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List of Unco-operative Tax Havens 2017

n a report issued in 2000, the OECD identified a number of jurisdictions as tax havens according to criteria  it had established. Between 2000 and April 2002, 31 jurisdictions made formal commitments to implement the OECD’s standards of transparency and exchange of information.

Seven jurisdictions (Andorra, The Principality of Liechtenstein, Liberia, The Principality of Monaco, The Republic of the Marshall Islands, The Republic of Nauru and The Republic of Vanuatu) did not make commitments to transparency and exchange of information at that time and were identified in April 2002 by the OECD’s Committee on Fiscal Affairs as unco-operative tax havens. All of these jurisdictions subsequently made commitments and were removed from the list of unco-operative tax havens. Nauru and Vanuatu made their commitments in 2003 and Liberia and the Marshall Islands in 2007. 

In May 2009, the Committee on Fiscal Affairs decided to remove all three remaining jurisdictions (Andorrathe Principality of Liechtenstein and the Principality of Monaco) from the list of uncooperative tax havens in the light of their commitments to implement the OECD standards of transparency and effective exchange of information and the timetable they set for the implementation. As a result, no jurisdiction is currently listed as an unco-operative tax haven by the Committee on Fiscal Affairs.

>> Visit the website of the Global Forum on Transparency and Exchange of Information for Tax Purposes for more information: www.oecd.org/tax/transparency

Pacific Private Bank in Vanuatu

Pacific Private Bank operates in Port Vila, Vanuatu since 1997. It is privately owned full-service Bank working with SME’s and individuals. It provides modern and secure internet and mobile banking, debit card and trading services. Have necessary expertise, brand and relationships to service a large number of clients. At the moment Pacific Private Bank serves clients in countries all over the world.

Benefits Banking in Vanatu

-          Tax: Vanuatu has no direct taxation including capital gains, personal and corporate income taxes
-          Service: Our RM team has extensive client relationship management experience
-          Speed: We focus on effective due-diligence and quick KYC procedures to be able to open client accounts quickly
-          Regulation: Vanuatu has business-friendly regulation which gives as an enormous advantage to serve financial and fin-tech companies  
-          Discretion: With 20 years of experience in servicing HNWIs we have excel at respecting our client’s privacy

Pacific Private Bank in Vanatu
278 - Govant Building, 1st Floor Kumul Highway, Port Vila, Vanuatu
T: (+678) 24 500 | M: (+678) 77 44 579 | F: (+678) 24 501 
SWIFT CODE : PPBLVUVU

Brochure of the Bank

Managing Director: Martin Saint-Hilaire
Address: P.O. Box 278
Port Vila,
Vanuatu
Telephone: (678)24500 
Facsimile: (678) 24501 
Email: martin.st-hilaire@pacificprivatebank.com 
Website: www.pacificprivatebank.com

Map of Vanatu in the world

Swift Routing Wire transfers Information Code Instructions

Wire transfer or credit transfer is a method of transferring money from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
  
Process
Bank wire transfers are often the most expedient method for transferring funds between bank accounts. A bank wire transfer is effected as follows:
The person wishing to do a transfer (or someone they have appointed and empowered financially to act on their behalf) goes to the bank and gives the bank the order to transfer a certain amount of money. IBAN and BIC code are given as well so the bank knows where the money needs to be sent to. 
The sending bank transmits a message, via a secure system (such as SWIFT), to the receiving bank, requesting that it effect payment according to the instructions given. 
The message also includes settlement instructions. The actual transfer is not instantaneous: funds may take several hours or even days to move from the sender's account to the receiver's account. 
Either the banks involved must hold a reciprocal account with each other, or the payment must be sent to a bank with such an account, a correspondent bank, for further benefit to the ultimate recipient.

Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediate banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than when the sender sent.

