Niguel Streete, new Managing Director of the Financial Services Commission confirms that the Turks and Caicos is not involved in the controversial situation dubbed, the Panama Papers where high level G8 country leaders and billionaires are listed as alleged tax evaders.
Since the leak of the documents of some 214,000 offshore companies there has been the threat of the UK imposing direct rule on its overseas territories; the TCI is certainly weary of that ever happening again and the threat of direct rule did cause reaction within the country.
However, the MG of the FSC said: “The TCI Financial Services Commission has confirmed that the Panamanian law firm at the centre of the Panama Papers scandal, Mossack Fonseca, is not licensed and does not operate as a corporate service provider in the TCI.”
Streete encourages TCI companies to remain above board and diligent in their compliance processes. I quote him again, “Despite having no direct involvement with Mossack Fonseca as a corporate service provider, the TCI Financial Services Commission recognises the reputational risk that these events pose to all international financial services centres and continues to actively monitor developments surrounding the Panama Papers.”
