Move to Automated Exchange of Information Causing Issues for Financial Services Practitioners

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsApp ALERT # 2 ON POTENTIAL TROPICAL CYCLONE NINE ISSUED BY THE BAHAMAS DEPARTMENT OF METEOROLOGY THURSDAY 12TH SEPTEMBER, 2019 AT 9 PM EDT Bahamas, September 18th, 2017 – Nassau – The DPM was Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said among the issues financial services practitioners are contending with is the move to automatic exchange of information, particularly for matters related to taxation in other jurisdictions.The initial standard in this regard was the Exchange of Information on Request, espoused by the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes, DPM Turnquest said at the Securities Industry Act, 2011 and Investment Funds Act, 2003 Annual Briefing hosted by the Securities Commission of The Bahamas at the British Colonial Hilton, Thursday, September 14, 2017.He said The Bahamas implemented a number of key legislative initiatives to ensure the legal and regulatory framework as well as supporting processes and procedures were in place to satisfy the Exchange of Information on Request standard.“These involved, among other things, ensuring reliable accounting records were maintained and accessible, and that the beneficial owners of entities, structures and legal arrangements were identified and properly maintained.“The legislative initiatives included the International Tax Cooperation Act, 2010, which facilitated the implementation of international tax agreements and tax information sharing under those agreements.   The Government also implemented a series of legislative amendments including amendments to the International Business Companies (IBC) Act, the Partnership Limited Liability Act and the Segregated Companies Act, amongst others, in 2011, and the IBC Accounting Records Order of 2016, to meet the information exchange standards.   After having undergone the Global Forum’s most recent review – the Phase 2 review, the jurisdiction is assessed as Largely Compliant.”The DPM said the Foreign Account Tax Compliance Act or FATCA was adopted by the United States Congress in 2010, and of course, The Bahamas made the necessary legislative and procedural changes to meet the FATCA requirements.He explained that by September 2014, the G20 and leaders of the Organisation for Economic Cooperation and Development had endorsed the Common Reporting Standard or CRS.The CRS facilitates automatic exchange of account information, on a confidential basis with information from financial institutions being exchanged annually.   According to an OECD June 2017 report, some 101 jurisdictions had committed to implementing this newest standard on tax transparency and undertaking actual information exchanges by 2017 or 2018.“You would be aware that the Government is committed to adopting the multilateral approach to sharing information under the CRS regime.   We simply cannot afford, nor do we wish to have, the reputation of being the ‘last tax haven standing’ as the Head of the OECD’s Global Forum Secretariat on Transparency and Exchange of Information for Tax Purposes, Monica Bhatia, referred to the jurisdiction prior to the Government’s commitment to the Multi-lateral approach.”DPM Turnquest said, “We must protect our sector from the fallout of blacklisting, and we want to be singled out for markers such as excellence in service, being business friendly, and product innovation–not for being a place to hide or launder illicit funds of any kind.   Undoubtedly, this will impact reporting requirements and hence compliance costs in most, if not all, financial institutions.”PressRelease: BIS The Luxury of Grace Bay in Down Town Provocenter_img Related Items:#magneticmedianews Electricity Cost of Service Study among the big agenda items at September 11 Cabinet meeting Recommended for youlast_img read more

At Google workers town hall employees pledge to protect each other from

first_imgGoogle workers staged a worldwide walkout last year. James Martin/CNET Google workers on Friday held a town hall meeting to discuss alleged retaliation from the search giant over employees’ activism and organizing efforts. The company’s employees booked rooms for viewing the town hall from Google offices all over the world, according to an employee who attended the meeting. At the gathering, Google workers pledged to protect each other from retaliation and brainstormed ideas to help. Some of that action could take place as soon as next week, that employee said.That employee also said it was the first big town hall meeting that Google’s temporary workers, vendors and contractors — known as TVCs in Google parlance — were able to attend, since the gathering was held by employees and not management.The meeting was called after two workers who helped to organize a massive employee walkout said management was unfairly targeting them. In November, roughly 20,000 Googlers walked out of the company’s offices worldwide to protest its handling of sexual assault allegations directed at key executives. The demonstration drew international attention. One organizer, Meredith Whittaker, who leads Google’s Open Research program, said earlier this week that she was asked to choose between Google and her outside work. Whittaker co-founded New York University’s AI Now Institute, a research center that examines the societal effects of artificial intelligence. Whittaker said Google asked her to give up that work after the company disbanded its own AI ethics board last month amid controversy over one of its members. Claire Stapleton, a marketing manager at Google-owned YouTube, said she was told after the walkout she’d be demoted and lose half of her reports. She said she was also told to go on medical leave even though she wasn’t sick. Google only walked back her demotion after she hired a lawyer, Stapleton said. “Meredith and Claire were bold and unwavering,” the employee who attended said. “The support was overwhelming and it looks like the company’s misguided gamble to cut off the ‘head’ of the organizing against harassment, discrimination and unethical decision-making won’t work.”Google employees have largely been the poster children for protest in the tech industry — a sector where rank and file workers have historically refrained from publicly criticizing management. Aside from the handling of sexual assault accusations, Google workers have also protested the company’s military contracts, its work in China, and its treatment of temporary workers and contractors. Outside of Google, other tech workers have also been speaking up. At Amazon, thousands of workers signed a letter earlier this month that urged the company to reduce its carbon footprint and take action against climate change.The town hall meeting comes a day after Google released its workplace policy guidelines, including its rules on retaliation. Retaliation means taking an adverse action against an employee or TVC as a consequence of reporting, for expressing an intent to report, for assisting another employee in an effort to report, for testifying or assisting in a proceeding involving sexual harassment under any federal, state or local anti-discrimination law, or for participating in the investigation of what they believe in good faith to be a possible violation of our Code of Conduct, Google policy or the law. The section concludes by warning employees that not all complaints may meet that definition.”If you report something that is not a policy violation and you believe you are being treated adversely as a result, you should feel free to report that and we will look into it, but it may not amount to retaliation under this policy,” the guidelines say.Google declined to comment on the town hall, but a spokeswoman said the company prohibits retaliation and has a “very clear policy.” “To make sure that no complaint raised goes unheard at Google, we give employees multiple channels to report concerns, including anonymously, and investigate all allegations of retaliation,” the spokeswoman said.    Post a comment Google employees protest tech giant’s handling of sexual… Share your voice 0 Google Alphabet Inc.center_img 1:45 Tags Tech Industry Now playing: Watch this:last_img read more

