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Category Archives: Trusts

More Jersey hypocrisy

21-Aug-06

The Jersey Financial Services Commission has published a new draft Code of Practice for the 190 trust companies that undertake business in that island.
The key elements are as follows:
4.1.2 The draft Codes retain six fundamental principles for trust company business:
• A registered person must conduct its business with integrity;• A registered person must have [...]

Also filed in Ethics, Jersey, Tax Havens | | Comments (0) »

Values

02-Aug-06

I commented in somewhat similar fashion to the item noted below on ethics on AccountingWEB yesterday, and the following comment came back:

Values? What values? Is Richard implying there should be some sort of individual subjective test? If so I’d love to know how that gets articulated.
I’ve never met a client yet that didn’t feel good [...]

Also filed in Ethics, Practice management, Richard Murphy, Tax avoidance | | Comments (1) »

Why haven’t we got someone like Senator Carl Levin?

28-Jul-06

The following message has been sent to me from the office of Senator Carl Levin in the USA, via Bill Fant at Citizens for Tax Justice:

The Permanent Subcommittee on Investigations has scheduled a hearing for August 1, 2006, entitled Offshore Abuses: The Enablers, The Tools & Offshore Secrecy. The Subcommittee has held a number of [...]

Also filed in Ethics, Tax avoidance, Tax management | | Comments (0) »

Jersey passes law allowing ‘sham’ trusts for use by tax evaders

15-Jun-06

I have always had a considerable problem with the concept of trusts, even as a practicing tax accountant. But I have much more of a problem with Jersey’s new trust laws passed in May 2006 which allow the creation of ‘sham’ trusts where there is in fact no such thing, but just the bogus impression [...]

Also filed in Jersey, Tax avoidance | | Comments (15) »