In
September, 2002, Guernsey and the United States signed
an agreement designed to provide for the exchange
of information on money laundering and tax evasion
activities.
US Treasury Secretary, Paul O'Neill, who signed the
agreement on behalf of the American authorities stated
that: 'This new agreement will formalise and streamline
our current co-operation in criminal tax matters and
will allow exchange of information on specific requests
in civil tax matters as well.'
The
US Treasury Department announced in May, 2006, that
an exchange of letters between the United States and
the States of Guernsey to bring the agreement into
effect had been completed on March 30, 2006.
In
2004, the Guernsey Financial Services Commission and
the Malta Financial Services Authority signed a Memorandum
of Understanding which provides a framework for closer
cooperation between the two regulatory bodies. The
Memorandum provides a formal basis for cooperation,
including the exchange of information and investigative
assistance.
Peter
Neville, Director General of the Commission, commented:
“I am very pleased to have taken this step. I advised
Malta on the setting up of its investment service
regulation, and I have known the Maltese regulators
for many years.” He added: “This Memorandum of Understanding
between the Commission and the Malta Financial Services
Authority is another step towards strengthening our
relationship, providing a formal basis by which we
can cooperate and exchange vital information."
In
June 2005, the Guernsey FSC and Hong Kong's securities
and futures markets regulator, the Securities and
Futures Commission, signed a Letter of Intent which
provides a framework for enhanced cooperation between
the two authorities.
The
Letter of Intent, the first to be signed by the Hong
Kong SFC with a regulatory body outside Asia, provides
a formal basis for strengthening regulatory cooperation,
particularly with regard to the supervision of investment
products and cross-border trading.
Commenting
on the development, Peter Neville, observed that:
"I
am delighted to have the opportunity to sign this
Letter of Intent with the Hong Kong SFC. The Guernsey
Commission and the SFC have developed a very close
working relationship over the years. For example,
3 Guernsey umbrella funds with 33 classes have been
authorised by the SFC for marketing to the public
in Hong Kong. The Letter of Intent is an important
further step in deepening that relationship."
Double Tax Treaties
