NIUE KEEPS INTERNATIONAL COMPANIES REGISTRY BUSINESS OPEN

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ALOFI, Niue (February 24, 2002 - Niue Economic Review/PINA Nius Online)---Niue's Cabinet has decided to continue its international business companies registry activities after closing its offshore banking business.

After two days of intense talks with the registry's agent, Mossack Fonseca, the Cabinet announced its intention to continue with the offshore company registrations, which reap the island about NZ$ 2 million (US$ 836,000) a year.

The future of the registry as part of Niue's offshore finance center was in doubt after Premier Sani Lakatani announced offshore banking had to be closed because of international pressure.

The Organization for Economic Cooperation and Development (OECD) has been threatening to impose sanctions beginning Thursday, February 28.

The Pacific Islands Forum Secretariat has raised concerns over OECD plans to blacklist as many as six Forum Island Countries.

The threat results because the countries have not committed to tax measures demanded by the OECD.

The six are the Cook Islands, Nauru, Niue, the Marshall Islands, Samoa and Vanuatu.

 

NIUE CONSIDERS WITHDRAWING LICENSES TO INTERNATIONAL FIRMS

ALOFI, Niue (February 22, 2002 – Radio New Zealand International)---The Niue government, which announced two weeks ago it was no longer going to license offshore banks, is also considering pulling the plug on the licensing of international business companies (IBC).

Premier Sani Lakatani says the pressure from the Financial Action Task Force (FATF) means offshore banking is no longer viable.

The FATF says Niue is one of four Pacific nations not cooperating in its campaign to end money laundering.

In addition, Niue is one of six Pacific countries given until the 28th of this month to convince the OECD (Organization for Economic Cooperation and Development) that it is not an uncooperative tax haven.

Mr. Lakatani told Pasifika magazine that he is willing to close down the IBCs registered in Niue if that is what it takes to get off the OECD blacklist and qualify for more overseas aid.

For additional reports from Radio New Zealand International, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio New Zealand International.

Pacific Islands News Association (PINA) Website: http://www.pinanius.org 

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