance against money laundering and the financing of terrorism with a new national strategy published today (Thursday March 24, 2016). The document sets out priority goals and actions identified following a review of existing defences – a national risk assessment (NRA) – carried out across the public […]

A former French budget minister will appear in court on charges of tax fraud and money laundering that forced him to dramatically resign three years ago in the first political scandal under President Francois Hollande. The trial of Jerome Cahuzac, once a champion in the fight against tax evasion, starts Monday afternoon in the main […]