Sex tech startups protest outside Facebook over banning of ads

first_img CES 2019: Sex tech is everywhere and nowhere Now playing: Watch this: Startups Facebook Sex Tech 19:34 0 Mobile Tech Industry Culture Mobile Apps Wellness The protestors brought posters showing rejected ads.  Dame Products/Unbound Supporters, founders and employees of sex tech and women’s wellness startups like Dame Products and Unbound Babes assembled outside Facebook’s New York office Wednesday. The crowd protested the social media site’s policies, which don’t let the companies run ads for their products.  Polly Rodriguez, CEO and co-founder of Unbound Babes, told CNET the event had a turnout of 40 to 50 founders, activists and educators. “Our goal was to raise awareness … and I feel pretty strongly we did just that,” Rodriguez said in an emailed statement. Tags Alexandra Fine, CEO and co-founder of Dame Products, added that the inability to advertise “created a great deal of drag on our mission.” “Advertising is a necessary and important part of connecting people to valuable solutions,” she said Wednesday. “There are millions of people who stand to improve their lives with our products, and they will have no idea we exist until we’re allowed to make contact with them. This doesn’t just impact a few businesses — it impacts the health and happiness of everyone who has sex.” The protests were along the lines of the Approved, Not Approved website that the two startups launched earlier this month. Approved, Not Approved is a game that lets you guess whether an advertisement was OK’d for public consumption.  img-9735-1 Dame Products / Unbound In June, Dame Products also sued the New York Metropolitan Transportation Authority for rejecting its ads for vibrators.  The sex tech protest isn’t the first protest Facebook’s New York office has seen. In June, dozens of anticensorship activists shed their clothes to protest the social media site’s nudity rules. In the wake of the protest, Facebook began talks with the activists over a compromise.The social media site appears to be taking the same approach this time. “We have had open lines of communication with both companies about our policies and are always taking feedback. We are working to further clarify our policies in this space in the near future,” a Facebook spokesperson said in an email.  Facebook also pointed out its advertising policy that refers to adult products and services. The policy says ads can’t promote any adult products and services apart from family planning and contraception. In the case of contraceptives, the ad must focus on the “contraceptive features” of the product and not “sexual pleasure or sexual enhancement.” The ad also has to be targeted to users 18 years or older. Post a comment Share your voice Turned On Today a group of female founders protested in front of Facebook’s NYC office to raise awareness on the double standard in their ad policies. Head over to https://t.co/gKBK0mB7kq to see for yourself. https://t.co/QXXn59s1MF via @qz https://t.co/6GzkjhBlGv— Polly Rodriguez (@polly_claire) July 31, 2019last_img read more

Kapil Sharma Show Why is Archana Puran Singh scared of Navjot Singh

first_imgTrust Kapil Sharma to entertain the audience with some witty and humorous jibes at his own team and the comedian-turned-actor never disappoints. The show, which has been running at a steady pace, being immensely loved by the audience, had another one of the insanely hilarious episodes last week.Kapil doesn’t leave any stone unturned when it comes to pulling the celebrity guest, Archana Puran Singh’s legs. In one such instance of the comedian teasing Singh, Kapil said that Archana Puran Singh is probably more scared of Navjot Singh Sidhu than ghosts. Archana Puran Singh had replaced Navjot Singh Sidhu after the latter’s comments on the Pulwama attack hadn’t gone down well with netizens and many political figures. Talking about her equation with the entire team, Archana Puran Singh had revealed that the team respects her a lot and even though they crack jokes or go beyond the script in pulling her leg, they immediately come to her to apologise and hug her.Sidhu’s comments hadn’t gone down well with the makers of the show and Twitterati demanded his immediate ouster from the show. There were reports of Salman Khan asking him to take a break from the show for a brief period so that the negative publicity could die down.In an interview with Hindustan Times, Archana Puran Singh had spoken up about how different she is from the man in question. Talking about Sidhu, she said: “We are two very different individuals. He has earned a name for himself and so have I. Our personalities are very different and both of us are happy in our own space. It’s just a coincidence that I am here and he is not and it goes on like that in our industry.”Navjot Singh Sidhu is yet to come back to the show.last_img read more