Monthly International Policy Update
Taxpayers Charter
STEP will be hosting a meeting with various
tax professional bodies in London later this month to help draft a
global taxpayers’ charter laying out taxpayers’ rights and
responsibilities. This work is being led by Michael Cadesky of STEP
Canada.
OECD Global Forum on
Transparency & Exchange of Information for Tax
Purposes
The Global Forum recently published a 12 peer
reviews plus a supplemental report on Cayman. 3 jurisdictions
‘failed’ – Antigua, BVI and Turks & Caicos - and more generally
there were frequent comments about the need to improve accounting
record arrangements in the case of trusts. STEP policy team is
happy to offer national jurisdictions any assistance needed as they
prepare for and respond to Global Forum peer reviews. The STEP
policy team will also be sharing a conference platform with Pascal
Saint Amans, Head of the Global Forum secretariat, at a conference
in London later this month.
Another issue raised by STEP in recent
presentations to the OECD Global Forum and others is that the
definition of ‘beneficial owner’ was problematic and required
review. The OECD has now launched a consultation (http://www.oecd.org/dataoecd/49/35/47643872.pdf?contentId=47643873
) on beneficial ownership and STEP is drafting a response under the
supervision of the Public Policy Committee.
FATF
STEP responded to the OECD consultation on
beneficial ownership – the response can be found at
http://www.step.org/pdf/OECD%20Beneficial%20Owner%20Final%20letterhead.pdf?link=contentMiddle.
FATF is also reviewing Recommendation 34 which focuses on trusts.
STEP’s response can be found at
http://www.step.org/pdf/FATF%20Sep%2011Final%20response.pdf?link=contentMiddle.
In addition STEP has provided briefing material to officials of
various national jurisdictions. It is known that particular
attention is focused on the issue of trusts administered in one
jurisdiction but written under the laws of another
jurisdiction.
EU
STEP has been invited to provide input into the review being
conducted into the 3rd AML Directive. A written response
has been submitted and STEP will be meeting with officials later
this month.
Members of STEP EU Committee have been invited to a dinner later
this month in the European Parliament with senior notarial figures
to explore areas of mutual interest. This is in the context of the
Commission announcing that intends to attach a high priority to
improving legal training in European law and building mutual trust
between Europe’s legal systems as part of the Stockholm
Programme.
Caribbean Region
STEP Cayman held a conference in London and invited the STEP
policy team to join the Panel Discussion session chaired by John
Humphries, the national radio presenter. The STEP policy team will
also be presenting at a conference 0organsoed by the Commonwealth
secretariat in London later this month on the subject of a ‘level
playing field’ for IFCs.
UK
STEP continues to monitor closely regulatory developments in the
E&W legal services market. Alternative Business Structures were
permitted from 6/10/2011 and STEP has had discussions with various
interested parties. STEP is also preparing a response to the Legal
Services Board consultation on “Enhancing consumer protection,
reducing regulatory restrictions” on how to assess the boundaries
of legal services regulation. A draft code of conduct for STEP
Members and Affiliates preparing wills has also been prepared by
senior STEP members.