04/15/2021
Financial Regulation: Daily Update
The FCA and PRA have published a template version of their 'Dear CEO' letter regarding obtaining deposits via deposit aggregators.
Legal, Regulation & Compliance
04/15/2021
Malta involved in Italian fuel tax fraud investigation worth €1 billion
€600 million in assets seized and 23 people arrested.
04/15/2021
Ireland Update – Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021
These obligations are expected to come into further focus as the European Commission designates additional high-risk third countries in response to the FATF expanding its list of monitored jurisdictions.
04/15/2021
Ashurst advises on the €774 million cash offer for Globalworth Real Estate Investments Limited
Globalworth is managed by approximately 226 professionals across Cyprus, Guernsey, Romania and Poland and has an overall real estate portfolio valued at approximately €3.0 billion as at 31 December 2020.
04/15/2021
EBRD at 30: the Bank steps up its climate ambition
Under its current strategy, the EBRD has committed to dedicating most of its investments to support the transition to a green economy by 2025.
04/15/2021
Self regulatory organisation VQF hunts for new CEO
VQF is still authorised as an SRO to regulate financial intermediaries in the parabanking sector who have to abide to the AMLA, but not to FinIA and FinSA.
04/15/2021
40% of Tavistock shareholders reject Jersey fund M&A bid
Board does not see any ‘commercial logic to justify a combination of the two businesses’
04/15/2021
Landlords warned to tread carefully with tax rules on holiday lets
It has to be let on a commercial basis with a view to making a profit – letting to family and friends at reduced rates does not count.
04/15/2021
FCA bans and fines Warwickshire adviser
Today’s ban should act as a deterrent to other senior individuals who abuse a position of trust.’
04/15/2021
Financial Regulation: Daily Update
The FCA has imposed a fine of £68,3000 and banned the individual from working in financial services.
04/15/2021
UK tax compliance and enforcement for wealthy individuals
Cases are chosen for the programme if there is a significant amount of tax at risk and it is thought that compliance interventions by the HRWP will add value.
04/15/2021
The challenges with data and AI in UK financial services
Discussion at the meeting centred on the issues and challenges surrounding data quality, data strategy and economics, data governance and ethics, and data standards and regulation.
04/14/2021
Enforcement of judgments: Brussels opposes UK entry to the Lugano Convention legal pact
Brussels is pushing for the UK to not be able to join the Lugano Convention, an international legal pact, after officials held a crunch meeting yesterday.
04/14/2021
Financial Regulation: Daily Update
The FCA has published the latest data collected from all affected insurers on the progress of their non-damage business interruption (BI) insurance claims on a new webpage.
04/14/2021
Business interruption insurance test case – Insurer claims data
The letter also set out our intention to gather information from all affected insurers regularly on the progress of their non-damage BI claims
04/14/2021
Terminal fraud attacks in Europe drop during Covid-19
Most losses remain international issuer losses due to card skimming, which were €183 million.
04/14/2021
Swiss money laundering probe eyes Lebanon central bank chief: report
Contacted by AFP, the Swiss attorney general's office confirmed Tuesday that its aggravated money laundering probe involving Lebanon's central bank was ongoing, but refrained from further comment.
04/14/2021
When your friends become your executioners: Court of Appeal holds authorised execution-only firm liable for the wrongdoing of unauthorised introducer
The High Court dismissed Mr Adams’ claim – see our earlier briefing note on that judgment here.
04/14/2021
Lawyers remain laggards in adopting money laundering risk assessment tools
Only 57% of lawyers had a business risk assessment in place last year, placing them last in a list of sectors that includes credit institutions, gaming companies, trust services providers, notaries and accountants
04/14/2021
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.