04/08/2021
Record French Fine Slashed as Latvian Bank Wins Tax Appeal
The penalty was eclipsed just a year and a half later when the PNF secured a 3.7 billion-euro fine in court against UBS Group AG.
Legal,Regulation,Tax & Compliance
04/07/2021
Mauritius a player in transparency – identifying Ultimate Beneficial Owners
This mandate for transparency in many jurisdictions has changed the game in the financial industry around the world and Mauritius as a responsible player has been no exception.
04/07/2021
An Asynchronous and Divergent Recovery May Put Financial Stability at Risk
The economic trauma would have been much worse if the global economy had not been supported by the unprecedented policy actions
04/07/2021
Considerations for making charitable gifts abroad by Withers Worldwide
Before gifting to foreign charities (through checks, credit cards or Venmo), consider that charitable giving outside this country may produce significant tax consequences and present traps for the unwary.
04/07/2021
Malta launches new citizenship by investment programme
It is a member of the EU and offers its citizens visa free travel to over 180 countries.
04/07/2021
New watchdog to boost online competition launches
A tough new regulator to help make sure tech giants such as Facebook and Google cannot exploit their market dominance to crowd out competition and stifle innovation online has launched.
04/07/2021
TMF Group announces 2020 full year results
TMF Group delivered strong performance in 2020
04/06/2021
Egypt, Japan sign MSME facility agreement worth $100m
New facility aims to boost MSMEs to lead Egypt’s economic growth
04/06/2021
International Investors Can Now Apply for Bermuda’s New Residency Certificate
To ease the process for prospective EIC applicants, the Bermuda Business Development Agency (BDA) offers a dedicated and personalized business concierge to act as a single point of contact.
04/06/2021
Key trends from the boardroom in 2021
This has been further exacerbated by the impact of the COVID-19 pandemic on the financial system, leading to a push by investors for ESG-focused initiatives and an increased emphasis on a company’s responsibilities towards wider society.
04/06/2021
The SFDR – get it right from the start
The SFDR has now become a reality, with EU funds and non-EU AIFs marketed within the EU being obliged, as an initial step, to have updated their prospectuses by 10 March 2021, requiring investment managers to classify their fund product into one of three
04/06/2021
Buffet of tax-evading secrecy revealed by US settlement with Swiss bank Rahn+Bodmer
This is a global ranking of the countries most complicit in helping wealthy individuals hide their wealth from the rule of law
04/06/2021
Private wealth professionals expect increased efforts to tax offshore wealth post-Covid 19, says Intertrust research
More than half of respondents (53 per cent) also said that the pandemic had resulted in clients re-evaluating their objectives and shifting from wealth creation to wealth preservation strategies.
04/06/2021
Credit Suisse's Fatal Lack of Humility
It also slashed their dividend to roughly one-third of what it had originally promised and stopped buying back shares.
04/05/2021
Tax transparency moves forward as no or only nominal tax jurisdictions first exchange information on the substance of entities
These new annual exchanges cover information on the identity, activities and ownership chain of entities established in no or only nominal tax jurisdictions that are either non-compliant with substance requirements or engage in intellectual property
04/05/2021
OECD releases new peer review results on the prevention of tax treaty shopping under the BEPS Action 6 minimum standard
To address this issue, all members of the Inclusive Framework have committed to implementing the Action 6 minimum standard and participate in annual peer reviews to monitor its accurate implementation.
04/05/2021
Overcoming complexity and realising opportunity in luxury French property
Against the backdrop of the COVID-19 pandemic, luxury French property remains an attractive investment choice for many high net-worth individuals (HNWIs).
04/01/2021
Extension of Annual Financial Crime Reporting Obligation
This policy statement proposes that additional firms and cryptoasset businesses should be brought into scope of the return based on their business activities and the potential money laundering risks.
04/01/2021
SEC Charges Pro Athlete Advisor With Fraud
The complaint further alleges that Elstun made unsuitable and risky investments in daily leveraged and/or inverse ETFs that were inconsistent with Elstun's clients' investment objectives and risk tolerances.
03/31/2021
PIMFA welcomes FCA Feedback Statement on Open Finance
It is also good to see the FCA views the introduction of Open Finance as we do, through a phased approach that will see Open Banking extended first, with the next stage being to start with products that have the best balance of cost and complexity.