16/01/20

UK: British Tax Havens to Share Data with Russian Authorities.

As published on themoscowtimes.com, Monday January 13, 2020.

British offshore tax havens will send information about Russian assets registered in their jurisdictions to the Russian tax authorities, despite London and Moscow having cancelled an international agreement which facilitates the sharing of such financial information.

Jersey, Guernsey and the Isle of Man are set to share details on bank accounts, properties, investments and other assets owned by Russian citizens to the Russian Federal Tax Service this year, news site RBC has reported.

The automatic sharing of financial information is in the spotlight this year, as Russia lifted all previous restrictions on Russian citizens holding overseas bank accounts from the beginning of January — as long as those accounts are registered in a jurisdiction which participates in automatic information sharing with the Russian tax authorities.