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The Government of Gibraltar recently confirmed that the Gibraltar International Bank (GIB) has received approval in principle from the Financial Services Commission (FSC) to its application for a licence. As is standard in these cases a schedule of conditions is attached which the Executive team will now work with to meet before the opening of the Bank. The conditions typically relate to operating systems, staffing levels, premises and compliance/operating structures.

The government in the UK has set itself a tight timetable to set out legislation for increased tax powers for Scotland, while there is little clarity about which extended income tax powers would be implemented for cross-border workers.

The UOB has conducted the Asian Enterprise Survey of 2014 and findings show that China is top for business expansion in Asia but Singapore isn't far behind.

On 21 August 2014 The Government of Gibraltar published the Perpetuities and Accumulations (Amendment) Bill 2014.

On 15th of August 2014, Serbia’s Privatization Agency has announced the public invitation for collection of letters of intent for the sale of 502 state-owned companies and their subsidiaries. This is according to the New Law on State Asset Sale, which entered into force on 13th of August 2014.

Singapore has become the only developed economy to make the Milken Institute's top 10 list of Asia's Best-Performing Cities, coming in at eighth place; a noteworthy performance since the survey’s methodology rewards fast-growing cities.

The BVI House of Assembly passed two “urgent” pieces of legislation related to financial services during their sitting on Thursday.

The first, was an amendment to the Mutual Legal Assistance Tax Matters Act, 2003 (MLA). The second amendment was to the Partnership Act 2006, seeking to re-enforce the responsibility of BVI entities to keep and maintain accounting records readily available upon request. We are advising you of these changes so that you can be prepared and ready.

Media Note

Office of the Spokesperson

Washington, DC

September 29, 2014

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