Israel

Territory added to EU ‘grey list’

admin — Mon, 20 Jun 2022 17:50:01 +0000

Territory added to EU ‘grey list’

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admin Mon, 06/20/2022 - 17:50

Thursday, March 17, 2022

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Business - The BVI Beacon

Original Article

Territory added to EU ‘grey list’

The Virgin Islands has been added to the European Union’s “grey list” along with nine other jurisdictions in the Caribbean and elsewhere, the EU Council announced after its meeting on Feb. 24.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total list up to 25 jurisdictions.

Although the inclusion does not mean that any penalties or sanctions will be levied against the territory, according to the EU, the move represents a significant setback after the territory rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

In a Feb. 24 press release, the EU Council said that the list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteria for the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The organisation called implementation of the list a “dynamic process,” and noted that the next revision is scheduled for October of this year.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist, which remained unchanged after last month’s announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States Virgin Islands, and Vanuatu.

VI response

At a press conference late last month, Premier Andrew Fahie urged onlookers not to view the move as a censure of the territory.

He said the grey-listing meant the VI has “substantially met all international tax standards set out by the EU, but that ongoing improvements are being made to implementing tax good governance.”

As a result, he said, it has been grey-listed while it implements policies and procedures in the territory’s Country-by-Country Reporting framework.

“No defensive measures flow from being on such list and the BVI is still a cooperative jurisdiction,” he said. “Once the BVI meets these commitments, it will be removed from the annex.”

He added that the territory “takes its international obligations seriously” and had already been finalising the necessary steps to ensure successful implementation of the recommendations.

This week, BVI Finance CEO Elise Donovan directed queries to the Premier’s Office. Director of Communications Dr. Arliene Penn said, “BVI’s addition to EU’s Annex II is a positive rating for us because it acknowledges that BVI is a cooperative jurisdiction that has implemented measures (in the case of the Country-by-Country Reporting) in accordance with the high international standards prescribed. The BVI remains highly committed to the transparency and international cooperation agenda.”

The EU has hinted for some time that it would seek to modify its requirements for the list, the latest iteration of which was announced last October.

In February 2021, the European parliament passed a resolution calling for a measure that would automatically blacklist British territories like the VI, the Cayman Islands and the Channel Islands that have a zero percent corporate tax rate — and that now have a weakened voice in the EU in the wake of the United Kingdom’s split from the organisation.

The resolution did not mention the VI at the time, but it came before the revelation that nearly two-thirds of companies named in the far-reaching Pandora Papers investigation last year were based in the VI.

Panama, which is already on the EU blacklist, was host to the second highest number.

World response

Meanwhile, the EU Observer reported late last month that tax-reform campaigners are already applauding the news.

Chiara Putaturo, a campaigner with the non-profit Oxfam, praised the move, but complained that the Cayman Islands was not included.

“If the [new] grey-listing … is confirmed, we will see some real tax havens finally at risk to be blacklisted [in the future],” she said. “However, there are still other tax havens that are left off the hook, … such as the Cayman Islands, because the criteria remain weak.”

History

As in other OTs, leaders in the VI have long criticised the EU’s blacklists as arbitrary and misleading, maintaining that the territory’s financial services industry is tightly regulated in keeping with international standards.

Nevertheless, the VI was grey-listed along with other jurisdictions in 2017. In March 2018, the EU concluded that the VI, the Bahamas and Cayman needed further technical guidance from the EU and had until the end of 2019 to adapt local legislation, which resulted in the Economic Substance Act being rushed through the House of Assembly in late 2018.

Thanks to this move, the VI was white-listed, alongside 16 other jurisdictions, in February 2020.

The post Territory added to EU ‘grey list’ first appeared on The BVI Beacon.

The post Territory added to EU ‘grey list’ appeared first on The BVI Beacon.

Caribbean

Business

Sue over blacklist, says economist

admin — Mon, 20 Jun 2022 17:40:01 +0000

Sue over blacklist, says economist

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admin Mon, 06/20/2022 - 17:40

Thursday, April 28, 2022

Original Publisher

Business - The BVI Beacon

Original Article

Sue over blacklist, says economist

Caribbean countries that live in fear of being blacklisted by the European Union should band together and take legal action, according to Barbados-based economist and Caribbean policy expert Marla Dukharan.

“I felt like there should be some legal recourse that should be pursued collectively,” Ms. Dukharan said on Feb. 23 on the regional livestreamed show “Territories Talk,” hosted by Shaina Smith-Archer, chairwoman of the BVI Chamber of Commerce and Hotel Association.

The EU blacklist often comes under fire in the VI for being a moving target.