International Wire Transfers payments are sent usually through SWIFT in the following format :

Beneficiary Bank Information:Name of bank:
SWIFT ID:
Street:
Postal Code/City:
Country:

Beneficiary Personal Information: Account #:
First name:
Last Name:
Address:
Postal Code/City:
Country:

Correspondent Bank: 

If Bank is located within the European Union then you will need the IBAN code of your Bank account. You must ask your Bank about your IBAN code. That IBAN code contains information about your Bank account.
Anonymous Wire Transfers: 

Due to know-your-customer/client (KYC) regulations it is not possible to achieve 100% complete anonymity for wire transfers.
As a representative example of the cost, Bank Of America in August 2011 charged $25 to send a wire and $15 to receive one within the US. For international transfer, it charged $35-$45 outgoing, $20 incoming.
The following table gives the SWIFT MT 103 Basic Format for Wire Transfer

 Tag Field Name
20Sender’s Reference
13C Time Indication
23BBank Operation Code
23E Instruction Code
26TTransaction Type Code
32A Value Date/Currency/Interbank/Settled Amount
33B Currency/Instructed Amount
36Exchange Rate
50a Ordering Customer
51A Sending Institution
52aOrdering Institution
53aSender’s Correspondent
54a Receiver’s Correspondent
55a Third Reimbursement Institution
56aIntermediary Institution
57a Account With Institution
59aBeneficiary Customer
70Remittance Information
71A Details of Charges
71FSender’s Charges
71G Receiver’s Charges
72Sender to Receiver Info
77B Regulatory Reporting
77T Envelope Contents
 
Correspondent Banks Fees
  SWIFT or IBAN wire transfers are not completely free of vulnerabilities. Every intermediate bank that handles a wire transaction can take a fee directly out of the wire payload (the assets being transferred) without the account holders knowledge or consent. There is no legislation or technical means to protect customers from this practice. If bank S is the sending bank (or brokerage), and bank R is the receiving bank (or brokerage), and bank I1, I2, and I3 are intermediary banks, the client may only have a contract with bank S and/or R, but banks I1, I2, and I3 can (and often do) take money from the wire without any direct arrangement with the client. Clients are sometimes taken by surprise when less money arrives at bank R. Contrast this with cheques, the amount transferred is guaranteed in full, and fees (if there are any) can be charged only at endpoint banks.
  Anonymous Wire Transfer
It is not possible to make anonymous wire transfers /swifts.
The only solution would be, that you register a company name and account with the current bank and make the wire/swift from your company account. I that case, the only name that would appear is the company name.
Bank-to-bank wire transfer is considered the safest international payment method. Each account holder must have a proven identity. Chargeback is unlikely, although wires can be recalled. Information contained in wires is transmitted securely through encrypted communications methods. The price of bank wire transfers varies greatly, depending on the bank and its location; in some countries, the fee associated with the service can be costly.

Wire transfers done through cash offices are essentially anonymous and are designed for transfer between persons who trust each other. It is unsafe to send money by wire to an unknown person to collect at a cash office: the receiver of the money may, after collecting it, simply disappear. This scam has been used often, especially in the so-called 419 scam.

Doing Business in Ukraine: How to Open Bank Account





Doing Business in Ukraine: How to Open Bank Account


Deposit Guarantee Fund (hereinafter — “DGF”) is established with the purpose of protecting the rights and legitimate interests of bank depositors.
The major objective of the DGF is to ensure:
  • the functioning of the household deposits guarantee system
  • resolution of failed banks.
Deposit Guarantee Fund was established in 1998 when the President of Ukraine signed the Decree «On Measures to Protect the Rights of Physical Persons as Depositors of Commercial Banks in Ukraine» which provided for the reimbursement of the deposits to the commercial banks at the amount of UAH 500.00.
Since then the coverage limit was increased 11 times. At present, the maximum coverage limit is – UAH 200,000.
Deposit Guarantee Fund covers the deposits of the individuals (natural persons) and sole traders.
All duly licensed banks in Ukraine are members of the DGF. The only bank which is not a member of the Fund is «VAT Derzhavniy Oschadniy Bank Ukrainy» (the National Savings Bank of Ukraine).

