Claire Simm and Maria Evstropova Featured in HFM Week: Behind Bermuda’s Blacklist

Claire Simm, Managing Director, and Maria Evstropova, Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, have been featured in an HFM Week article exploring the implications of the addition of Bermuda to the EU blacklist of “non-cooperative jurisdictions for tax purposes.”

Claire explains that managers of Bermuda funds will need to ensure their fund and investor due diligence policies are watertight. “Bermuda-based managers would probably have to go over and above to demonstrate why they are compliant and managing a well-con¬trolled business,” she said. 

Maria adds: “If you have an entity within your structure located in one of these jurisdictions, your immediate question is: Why? Is it related to aggressive tax avoidance or tax planning? You’ll see customers being requested to provide letters from reputable tax firms explaining exactly why the set up includes such a jurisdiction.”

Read the full article here.

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