Ms. Dukharan said it is also unfair. EU member states such as the Netherlands and Ireland are “well known for their extensive money laundering and tax evading activities,” but have never been included on any EU blacklist, she said.

To her, this suggests Eurocentrism or even racism, and perhaps an effort to undermine countries that are “eating part of their pie,” she said of the EU.

Grey-listed

In February, the territory was added to the EU’s “grey list,” along with nine other jurisdictions in the Caribbean and elsewhere.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total on the list up to 25 jurisdictions.

Although the February inclusion does not mean that any penalties or sanctions will be levied against the territory, the move represents a significant setback after the VI rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

The standards for inclusion on the EU lists have frequently changed, and Ms. Dukharan pointed out that the European Parliament itself has noted problems with the selection process.

In 2021, the legislative body proposed that the tax regimes of EU member states be scrutinised along with the rest of the world and subject to blacklisting if they don’t measure up.

“That tells you that you have a legal leg to stand on, because they, the policymakers, have acknowledged that we are not applying our own standards to our own member states, and that’s not fair,” she said. “Why is it that our countries have not come together, found a law firm that will represent us collectively, and taken them to court over this action?”

Fighting back

She added that even a statement from the Caribbean Community condemning the actions of the EU is simply “not strong enough.”

“I think if all of the countries came together from the Pacific and the Caribbean and agitated and protested, I think that there is a chance,” she said. “For example, if you appeal to the United Nations, you appeal to the World Trade Organisation, somebody is going to hear you. But when each individual little tiny micro state appeals individually, it is just white noise.”

She also recommended that countries that object to the blacklist expel EU ambassadors.

“The second thing I think we need to do is take diplomatic action,” she said.

With changing criteria, she noted, even countries that have satisfied the Financial Action Task Force and Organisation for Economic Cooperation and Development standards still run the risk of being blacklisted.

“But we don’t have the courage to do these things because we are small and we are insecure maybe,” she said.

Current list

In a Feb. 24 press release, the EU Council said that the grey list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteriafor the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The next revision is scheduled for October.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist for “non-cooperative” tax jurisdictions, which remained unchanged after the February announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States VI, and Vanuatu.

The post Sue over blacklist, says economist first appeared on The BVI Beacon.

The post Sue over blacklist, says economist appeared first on The BVI Beacon.

Caribbean

Business

Batting first does it for teams in Greiggs T/10

admin — Sun, 19 Jun 2022 19:20:01 +0000

Batting first does it for teams in Greiggs T/10 admin Sun, 06/19/2022 - 19:20

Friday, June 17, 2022

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Searchlight

Original Article

Batting first does it for teams in Greiggs T/10

All four teams which batted first in last Sunday’s matches of the Caesar’s Real Estate/ Hairoun Beer/ Nar Fren Dem Greiggs T/10 Softball Cricket Tournament, were victorious.

Starting off the trend at the Greiggs Central Playing Field was Owia, who beat Sugar Boys by 65 runs.

Batting first, Owia rushed to 99/2 from their 7 overs, the number of overs having been reduced because of a late commencement. Kirton Lavia hit a top score of 43 not out. Sugar Boys in reply could only make 34/7 from their 7 overs.

Kirton Lavia followed up his batting by taking 2/11.

Then, Country Meet Town Out Ah Trouble registered an 18-run win over Israel Bruce Smashers Inc.

Out Ah Trouble got to 95/4 from their 10 overs; Mickel Mapp, 46 not out. Smashers in reply,77/5 from their 10 overs, with Keno Matthews lashing 32.

Alwyn Quashie was the pick of Out Ah Trouble’s bowlers, taking 2/7.

Then, Bank of SVG All Stars came up trumps by 65 runs over Clinchers.

Leroy Dalzell led the way with 40 and Keyon Boyea contributed 22 not out as All Stars posted 122/4 from their 10 overs. Bowling for Clinchers, Keymo Browne scalped 2/21.

Clinchers’ response stopped at 57/7 from their 10 overs. Okeitho Williams, 28.

The main wicket takers for All Stars were Earl Pope, 3/11 and Othneil Lewis, 2/5.

And, Caesar’s Real Estate Nar Fren Dem outplayed the previously high flying Fairbain United by 38 runs.

Nar Fren Dem racked up 117/4 from 10 overs; Ozande Baptiste,43. Damien Davis had 2/19,bowling for Fairbain United whose response stopped at 79/8, when the 10 overs were completed.

Fairbain United’s batting was undone by Wayne Garraway, 3/13 and Sachin James, 2/19.