WHAT IS COVERED BY THE DEPOSIT GUARANTEE FUND

The Deposit Guarantee Fund (DGF) guarantees to pay out deposits to individuals, cash or non-cash money in Ukrainian or foreign currency received by a bank from a depositor (or received to an account of a depositor) under a deposit agreement or account agreement or under an issued registered certificate of deposit, including interests accrued thereon.
The DGF guarantees to pay out deposits to each depositor of a bank and the DGF shall refund the money in the amount of the deposit, including the interest as at the date of the commencement of the bank resolution procedure by the DGF, but the amount in question may not exceed the ceiling limit of the reimbursement for deposits set as of the said date regardless of the number of deposits in one bank.
The DGF guarantees to pay out deposits to each depositor of each DGF member bank, but the amount in question may not exceed UAH 200 000 in one bank.
The interest accrual on deposits shall be terminated on the last day prior to the commencement date of the bank resolution procedure by the DGF (in case of the decision made by the National Bank of Ukraine to revoke a banking license and liquidate the bank on the grounds specified in part two of Article 77 of the Law of Ukraine “On Banks and Banking” — on the date of the decision to revoke the banking license and liquidate the bank).
The DGF shall guarantee the payout to a depositor of a bank that has subsequently been reorganized, on the same terms and conditions as before such reorganization.
Deposits transferred to the bridge bank shall be guaranteed by the DGF on the same terms that had existed as of the date of their transfer.
The depositor shall have a right to receive the guaranteed amount of deposit at the expense of the DGF within the marginal guaranteed amount.
The DGF shall start disbursing the refunds to depositors in Ukraine’s domestic currency in the order and in the priority, established by the DGF, no longer than 20 days (for the banks with over 500,000 accounts in the database—no longer than 30 days) from the date of the commencement of the bank resolution procedure.
Payouts of foreign currency deposits shall be made in the national currency of Ukraine after recalculation of the deposit value at the official exchange rate of UAH to foreign currencies set by the National Bank of Ukraine as of the date of the commencement of the bank resolution procedure and the exercise of the provisional administration by the DGF. In case of the decision of the National Bank of Ukraine to revoke the banking license and liquidate the bank on the grounds listed in part two of Article 77 of the Law of Ukraine “On Banks and Banking”, the funds from a foreign currency deposit shall be refunded in the domestic currency of Ukraine after the conversion of the deposit amount at the official exchange rate of UAH to foreign currencies set by the National Bank of Ukraine as of the date of commencement of the bank liquidation.
The DGF shall complete the payout of the guaranteed deposits on the day of the document submission for making record in the Unified State Register of Legal Entities of liquidation of a bank as a legal entity.
PLEASE NOTE that in accordance with the second part of Article 77 “Revocation of the banking license and bank liquidation” of the Banking Law the National Bank of Ukraine has the right to revoke the banking license if:
1) it has established that the documents submitted by the bank to obtain a banking license contained inadequate information;
2) the bank has not had any banking transaction within a year from the day it was issued a license;
3) repeated breach by a bank of the laws covering the issues of anti-money laundering/combatting terrorist financing and the proliferation of weapons of mass destruction was detected.
Please be aware that in case of bank liquidation in accordance with part two of Article 77 of the Law of Ukraine “On Banks and Banking”, provisional administration is not introducted.

List of Banks in Ukraine http://listofbanksin.com/ListofbanksinUkraine.htm

HOW TO GET COMPENSATION IF YOUR BANK FAILS

HOW QUICKLY WILL THE PAYOUT START
The DGF starts the payout of the guaranteed amount of deposit in the national currency of Ukraine in the manner and in order of priority established by the DGF no longer than 20 business days (for the banks with over 500,000 accounts in the database - no longer than 30 days) from the day of the commencement of the bank resolution procedure by the DGF.
In the course of the provisional administration the payouts are made only under the agreements with a validity period that has expired at the date of the commencement of the bank resolution procedure and under the bank account agreements. After the revocation of the banking license and commencement of the liquidation process the deposits are paid out to all covered depositors regardless of the date of the deposit agreement maturity.  
Payout of the guaranteed amount of deposit under bank account agreements is made only after receipt by the DGF of full information on transactions made by the payment system (domestic and international).

