Managers of Wealth

Trust but Verify: Establishing a Client’s Source of Wealth

Epstein advocates a “trust but verify” mindset.

Football: Indictment for a payment of CHF 2 million by FIFA to the former president of UEFA

Over eight years after the termination of his advisory activity, Platini demanded a payment in the amount of CHF 2 million.

Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

The FATF standards require countries to assess and mitigate their risks associated with virtual asset financial activities and providers; license or register providers and subject them to supervision or monitoring by competent national authorities.

G77 takes the initiative as G20 papers over the cracks of weak OECD tax deal

Two multilateral instruments are still to be designed, signed and ratified before binding changes come into effect.

UK Cryptocurrency Tax Is Still Murky Territory — Here’s How to Navigate It

The only things certain in life are death and taxes — and that applies to cryptocurrency tax in the UK, which is still being defined by the HMRC.

Scrutiny of the U.S. Art and Antiquities Markets Intensifies

While the scale of the problem is unknown, experts agree that a number of factors make the art and antiquities markets particularly susceptible to financial crime.

FSB’s revamped Annual Report describes its work to promote global financial stability

The report notes that the outlook for financial stability continues to be dominated by the COVID-19 pandemic, with the recovery uneven across economies and sectors.

High-Level Synopsis of the Stocktake of the Unintended Consequences of the FATF Standards

Despite these efforts, de-risking and financial exclusion remain challenges for many sectors and run contrary to the RBA promoted by the FATF and core philosophy of the RBA.

Art collector's court case signals potential legal and contractual issues with NFTs

According to the NFT Report 2020, published by L’Atelier BNP Paribas and Nonfungible.com, the value of the NFT market grew by 299% in 2020.

Second national report on risks of money laundering and terrorist financing

It also provides an overview of the legislative provisions that have been implemented in this period with a view to improving the Swiss toolkit for combating money laundering and terrorist financing.

Dubai royal divorce begins

A ten-day hearing at the High Court before Mr Justice Moor will decide the payout for the princess and their two young children.

Freetrade says investors could be ‘duped’ by loose ESG labels

While ESG funds screen out certain industries — such as arms and thermal coal — they do not necessarily have to exclude oil and gas, so long as companies in the sector are pursuing plans to reduce emissions.

FATF publishes guidance for regulation of cryptocurrency industry

The guidance provides relevant examples and potential solutions to implementation obstacles.

UK regulators pledge to embed climate change reports into all aspects of policy

Doing so creates opportunities for UK companies and consumers, as well as helping address climate change.

UK Charity Commission publishes details of whistleblowing disclosures made in 2020 to 2021

The majority of disclosures were received from employees and ex-employees (50.8%), however the proportion of reports from other sources (including Trustees) has increased.

New Revelations in Credit Suisse Spy Case

This is one of a glut of media revelations following a regulatory sanction for seven planned surveillance operations of current and former executives.

Extension to Global Citizen Concierge Program

The annual fees are relatively low and a successful applicant will pay US$1,500 per annum for their Certificate (a fee which includes one dependant), with fees of US$500 for each additional dependant.

The Anti-Money Laundering Act of 2020

Congress also increased penalties for violating the BSA.

Global Tax Agreement May Shake Up Taxation of Multinational Enterprises

The agreement, if implemented, could increase the complexity of the international tax system. Pillar One requires new source rules and dispute resolution procedures specific to those MNEs subject to the special nexus rule.

A Few Takeaways from Two Recent NY Tax Whistleblower Decisions

Understanding the application of the NYFCA to these types of claims requires more judicial guidance—and subtle aspects of recent decisions have the potential to shed new light on the application of the NYFCA to tax claims in court.

Legal,Regulation,Tax & Compliance