10/22/2020
FINMA decision in BSI legacy case
This decision follows a ruling by the Federal Administrative Court in December 2019, which had confirmed FINMA’s assessment of the case but had remanded the aspect of the disgorgement amount to FINMA.
Legal,Regulation,Tax & Compliance
10/22/2020
Anti-money laundering (AML) program effectiveness
Transforming AML programs to enhance outcomes for law enforcement
10/22/2020
Tax challenges from digitalisation: A global two-pillar solution could increase tax revenues and support economic activity
The COVID-19 crisis is exacerbating these tensions by accelerating the digitalisation of the economy and increasing pressures on public finances.
10/22/2020
Hong Kong fines Goldman Sachs record $350m over 1MDB
The 1MDB bond offerings were arranged and underwritten by Goldman Sachs International,
10/22/2020
Mozambique Seeks Ex-Credit Suisse Bankers
After Mozambique defaulted in 2018, the matter morphed into a major crisis because the Swiss loans were not revealed to other creditors and the International Monetary Fund.
10/21/2020
EU to take legal action over Malta and Cyprus golden visas
Maltese prime minister defends programme for its contribution to the country’s economy
10/21/2020
Arrest warrants issued for founders of Panama Papers firm: report
The Panama Papers, a massive data leak in April 2016, exposed widespread tax avoidance and evasion
10/21/2020
UK Fundraising Regulator publishes review into charities' compliance with reporting requirements
Many charities are reporting effectively on their fundraising approach, and to a lesser extent on fundraising standards.
10/21/2020
Controversial shell-company ‘factories’ seek a role cleaning up UK’s reputation
It would ‘put the fox in charge of the henhouse’, anti-money-laundering experts warn, after FinCEN Files identified thousands of U.K. shell companies linked to suspicious transactions.
10/20/2020
Edmond de Rothschild Faces Fraud Suit
The case was filed with a court in New York and includes a claim of $100 million in damages.
10/20/2020
Decentralized Finance needs regulatory clarity and smarter compliance
As of mid-July 2020, according to the Bank for International Settlements report, at least 36 central banks have published retail or wholesale central bank digital currency work.
10/20/2020
Goldman Poised to Pay More Than $2 Billion in DOJ’s 1MDB Probe
Deal to push Goldman’s tally of penalties to around $5 billion
10/19/2020
Former Russian oil boss sues Geneva bank for 'kickback scheme'
The case alleges a senior bank executive conspired with Eastern Europeans based in Brooklyn to defraud Bogdanchikov, all with the help of Mossack Fonseca, the law firm forced to shut down in 2018 after the Panama Papers revealed it was involved in interna
10/19/2020
Consultation initiated on blanket ordinance in area of blockchain
A blanket ordinance is now planned to incorporate the legislative amendments voted by Parliament into law at federal ordinance level.
10/19/2020
No-Deal Brexit: changes to withholding taxes
UK businesses receiving payments from the EU have some planning to do…
10/19/2020
SoW/SoF Checks: What Does Good Look Like?
The guidance offers examples of the good practices MAS observed, as well as instances where corroboration was inadequate.
10/18/2020
“Magnitsky-style” human rights sanctions now in the UK Overseas Territories
The activities could be carried out by a State or non-State actor.
10/16/2020
Majority Ruling of UK Supreme Court Sheds Light on Questions Concerning Law of Arbitration Agreements
A recent judgment of the UK Supreme Court has fortunately provided some clarity on this issue.
10/16/2020
Cross-border enforcement of Judgments and Brexit
There are some transitional provisions for court proceedings started before 1 January 2021 by which the above principle will continue to apply as between the UK and the EU.
10/16/2020
Future Market Dynamics Part 3 – data sharing, trust and a world of choice
Data can have the characteristics of a public good – it creates benefits for society as a whole and those benefits increase the more data is used and the more widely it is dispersed.