Kazakhstan's Agency for Regulation and Development of the Financial Market (ARDFM) has decided to remove the Principality of Liechtenstein and the U.S. State of Delaware from its list of recognized offshore zones, Kursiv reports. The decision, outlined in a draft resolution for public consideration, is attributed to the implementation of the new U.S. Corporate Transparency Act, set to be effective from January 1, 2024.
The ARDFM maintains a list of offshore zones designed to streamline various financial activities, including banking, insurance, operations of professional stock market participants, and other related activities involving stock markets, investment funds, and microfinance organizations.
The U.S. Corporate Transparency Act mandates that all companies incorporated within the United States disclose details of their direct or indirect owners to the Financial Crimes Enforcement Network under the U.S. Department of the Treasury. In alignment with these transparency measures and standards for combating money laundering risks in the financial sector, the ARDFM proposes the exclusion of the State of Delaware from the list of offshore zones.
While neither Liechtenstein nor Delaware currently feature on the grey lists of countries supporting unfair tax competition or lists of offshore financial centers, the IMF supported such lists until 2008. Notably, in 2009, the OECD removed Liechtenstein from its greylist of tax havens, acknowledging the country's commitment to adopting OECD standards for transparency and effective exchange of information within a specified timeline.
Furthermore, Liechtenstein, as an EU member state under the Directive on Anti-Money Laundering and Terrorist Financing (AMLD IV), has implemented measures prohibiting financial organizations from opening anonymous accounts and necessitating mandatory verification of account owners.
In light of these developments, the ARDFM proposes the exclusion of both Liechtenstein and Delaware from its list of offshore zones. Once this adjustment is made, the list will comprise 51 countries.
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