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Photo By: Jersey Finance By Jersey Finance Jersey Finance is to put a man on the ground in Shanghai from the beginning of next month (June, 2014). The representative will operate in the jurisdiction from 1 June.Deputy chief executive officer at Jersey Finance, Richard Corrigan, said the Shanghai representative, who is yet to be named, will work to create links with professional companies in the north eastern Chinese city such as law firms and tax advisers, as well as promoting trade between London and China. He added that they will also work closely with the company Hong Kong office in...

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Photo By: Int'l citizens By Courtesy of Shanghai Daily Switzerland, the world's largest offshore financial center, has pledged automatically to hand the details of foreign bank accounts to other countries in one of the most significant breakthroughs in the global crackdown on evasion, Financial Times reported.At a ministerial meeting in Paris on Tuesday (May 6), Switzerland agreed to sign up to a new global standard on automatic information exchange, representing a decisive break with its centuries-old commitment to protecting the privacy of banking clients, FT reported. The move is a big step forward for governments that have mounted a concerted...

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Photo by: HKEx By Courtesy of Mary Swire Charles Li, the Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEx), hopes to eventually enable trading in renminbi-denominated fixed income and currency products through the pilot for mutual stock market access between Hong Kong and Shanghai. Last month, the China Securities Regulatory Commission and Hong Kong's Securities and Futures Commission approved, in principle, the development of Shanghai-Hong Kong Stock Connect (SHKSC), a pilot program for establishing stock market trading links through local securities firms or brokers. For the first time, the pilot program will allow eligible Mainland investors to trade...

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Photo By: Asia Outbound Summit By Courtesy of Mary Swire The Bahamas Financial Services Board (BFSB) is to attend five promotional events between August and October, in China, Singapore, and Latin America. Its first engagement, the Asia Outbound Summit, is intended to educate Chinese financial intermediaries on the tax planning and asset management offerings of the Bahamas. The event typically draws 500 attendees. BFSB's CEO, Aliya Allen, said: "China's burgeoning number of HNWIs, and its investment groups and corporations requiring an ever increasing need for sophisticated international wealth, tax, and asset planning services is a business opportunity that just can't...

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Photo by: CFI By Courtesy of Lowtax.net "As more wealth is generated in Mainland China, ... Hong Kong is ideally positioned to facilitate the flow of investment capital from the Mainland in a controlled manner, acting as the asset management center for outbound capital from the Mainland," Secretary for Financial Services and the Treasury Professor K C Chan told the Hong Kong Venture Capital and Private Equity Association China Private Equity 2014 Summit on June 13. With Mainland China no longer being just an investment destination for foreign capital, Chan noted that it has also become an important source of...

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Photo By: Asia Outbound By Asia Outbound Asia Outbound team has made another milestone success by hosting another summit at the Sofitel Wanda Beijing, on May 28th. and 29th. this year. It was the third annual Beijing Summit of Asia Outbound Summit series. The wealth management industry is continuously looking towards new frontiers and opportunities and for those wishing to stay ahead, China represents a strategic necessity. With this unprecedented growth in the country, China has a strong demand for global expertise to help manage wealth. Combining panel discussions, workshops and presentations, Asia Outbound Summit will reveal reasons behind the...

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Photo by: Startraks Photo/REX By Jersey FinanceIn another major blow to international personal tax evasion, the names of over 20,000 wealthy offshore clients of a private bank in the Jersey island tax haven, have been leaked to the International Consortium of Investigative Journalists.The individuals include donors to the British Conservative Party, which has proposed restrictions on tax havens, and some of the most prominent people in British life.The ICIJ has exclusively allowed The Guardian newspaper to analyse the names of the clients of the Jersey, Channel Islands branch of Kleinwort Benson, the London firm which provides private banking and wealth...

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Photo by: Tax Problem By Financial TimesGovernments across the world have collected more than €37bn of tax from secret offshore accounts since 2009; it emerged on Monday as new details were unveiled of the next phase of the global crackdown on tax evasion.The Organization for Economic Co-operation and Development published its global standard for automatic information exchange, aimed at removing the secrecy that provides evaders with safe havens for their cash.The new rules on automatic information exchange are the latest move by governments mounting a concerted attack on evasion in the wake of the global financial crisis and a series...

NEWS 2020