07/03/2020
UK guidance on cross-border tax reporting published
The information received from these reports will be shared with tax authorities in EU member states so that they can identify any potential tax risks in their jurisdictions.
Legal, Regulation & Compliance
07/03/2020
EU sues Austria, Belgium, Netherlands over anti-money laundering rules
The 27-nation bloc’s executive cited a lack of action on EU law related to fundamental aspects of the anti-money laundering framework “such as betting and gambling legislation (Austria), mechanisms under which the Financial Intelligence Units
07/03/2020
Portmann channelled €120 million through Pilatus Bank, inquiry hears
Company at the heart of a US investigation on dirty money from Venezuelan politicians had channelled money through Malta-based Pilatus Bank, the Caruana Galizia public inquiry hears
07/02/2020
Jersey advice firm shut up shop
SWM demonstrated a lack of competence by failing to maintain adequate professional indemnity insurance
07/02/2020
Covid-19: FCA further support measures for consumer credit customers
The FCA has also published a Handbook Instrument implementing this guidance
07/02/2020
Ireland and Luxembourg: Extension of Reporting Deadlines for DAC6, FATCA and CRS
Ireland and Luxembourg have both announced a six month deferral of the first reporting date under DAC6, the new EU Mandatory Disclosure Regime for certain cross border transactions which carry defined tax hallmarks.
07/02/2020
Huge Wine Frauds Uncovered in Europe
Authorities in Spain and Italy break open two alleged fake wine conspiracies, Barnaby Eales reports.
07/02/2020
Pressure points: Trustees beware – Changes to UK insolvency regime are now in force
The Act contains the most far-reaching reforms to UK insolvency law in over 30 years.
07/02/2020
Luxembourg tightens screws on trusts with EU rules
Trusts will need to disclose beneficiares from now, in line with EU rules
07/02/2020
World Economic Outlook Update, June 2020
A Crisis Like No Other, An Uncertain Recovery
07/02/2020
Working Time Compliance and Remote Working
Employers should also be particularly mindful of actively ensuring employees do not work in excess of the maximum limit as recent case law has demonstrated that employers will be liable for breach of the OWT Act, even in circumstances where the work assig
07/02/2020
ECB withdraws Malta-based bank's licence
The authority said on Wednesday that auditing firm Ernst&Young would continue to act as bank administrators.
07/02/2020
Accenture Cuts Up to 900 Jobs as Pandemic Takes Toll on Demand
Possible job cuts account for up to 8% of its U.K. workforce
07/01/2020
Switzerland and United Kingdom seek closer cooperation on financial services
With such an agreement, Switzerland and the United Kingdom intend to reaffirm their commitment to the importance of open financial markets and international financial stability, as well as to consolidate their position as the world's leading internat
07/01/2020
Russia Steps Up Hunt To Seize Foreign Assets of ‘Putin’s Banker’
Alfa Group hired to track and seize overseas wealth in the latest development in legal battle between the Kremlin and Sergei Pugachev.
07/01/2020
Covid-19: FCA statement on APR expectations
The Financial Action Task Force (FATF) has launched a consultation on its proposals for amendments to Recommendation 1 and its Interpretive Note to require countries and the private sector to identify, and assess the risks of potential breaches
07/01/2020
Central banks a stabilising force in response to unprecedented crisis
In its flagship economic publication, the BIS analyses central banks' response to the global economic sudden stop, induced in order to prevent a public health disaster.
07/01/2020
FCA consults on revised remuneration provisions for UK Investment Firms
The FCA proposes to follow this categorisation under the IFPR.
07/01/2020
No automatic redemptions in a masterfeeder structure
Update prepared by Simon Dickson (Partner, Cayman Islands) and Jaclyn Pascoe (Knowledge Management, Cayman Islands)
07/01/2020
Italian FA issues guidelines on players' expiring contracts
This followed FIFA’s adoption, in April 2020, of a document (“Covid-19 Football Regulatory Issues”) authorizing its member associations to extend the season beyond June 30, 2020.