Bahamas: Bahamas confidential
In spite of fears that recent anti-money laundering and tax-information exchange provisions would undermine the whole rationale for going offshore - confidentiality - Michael Paton and Wendy Warren report that the tax and confidentiality advantages remain intact for those engaged in legitimate offshore activity in the Bahamas
The Tax information Exchange Agreement (TIEA) signed between the governments of the Bahamas and the US in 2002 demonstrated the recognition by both countries that self-interest can be satisfied in an even-handed fashion. The Bahamas wanted to continue to offer its institutions and their clients unrestricted and confidential access to the US’ capital markets, and so, negotiated terms that provide the US with the greatest confidence in the self-regulation of the financial services sector in the Bahamas.
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