Caribbean

News

‘Liberia is Special to Israel” -President Herzog Tells High-level Liberian Delegation

admin — Sun, 19 Jun 2022 16:10:01 +0000

‘Liberia is Special to Israel” -President Herzog Tells High-level Liberian Delegation

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admin Sun, 06/19/2022 - 16:10

Tuesday, June 7, 2022

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Diaspora – FrontPageAfrica

Original Article

‘Liberia is Special to Israel” -President Herzog Tells High-level Liberian Dele…

Jerusalem — The President of Israel, His Excellency Isaac Herzog, has described his country’s relations with Liberia as “special”. President Herzog said both nations have had long-standing diplomatic ties dating back to the formation of the State of Israel.

According to a dispatch, he was speaking on Monday, June 6, 2022 in Jerusalem when he received a high-level Liberian Government Delegation headed by Minister of State for Presidential Affairs, Hon. Nathaniel F. McGill, who delivered a Special Message to the Israeli President and Government on behalf of President George M. Weah.

“Israel has deep respect for Liberia”, the Israeli leader said, while noting that “this visit by the Minister [of State] and Delegation from President George Weah is historic.”

He said Israel considers Liberia a “strategic partner in Africa” and will therefore work to ensure that “our strategic partnership is advanced for the betterment of both countries”.

President Herzog informed the delagation that the potential for all kinds of Israeli investments in Liberia is vast. He named Trade and Commerce, Agriculture, Education, Health and Tourism as areas that require concerted approach by both countries for socio-economic development.

“We have all kinds of the expertise to assist Liberia in its development drive so the sooner we start our engagements, the better it will be”, he stressed, while suggesting Israel needs “a big economic delegation to visit Liberia soon”.

The Israeli President also expressed his desire to visit Liberia himself in 2023, saying that “I want to follow in my father’s footsteps”- a reference to the visit of former Israeli President Chaim Herzog to Liberia in 1984.

Earlier, Liberia’s Minister of State for Presidential Affairs, Hon. Nathaniel F. McGill, conveyed President Weah’s request for the establishment of a Trade Mission to Jerusalem, while extending the Liberian leader’s sentiments of goodwill to the State of Israel. He recalled the strong ties the both countries have shared since the 1947 when Liberia cast a vital vote in favor of the establishment of the State of Israel at the United Nations.

“President Weah wants to rekindle the historic ties our both countries have relished over the years, that is why we have come to deliver a special message from him as contained in this formal letter he has sent to you and your government”, Minister Mcgill said.

Continuing, he said the establishment of a Trade Mission will set the basis for a full diplomatic representation to Israel in the future.

He briefed President Herzog about the progress Liberia is making under the leadership of President Weah, explaining that in spite of the negative impact of Ebola and Corona viruses on the Liberian economy, President Weah and his team have maintained macroeconomic stability, while keeping the country’s peaceful, in spite of the departure of the United Nation Peace Keeping Mission to Liberia.

“Next October will be elections in Liberia and we are committed to ensuring a peaceful democratic process” the Minister of State emphasized.

He then thanked President Herzog for receiving the Liberian Delegation and for the warm reception accorded them since their arrival.

Accompanying the Minister of State to the meeting with Israeli President were the Minister of Commerce and Industry, Hon Mawine Diggs, Minister of Agriculture, Hon Jeanie Cooper, and the Minister of Information, Culture Affairs and Tourism Hon. Ledgerhood Rennie.

Diaspora

News

ANALYSIS: What licensing Momo Bank means for Nigeria’s financial inclusion, economy

admin — Sat, 18 Jun 2022 17:20:01 +0000

ANALYSIS: What licensing Momo Bank means for Nigeria’s financial inclusion, economy

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admin Sat, 06/18/2022 - 17:20

Friday, April 15, 2022

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Financial Inclusion - Premium Times Nigeria

Original Article

ANALYSIS: What licensing Momo Bank means for Nigeria’s financial inclusion, eco…

In Africa’s largest economy, the boundary of banking is shifting and the reach of financial services radically redefined in the spirit of an inclusion wave that is bent on tailoring financial needs of consumers from low to high-income households, rural to urban centres to the types of banks that can fill them.

The disclosure this week of permit issuance for MTN’s Momo Payment Service Bank (Momo PSB) is the latest push by the regulator, the Central Bank of Nigeria (CBN), to widen the fold of operators in the payments market and could signpost Nigeria’s arrival at the cutting edge of the payment service banking model after nearly a decade of adopting it.

Momo PSB will be venturing into a territory already occupied by early entrants like 9PSB (owned by rival wireless operator Etisalat) and Hope PSP, both yet to make a remarkable impression since getting the nod to run in August 2020 and starting operation.

