12/23/2020
Luxembourg Update: Important Clarification for RAIFs for RR and RC Appointments
This update is a FAQ regarding persons involved in AML / CFT for RAIFs.
Legal,Regulation,Tax & Compliance
12/23/2020
UBS Board Gauges Fallout of ING Laundering Probe on New CEO
Board members have gone as far as informally discussing who could take on the CEO role if the situation with Hamers became untenable.
12/22/2020
Rich Americans Who Fear Higher Taxes Hurry to Move Money Now
Some advisers say they’re busier than ever in the last weeks of 2020,
12/22/2020
Information Notice has brought clarity to industry's questions over investment into cannabis assets by Guernsey structures
The information notice itself does not represent any official legislation or statute but it does provide those in Guernsey's finance sector with a clear direction insofar as opening the gateway to wider cannabis investment, not just where it is culti
12/22/2020
Luxembourg Update: Filing Extensions for 2019 and 2020 Tax Returns
On 21 December 2020, the Luxembourg Finance Minister announced an extension to the filing deadlines for 2019 and 2020 Luxembourg tax returns.
12/22/2020
How to limit the risks of serving EM clients: a legal expert's solution
Asset managers dealing with clients directly in emerging markets face an array of legal, compliance, and regulatory risks.
12/22/2020
New Covid Travel restrictions affecting the UK
UK entry quarantine is still in force for 10 days on arrivals from countries not on the travel corridor list, which may be reduced to 5 days if they do the Test and Release process.
12/21/2020
'McMafia' banker's wife will have £22m seized unless she reveals source of wealth
'McMafia' banker's wife will have £22m seized unless she reveals source of wealth Supreme court upholds order against Zamira Hajiyeva, who spent £1m a year at Harrods
12/21/2020
'Guernsey must continue to be one of the good guys'
Unpicking details of these strands, he says: ‘We should be seen as one of the world's serious wealth management centres.
12/21/2020
Transfer pricing implications of the COVID-19 pandemic: New OECD guidance for tax administrations and business
The pandemic has also led to the unprecedented growth of government assistance programmes, leading to questions around the factors that should be evaluated to determine whether receiving government assistance may affect transfer prices.
12/21/2020
FCA introduces rule to enhance climate-related disclosures
The rule will apply for accounting periods beginning on or after 1 January 2021
12/21/2020
FCA fines Charles Schwab £9m for safeguarding failures
Charles Schwab UK failed to get the correct permissions from the FCA; then failed to be open with us and, finally, failed to put in place the necessary safeguards to ensure, if required, there could be an orderly return of client assets.
12/21/2020
UK tax evasion prosecutions fall by half in 5 years
Critics question HMRC’s strategy considering the billions lost to fraud each year
12/20/2020
Ledger users threaten legal action after hacker dumps personal data
A cybersecurity expert claimed the affected users would be targeted online and in person now that their personal information had been made public.
12/20/2020
Financial Regulation Update
For the UK, this decision will apply from 19 December 2020 until the end of the transition period
12/18/2020
FCA responds to independent reviews into its regulation of London Capital & Finance and Connaught
The FCA has accepted the nine recommendations addressed solely to the FCA in the LCF Review and the five lessons identified by the Connaught Review.
12/18/2020
Irish Investment Limited Partnership
The Bill introduces a number of important changes which aim to position the ILP as a leading EU fund vehicle for private equity, sustainable investments and closed-ended alternative funds.
12/18/2020
Israeli Billionaire Sentenced to Five Years for Bribery
Steinmetz, along with Israeli media consultant Tal Silberstein, was given a five-year sentence, overturning a lower court decision to acquit both in 2019
12/18/2020
Postfinance is asking even more customers to check out
How the customers will accept this remains to be seen.
12/18/2020
World Bank Admits and Corrects Rating Revisions
The review also featured other errors for the 2020 report released in October 2019 including the ranking of Saudi Arabia as the top improving economy; placing Azerbajian amongst the top 10 improvers; and inflating the United Arab Emirates’ score.