WHAT AMOUNT IS PAID OUT
The DGF shall refund the money in the amount of the deposit, including the interest as at the date of the commencement of the bank resolution procedure by the DGF, but the amount in question may not exceed UAH 200,000 regardless of the number of deposits in one bank.
Payouts of foreign currency deposits are made in the national currency of Ukraine after recalculation of the deposit value at the official exchange rate of UAH to foreign currencies set by the National Bank of Ukraine as of the date of the commencement of the bank resolution procedure.

WHERE CAN YOU GET YOUR REIMBURSEMENT AND WHAT DOCUMENTS TO PRESENT
The DGF disburses the guaranteed reimbursement amounts via agent banks that shall make the payouts in cash or cashless form (at discretion of the depositor). The payouts are made in accordance with the general depositors register (the list of depositors eligible for the deposit payouts). There is no need to file applications or send any documents to DGF in order to get reimbursement during the payouts according to the general depositors register. In the agent bank the depositors have to identify themselves by presenting passport or other ID, resident individuals should additionally provide taxpayers number card.
In case of payout to the third person on the ground of a proxy, he or she shall additionally provide agent bank with a notarized proxy.
Information regarding the starting date of the deposit payout as well as the list of the agent banks can be found on the DGF website (on the page of the failed bank). It’s also published in the official newspapers “Holos Ukrayiny” or “Uriadovy Kurier” and available at the telephone “Hotline”: 0-800-308-108.

WHEN DO YOU HAVE TO MAIL YOUR APPLICATION FORM
After completing of payouts according to the depositors general register (notification thereof will be published on the DGF website), a payout of guaranteed amount of deposits shall be made on the ground of an individual written application.
In this regard, depositor shall send to the DGF:
- copy of taxpayers number card
- copy of passport (pages with the surname, name and paternal name, as well as with information about the date of passport issuing and issuing authority, place of residence).
To receive reimbursement on the ground of a proxy, the authorized person should additionally provide DGF with a notarized copy of a proxy.
In case of payout to the legitimate heir, he or she in addition to the documents listed above shall provide the DGF with a notarized copy of a certificate of inheritance. In this case the payouts shall be made only on the ground of an individual written application.
Applications will be processed within a period not exceeding three calendar months.

HOW LONG CAN YOU APPLY FOR YOUR REIMBURSEMENT
The covered deposits are paid out throughout the bank liquidation period, which shall last for no longer than two years. The time-limits for bank liquidation may be extended up to two more years with the possibility of the repeated extension by up to one year. The DGF shall complete the payout of the guaranteed deposits on the day of the document submission for making record in the Unified State Register of Legal Entities of liquidation of a bank as a legal entity.



15 largest commercial banks

In terms of total assets, as of January 1, 2017
RankBank nameTotal assets
(UAH million)
# of branchesWebsite
1PrivatBank220,0172,240privatbank.ua
2Oschadbank210,0993,648oschadbank.ua
3Ukreximbank160,30383eximb.com
4Raiffeisen Bank Aval55,999510aval.ua
5Ukrgasbank53,681231ukrgasbank.com
6Sberbank48,355137sberbank.ua
7UkrSibbank (BNP Paribas Group)45,367378ukrsibbank.com
8First Ukrainian International Bank44,552159pumb.ua
9Ukrsotsbank41,800263ukrsotsbank.com
10Alfa Bank Ukraine38,953103alfabank.ua
11Prominvestbank34,32357pib.com.ua
12Crédit Agricole29,895156credit-agricole.ua
13OTP Bank24,83184otpbank.com.ua
14Pivdennyi Bank20,674113bank.com.ua
15VTB20,64032vtb.ua

Other large commercial banks

The total assets of Ukraine’s banking sector are estimated by the National Bank of Ukraine at $52.8 billion. The top 20 banks account for 88 percent of the sector’s assets.