Globacom’s Moneymaster has a permit also but has not launched, while Airtel’s licence is in the bag, with an approval-in-principle from CBN already in place.

Payment Service Bank (PSB) model

Because setting up a typical commercial bank branch can be capital intensive and because passing on the cost to customers if the outlet were to be situated in a rural area could discourage patronage, PSBs have been designed to function on a scale smaller than conventional banks and within a range of services also narrower.

The idea is to bring financial products closer to rural households and businesses, leveraging faster channels like mobile services and digitalisation to make banking services available and affordable to those only able to access them at rates lower than what their relatively rich urban peers can afford.

The CBN is taking a cue from India, where one of the most successful PSBs called Digibank “enables customers to open an account in less than 2 minutes and authenticate their identity by stopping at any one of the extensive network of outlets run by DBS partners including over 500 cafes,” according to the consultancy KPMG.

As permitted through their regulatory framework, PSBs are empowered to drive financial inclusion by extending small deposit and withdrawal services to those deprived of basic banking services.

They can issue debit cards and handle cumulatively big but individually small remittances but are exempted from facilitating much more complex banking operations such as lending and foreign exchange transactions.

If rigorously developed, this banking model has the potential of quickening the pace of capital inflow into the largely informal rural economy from outside and could help bring transformation and sophistication to countryside commerce on a scale so vast that it will be no longer easy to tell the economies of cities and villages apart.

That is hoped to scale down to the lowest possible level the teeming population of the unbanked in Nigeria, where 35.9 per cent (38.1 million) of the total adult population lack access to financial services, according to a 2020 survey by Enhancing Financial Innovation & Access (EFInA), a Nigeria-focused advocacy group supported by Bill & Melinda Gates Foundation.

The campaign could in turn deepen penetration of insurance, pension, mortgage, mobile money and non-interest banking products among rural folks.

“Evidence worldwide shows that access to financial services contributes both to economic growth and wealth creation and is therefore key to tackling the ‘poverty’ trap in Nigeria,” according to EFInA.

How PSBs work

The framework for operating PSBs as approved by the central bank enables them to:

Operate dominantly in the rural areas and unbanked areas with the financially excluded as target and have no fewer than 25 per cent financial service outlets in those locations.
Forge direct synergy with card scheme operators but the cards issued in that process are not fit for conducting foreign currency transactions.
Set up Automated Teller Machines (ATMs) points within such locations.
Run Point of Sale services
Run service using banking agents
Establish customer care units at their head offices as well as in coordinating centres
Deploy agent networks after receiving endorsement from the CBN
Leverage e-channels to bring service to customers
Create coordinating centres to oversee and control the operations of service outlets and banking agents
Adopt technology-powered systems and comply with best practices on data storage, security as well as integrity.

The spectrum of services they offer also has in its mix financial advisory services and electronic operation, but they are not empowered to take any closed scheme electronic value (for instance airtime) as a mode of payment or deposit. The apex bank gives the leave to PSBs to invest in FGN and CBN securities.

Given the complicated nature of underwriting risk, PSBs are forbidden from insurance underwriting.

Customers of these banks enjoy the CBN Consumer Protection Framework like other types of bank within the apex bank’s regulatory purview.

Will the telco-bank war kill the goose that lays the golden egg?

Nigeria’s payments market appears to have been framed for trouble and contention before the idea to launch it was even mooted.

The precursor of PSBs were originally units in commercial banks providing basic banking services to meet the needs of the retail end of legacy banking until the burst of ever-adventurous fintech firms into the scene disrupted how banking has long been conducted.

That surely came at a cost.

Africa

Business

Owo Attack: Declare state of emergency on forest reserves — Reps urge FG

admin — Sat, 18 Jun 2022 16:50:01 +0000

Owo Attack: Declare state of emergency on forest reserves — Reps urge FG

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admin Sat, 06/18/2022 - 16:50

Thursday, June 16, 2022

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The Motion

Mr Adelegbe said armed groups have been attacking Owo and Ose Local Government Areas of the state in the past few years.

He said a similar attack was carried out against Molege Community within Ose Local Government Area of the State, leading to the death of many and destruction of properties.

The lawmaker cited the killing of Olufon of Ifon in Ose council, Israel Adewusi. He added that kidnappers have been on a rampage in the constituency.

The motion was adopted by the House without debate.

Africa

News

Batting first does it for teams in Greiggs T/10

admin — Sat, 18 Jun 2022 14:40:01 +0000

Batting first does it for teams in Greiggs T/10 admin Sat, 06/18/2022 - 14:40