Managers of Wealth

Standard Chartered facing court case

Standard was hit by a further £900million fine in April 2019 for breaching the sanctions after a US investigation found it had been dealing with Iranian, Cuban and Sudanese individuals and entities.

EU formally adopts public CbC reporting

Subsidiaries or branches below the revenue threshold also will be required to publish their tax information if they are deemed to exist only to help the group avoid the new reporting requirements.

HKMA takes disciplinary actions against four banks

In addition, all four banks contravened the requirement of establishing and maintaining effective procedures for carrying out their duties in relation to ongoing CDD under the AMLO,

Global Forum members continue multilateral efforts to advance transparency agenda and fight tax evasion

Celebrating 10 years of Global Forum capacity-building activities, members will also reflect on ensuring transparency and exchange of information benefit developing jurisdictions and help them in their fight against tax evasion and other illicit financial

Finma sanctions two private banks for 'seriously violating supervisory law'

FINMA opened enforcement proceedings against Banca Zarattini in August 2019 to investigate information it had received regarding possible violations of money-laundering rules.

Linlaters - Launching new resources on financial crime risks in the art market

Regulators in Europe have already taken notice

A Guide to Anti-Money Laundering for Digital Banks

Increased time spent living and working at home during the pandemic spurred many late adopters to embrace digital banking practically overnight.

Pandora Papers reveal Emirati royal families’ role in secret money flows

From skyscrapers rising in the desert to free-trade zones hawking gold and diamonds, the UAE is open for business. Sometimes that business involves shadowy companies and international crimes.

Bermuda to provide a new framework to obtain permanent residency

The changes come into force effective 1 December 2021 and the Department of Immigration will begin to accept applications for Permanent Resident Certificates (PRC) pursuant to the new provisions as of 1 January 2022.

Rabobank faces punishment over customer anti-money-laundering checks

Both banks were warned by the DNB about their weak enforcement of anti-money-laundering practices ahead of the settlements.

Losses to OECD tax havens could vaccinate global population three times over, study

Poorer countries hit hardest by global tax abuse at the hands of rich countries

New tax regime for UK asset holding companies

The new regime includes a number of UK tax reliefs which we expect could be of interest to fund managers and investors in alternative assets.

Evergrande: Lux Homes, Art, Calligraphy and More Sold to Raise Funds

63-year old Hui Ka Yan continues to seek ways to raise funds by selling his private assets after Chinese authorities reportedly told the Evergrande chairman to use his personal wealth to repay bondholders.

Commitments fulfilled: The USA terminates the deferred prosecution agreement with the bank

The responsible US court in New York has approved this application.

USA terminates ZKB’s deferred prosecution agreement

The agreement started in 2018, following a seven-year tax dispute.

When Should Offshore Trustees Participate In Foreign Proceedings?

Choosing to do nothing in the face of foreign proceedings may result in a foreign judgment

Future regulatory framework – Treasury to reform regulation post-Brexit

The consultation proposes changing this principle to clarify that such growth should happen in a sustainable way that is consistent with the UK’s net zero commitments.

How your cryptoassets will be taxed in the UK

This means that investors found to be evading tax bills may incur severe penalties – further evidence for why getting your cryptoasset taxes in order is crucial.

Swiss Banker's Ex-Wife Snagged in Data Breach

Ceregato paid nearly 56,000 Swiss francs ($61,000) in fines and court fees as a result of the decision, carried out by Zurich's prosecutor.

Belgium: New special tax regime for expatriates proposed

This article summarizes the most important anticipated changes based on the draft text of the proposed legislation and related explanatory documents as approved by the Council of Ministers.

Legal,Regulation,Tax & Compliance