Managers of Wealth

Weekly Tax Brief - 6 October 2020

There is a loophole where the regulations do not apply to employees who are contractually entitled to a longer period of notice than the law requires.

Unexplained Wealth Orders: Suspected money launderer gives up £10m of property

Around £10m of property has been surrendered in a major victory against some of northern England's most dangerous criminals.

Dubai's top court dismisses tycoon's $115m damages claim for superyacht

The court ruled that the challenge filed by Russian tycoon Farkhad Akhmedov on the judgements pronounced by two lower courts shall be deemed "groundless".

EBRD Head sets out plan for resilient, “majority green” future

Under the proposed new strategy, on which shareholders will decide today, the EBRD will accelerate the transition to a low-carbon economy.

Carey Olsen advises Nordic Capital on €6.1 billion fund

Working alongside international counsel Kirkland & Ellis

Carey Olsen advises Capvis on acquisition of leading CRM provider

The Carey Olsen team was led by partner Daniel O'Connor with assistance from senior associate Arindam Madhuryya and associate Jordan Zubeidi.

Lugano bank ‘seriously breached anti-money laundering regulations’

The breach is in connection with the handling of Venezuelan client relationships.

New Swiss Laws Provide Solid Ground For Blockchain And Crypto

In short, it mentions every legal requirement for running a cryptocurrency exchange.

HSBC and UBS: Still more dirty deals by big banks

The bank is no stranger to such allegations, having squandered its reputation in a string of lawsuits brought against it for allegedly laundering $881 million for Mexican drug cartels.

Lugano bank ‘seriously breached anti-money laundering regulations’

The breach is in connection with the handling of Venezuelan client relationships.

EU list of non-cooperative jurisdictions for tax purposes: Anguilla and Barbados added, Cayman Islands and Oman removed

The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017.

Walkers Acts on Delta Airline's US$6 Billion Loyalty Programme Financing

The Delta deal follows in the footsteps of a the world's first financing transaction utilising a US airline's loyalty program, on which Walkers also acted as Goldman's Cayman counsel.

FCA Bans the Sale of Crypto-Derivatives to Retail Consumer

These features mean retail consumers might suffer harm from sudden and unexpected losses if they invest in these products.

JFSC warns investors to be cautious in times of crisis

Many islanders won’t consider themselves investors but anyone who has a bit of money put aside and needing to make a decision about what to do with it is an investor.

Former Swiss bankers plead guilty in U.S. tax evasion case

The trio had been indicted in 2012 alongside the bank itself on allegations of shielding $1.2 billion from U.S. taxes, but prosecutors agreed to the lesser charge in March.

PIMFA urges Regulator to work more closely with industry to rebuild levels of trust in fair FSCS outcomes

Results from the survey revealed the extent to which the FSCS is putting firms under increased financial pressure

FCA calls for tougher measures to tackle online scam ads

It is clear there is now mounting pressure on the government to take steps to tackle the promotion of scams through search engines and social media platforms.

FCA extends pause on Mifid 10% rule

The FCA intends to apply the TTP on a broad basis from the end of the transition period until 31 March 2022.

Degroof Petercam and Avaloq ink agreement

This new solution will transform Degroof Petercam’s IT platform and better position the institution for growth and new opportunities.

Landmark decision approving third party litigation funding in the British Virgin Islands

Given the large number of relatively small creditors and the lack of available funding in the estate, the liquidators turned to the commercial third party funding market to meet their anticipated costs and expenses, including the costs of prospective liti

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