    Opening a Bank Account in Andorra

    Brief history
    The first bank to be set up in the Principality of Andorra was Banc Agrícol i Comercial founded in 1930. Later on, the economic development of Andorra from the 1950s onward favored the setting up of new credit entities in the Principality.
    Until 1993 Andorra had a self-regulating banking system which followed the directives issued by the Associació de bancs Andorrans (ABA). Founded on 11 November 1960 , ABA came into being with the mission to self-regulate the banking sector, represent the interests of all its members and at the same time to be a guarantee of good banking practice and the corporate image of the Andorran financial center.
    The seven banks operating in Andorra in 1990 signed an agreement to self-regulate the banking sector, to represent the interest by the Conventions of Vienna and Strasbourg for the prevention of money laundering and the recommendations of the Council of Europe of 7 June 1980, the Bâle Declaration of Principles of December 1988 and the 40 recommendations of GAFI. The main points in the agreement were:
    • Application of the criteria of the B â le Committee G-10 with regard to making capital adequate;
    • Having the financial statements of Andorran banks audited by independent auditors on the basis of international accounting standards;
    • Exclusion of money laundering activities;
    • Maintenance of bank secret and a requirement for bank officers to be fair and competent persons.
    With the adoption of the Andorran Constitution in 1993 the process of development the legislative framework for the financial sector began.
    Other laws have been enacted which form the current legal framework for the Andorran financial system.
    With regard to financial investment entities, they also have an association (the Association of financial investment entities ADEFI) which was set up on 5 May 1999.
    Financial system
     
    The sector consists of two professional associations:
    • l’Associació de Bancs Andorrans (ABA)
    • l’Associació d’entitats financeres d’inversió (ADEFI)
     
     
    There are no exchange controls however due diligence of documents and funds is closely monitored. 

    You must be in Andorra and in person with your passport to open an account.
     
    Opening a Bank acccount in Andorra as non resident may require personal visit to the Bank or "apostille" of documents required to open an account. 

    List of Bank in Andorra

    Andorra Banc Agrícol Reig, SA (Andbank)
     
     
    • Denominació social: Andorra Banc Agrícol Reig, SA 
    • Domicili social: C/ Manel Cerqueda Escaler, 6 - Escaldes
    • Tipologia: Entitat Bancària
    • Número de registre:  EB 01/95
    • Link a la pàgina web de cada entitat: www.andbank.com
     
    Crèdit Andorrà, SA

    • Denominació social: Crèdit Andorrà, SA
    • Domicili social: Av. Meritxell, 80 - Andorra la Vella
    • Tipologia: Entitat Bancària
    • Número de registre: EB 02/95
    • Link a la pàgina web de cada entitat: www.creditandorra.ad

    Mora Banc, SAU
     Denominació social: Mora Banc, SAU
     Domicili social: Plaça Co-prínceps, 2 - Escaldes-Engordany
    • Tipologia: Entitat Bancària
     Número de registre: EB 05/95
     Link a la pàgina web: www.morabanc.ad/

    Mora Banc Grup, SA

    • Denominació social: Mora Banc Grup, SA
    • Domicili social: Av. Meritxell, 32 – Andorra la Vella
    • Tipologia: Entitat Bancària
    • Número de registre: EB 06/95
    • Link a la pàgina web: www.morabanc.ad

    Banca Privada d'Andorra, SA: entitat en procés de resolució.

    •  Denominació social: Banca Privada d'Andorra, SA
    •  Domicili social: Av. Carlemany, 119 - Escaldes-Engordany
    •  Tipologia: Entitat Bancària    entitat en procés de resolució per part de l'AREB
    •  Número de registre: EB 04/95
    •  Link a la pàgina web: www.bpa.ad

    Andorra Banc Agrícol Reig SA (Andbanc)
    o  Denominació social: Andorra Banc Agrícol Reig 
    o  Data de creació: 30/12/1930
    o  Domicili social: C/Manel Cerqueda Escaler, 6 - Escaldes
    o  Forma jurídica: Societat Anònima
    o  Número de registre:  EB 01/95
    o  Objecte social: La societat té per objecte l'exercici de l'activitat 
          bancària segons està definida per la normativa del sistema financer andorrà.
    o  Activa/No activa: activa
    o  Link a la pàgina web de cada entitat: www.andbanc.com
     
    Vall Banc, SAU

    •  Denominació social: Vall Banc, SAU
    •  Domicili social: Av. Carlemany, 119 - Escaldes-Engordany•  Tipologia: Entitat Bancària
    •  Número de registre: EB 09/15