This week we are shining the light on UK companies that have a parent entity in a Tax Haven*.
Tax Havens often come under scrutiny due to links to money laundering and tax evasion, however for many they are the perfect way of safeguarding and maximising personal wealth.
Regardless of the intention, companies and individuals with links to Tax Havens are often subject to more stringent checks from Anti Money Laundering departments, particularly within financial services and gambling, to help identify and validate source of funds. This is made somewhat more challenging by the lack of transparency and legislation in place to protect financial information within Tax Havens.
*Tax Havens; Andorra, Bahamas, Bermuda British Virgin Islands, Cayman Islands, Channel Islands, Cook Islands, Hong Kong, Isle of Man, Mauritius, Monaco, Panama, St Kitts & Nevis.