Managers of Wealth

Global bank HSBC owns up to potential anti-money laundering law breaches

HSBC's exposure to money laundering breaches

Weekly Tax Brief - 7 April 2020

While it is too early to predict what the UK tax system will look like after the virus has passed, one thing is clear: much more tax will be paid by fewer companies and individuals.

Crumbling Economies Must Tackle Tax Evasion To Meet Coronavirus Crisis, Experts Warn

The pandemic has highlighted global reliance on digital and pharmaceutical behemoths, and at the same time should shine a spotlight on their tax behavior, said Rasmus Corlin Christensen, a researcher with the International Centre for Tax and Development.

Free-standing Freezing Orders in the British Virgin Islands: service out on non-submitting foreign defendants

It remains to be seen whether this Court of Appeal decision will now trigger legislative change

SFC fines HSBC GAM for cash management failures

The SFC’s investigation found that some of the 53 funds managed and/or advised by HIFL and HGAML between 2010 and 2016 maintained cash deposits with connected entities, namely, The Hongkong and Shanghai Banking Corporation Limited and/or its affilia

Appleby Bermuda Assists Credit Suisse with USD461 Million Operational Re Cat Bond Coverage

Appleby has assisted with a third catastrophe bond issuance offering Credit Suisse protection for its operational risk exposures.

Adviser FCA fees to increase to £81m

The watchdog’s funding requirement, which includes £15m in EU withdrawal costs and £10m to support its own transformation programme, has increased 5.2 per cent to £587.6m.

Implementation of the 5th AML Directive into Luxembourg law

The 2020 Law, which is significant in the context of the FATF’s scheduled on-site visit in Luxembourg, impacts the national AML/CTF framework in a number of key areas.

Regulators Respond To An Unprecedented Confluence Of Events

SS&C Advent is actively working with clients to help them deploy their own contingency plans and alleviate operational challenges.

The Territorial Limitations of the Black Swan Jurisdiction

On 30 March 2020, the Court of Appeal of the Eastern Caribbean Supreme Court (the Court of Appeal) delivered a decision of some practical importance to the practice relating to applications for injunctive relief.

3 Governance, Risk and Compliance Trends to Watch

Data privacy has become one of the top risk areas in 2020.

Charities Registration and Regulation Act 2019

Every registered charity (even small charities) must now have a written governing instrument and the Attorney General must give prior written consent to any amendment to the written instrument (unless it is a foreign charity).

10 Countries Actively Regulating Cryptocurrency Despite Global Crisis

During the past week, two countries approved new cryptocurrency exchanges.

Global Forum: Switzerland scores well

The report was published on 6 April 2020. It noted significant improvements, in particular as regards bearer shares and the efficiency of information exchange in practice.

Covid-19: FCA/PRA SMCR Expectations

The FCA has updated its COVID-19 pensions information webpage to acknowledge that some firms may not be able to avoid a short delay in implementation of the incoming rules on communicating pension information

"How Keeping Lawyers in the Flow Drives Deal Velocity and Pulls Revenue Forward"

Too often, technology meant to keep lawyers operating in this capacity interrupts or distracts them from it.

COVID-19: introduction of practical regulation and considerations in Luxembourg

This reaffirms the importance of providing regulatory reporting in a timely manner, extending the filing of annual financial statements and insisting on the importance for supervised entities to provide virtual or remote access to their employees.

COVID-19 pain kicks in for law firm partners

This is no more keenly felt than in the mergers and acquisitions departments of the biggest firms, which rely on such big-ticket work to boost profits.

Finma finds Anti-Money Laundering Act breaches at over 10 initial coin offerings

Finma has also started enforcement proceedings against a firm for unlawafully receiving public desposits and another for illegal securities trading with tokens.

Arron Banks fails in effort to use European laws to avoid £162,000 tax bill

HMRC says millionaire owes money for inheritance tax liability on Ukip donations

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