03/27/2019
Guernsey substance rules – the Banking and Finance perspective
Guernsey tax resident entities which carry on relevant activities will need to demonstrate that they carry out core income generating activities (CIGA) in Guernsey.
Legal,Regulation,Tax & Compliance
03/27/2019
HMRC wins £40 million battle against tax avoidance promoters
HM Revenue and Customs has won a legal case over tax avoidance scheme promoter Hyrax Resourcing Ltd, which will help the tax authority collect over £40 million in unpaid taxes.
03/26/2019
RSM sells controversial UK wealth manager out of administration
Robinson was allowed to continue working as a financial adviser by the Financial Conduct Authority, despite being ruled against in court and avoiding further legal action after liquidating his company.
03/26/2019
India to auction fugitive billionaire’s art collection
After a court order allowing the auction to take place, tax authorities, who are pursuing Modi over the country’s largest bank fraud, appointed professional auction house Saffronart.
03/26/2019
Jersey International Savings Plans - Appleby
This might include a pay-out upon the end of employment or ill health. Depending on requirements, an ISP can provide either an alternative to or complement traditional benefits such as a pension scheme.
03/26/2019
UK Government details scale of loan scheme tax avoidance
HM Treasury will publish a report on disguised remuneration schemes and government measures to tackle these arrangements.
03/25/2019
A New Horizon by Mark Carney
In pursuit of that New Horizon, let me briefly discuss progress and prospects in three critical areas - reporting, risk and return.
03/25/2019
Like Multinational Companies, Africa's Richest Are Hiding Wealth And Avoiding Taxes
The September 2018 AfrAsia Bank Africa Wealth Report says the total individual wealth held in Africa amounts to US$2.3 trillion.
03/25/2019
Pictet Hit by Alleged Fraud
Geneva's prosecutor has opened a criminal investigation, and the bank has informed Swiss financial regulator Finma, one of the persons said.
03/25/2019
Finma adds three new companies to warning list
Finma has added three firms to its warning list amid concerns about a failure to provide sufficient information to the regulator.
03/25/2019
Swiss Trust Law: Federal Council to Draw Up Law on Swiss Trust
The Swiss attempt to codify the Trust law is a continued effort to not only maintain but to increase the attractiveness of Switzerland as a primary financial location for trust companies and for their clients.
03/22/2019
Billionaire Michael Steinhardt accused of sexual harassment in NYT report
The former hedge fund founder denies touching anyone inappropriately.
03/22/2019
Activities requiring Data Protection Impact Assessment under Luxembourg law
The list put forward by the CNPD does not consist of a comprehensive list of processing operations outside of which a DPIA would not be necessary
03/22/2019
In Your Court: Offshore Dispute Resolution Review - March 2019
The jurisdiction has a reputation for dealing with complex financial services and commercial litigation based on the relevance of its legislation, the reliability of its court system, and the experience of the professionals who work here.
03/21/2019
Transforming wealth-management space poses regulatory challenge
The report noted the rise of two crucial demographic segments.
03/21/2019
Mauritius may be the ideal Plan B
The ‘Singapore of Africa’ offers one of the most progressive investment environments on the continent.
03/21/2019
New Beneficial Ownership Toolkit will help tax administrations tackle tax evasion more effectively
To assist policy makers in assessing different implementation options, the toolkit contains policy considerations that Global Forum members can use in implementing the legal and supervisory frameworks to identify, collect and maintain the necessary benef
03/20/2019
FCA fines UBS AG £27.6 million for transaction reporting failures
UBS AG (UBS) has been fined £27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.
03/20/2019
Arki Busson’s hedge fund gives up Swiss licence and cuts jobs
LumX had already been slimming down following years of losses
03/20/2019
Labuan Financial Services Authority and China Banking and Insurance Regulatory Commission commit to greater regulatory co-operation and collaboration
The MoU provides the platform for Labuan FSA and CBIRC to enhance the regulatory and supervisory oversight of cross border branches and subsidiaries of China and Labuan based banks and insurance entities.