Hamilton has mysterious problems on first practice day

European Commissioner Pierre Moscovici claimed on Tuesday that Monaco’s signature on the landmark fiscal transparency agreement with the EU marks the end of banking secrecy in Europe… SIGN IN TO YOUR PREMIUM ACCOUNT TO READ MORE (click Sign In at the top of the page) [ihc-hide-content ihc_mb_type="show" ihc_mb_who="reg" ihc_mb_template="" ]However, respected French daily Le Figaro responded: ”Not exactly. For if this agreement is undeniable progress, it also has limitations to circumvent it. Firstly, automatic transparency concerns the fight against tax fraud but not money laundering. Investigations into the latter area will still be subject to formal requests. Secondly, the agreement will enter into force in 2018, leaving two years for financial institutions to find new legal avenues to ensure discretion, and also allow those most in danger to move their funds.” Eric Vernier, a specialist in the study of money laundering and tax fraud, told Le Figaro in February this year that tax transparency in practice means providing an account balance to a fixed date known in advance. Nothing prevents an account holder from transfering funds elsewhere a few days before the deadline. Then, in the case of a large company or a trust, the exact beneficiaries will be known only when they represent 25 percent of ownership. "In other words, an organisation whose accounts are located in Monaco, knowing the dates and with five shareholders with 20 percent stakes will remain almost as opaque as before the signing of the agreement.”[/ihc-hide-content]

[caption id="attachment_17835" align="alignnone" width="960"] A special evening at the Gustavia Yacht Club January 7. Photo: Facebook Gustavia Yacht Club[/caption] With the season on the island of St Barts coming to a close, members of the Gustavia Yacht Club based in Europe need not fret about a dull summer social calendar after a chock-a-block few months of events hosted by Sir Stelios’ recently-founded club. Gustavia Yacht Club has already held a few gatherings in Monaco, and now they’ve announced their first meet-up in the US. The Club will be hosting a cocktail party with snacks on Sunday, July 2, at Baron's Cove in Sag Harbor, on the east end of Long Island, from 4 pm to 7 pm. “As allowed for within the terms of reference of the Social Committee,” said Gustavia Yacht Club Manager, Benjamin Demarchelier, “our Club Manager Ben will be making a booking at the well known hangout Baron's for the benefit of our members and their invited guests.” By agreement with the Club Manager, members can invite two more guests who might be prospective members, however, with a capacity for up to 40 people, the guest list will be on a first come first served basis by RSVP. The evening will be complimentary for members plus one guest. Several Gustavia Yacht Club members in the US have already confirmed their attendance at Baron's Cove (31 W Water St): Benefactor Jason Redlus, member Antoine Verglas, and member Virginia Layton. “We urge any members who were not already planning to do so to make their way to Sag Harbor for July 2. We will be reaching out to some of the prestigious local Yacht Clubs as well in order to further our reciprocal opportunities for the future. We are looking forward to this great opportunity to connect members and their friends in a lovely setting,” Mr Demarchelier added.

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