03/27/2019
RSM's Weekly Tax Brief
The legislation is fairly brief and HMRC did issue some guidance in early 2018.
Legal, Regulation & Compliance
03/27/2019
EU Copyright Directive: A dark day for internet freedom?
Under article 13, sites would be found directly liable for copyright infringement if infringing content uploaded by a user is found to be on it.
03/27/2019
European Parliament report accuses seven countries, including Cyprus, of acting as tax havens
Lawmakers said EU states should “phase out” as soon as possible all existing schemes to market citizenship and residency permits to wealthy foreigners. Currently 20 of the 28 EU states run these programmes.
03/27/2019
Bermuda sending team to Europe to discuss removal from EU blacklist
The team is expected to meet Robert Jenrick, exchequer secretary to the Treasury, in London, and Pierre Moscovici, European commissioner for economic and financial affairs, taxation and customs, and ambassador Luminita Odobescu, permanent representative o
03/27/2019
EU Lawmakers Adopt Plan to Create Multiple Financial Crime Agencies
Parliamentarians separately called out specific jurisdictions for their purportedly lax controls on financial crime.
03/27/2019
Citigroup Sued for Age Discrimination by 56-Year-Old Banker
Bank says that it will defend against the claims ‘vigorously’
03/27/2019
Guernsey substance rules – the Banking and Finance perspective
Guernsey tax resident entities which carry on relevant activities will need to demonstrate that they carry out core income generating activities (CIGA) in Guernsey.
03/27/2019
Jersey's Lumiere fraud victims to receive £785,000
Bryne was sentenced to seven years in prison last year,
03/27/2019
MEPs vote for change in ‘tax haven’ Malta, phasing out of cash for passports
It recommended new legislation and the creation of new bodies at both EU and global level, including an EU financial police force and an EU anti-money laundering watchdog.
03/26/2019
FCA final report: Review of retained CCA provisions
The report does not make formal recommendations but provides analysis and evidence to enable the government to decide on the future of CCA provisions.
03/26/2019
Lloyds chief Antonio Horta-Osorio will face MPs over 'stealth' pay rise that followed cut to his pension
Committee chairman Frank Field, an independent MP, said: 'We will be asking companies to account for themselves when they submit evidence to our review.'
03/26/2019
KBC continues divesting from the tobacco industry and signs the Tobacco-Free Finance Pledge
Under these commitments, KBC's current policy of excluding the tobacco industry from its lending, insurance and sustainable investment activities, is being extended to include KBC Asset Management's conventional investment funds and KBC's o
03/25/2019
UAE, Austria Sign Agreements to Enhance Partnership, Investments
Under the terms of the first MoU, ADNOC and OMV will evaluate new opportunities in petrochemical projects as a potential extension to their existing partnerships, and exchange knowledge and experience in refinery-petrochemical integration and optimisation
03/25/2019
Sweden Seen Likely to Force Banks to Handle Cash Transactions
Key lawmakers said in interviews over the weekend that the government will probably seek to enact proposed legislation that had been roundly criticized by the banking industry and called potentially illegal.
03/25/2019
Litigation Capital Management enters agreement to fund London-based law firm's disputes
The law firm was one of the most active in the litigation space globally
03/25/2019
PIMFA calls for FCA to postpone implementation of revised FOS compensation limits
The impact on the PII market was an area of key concern flagged by PIMFA in our submission to the CP.
03/25/2019
Norway’s FSA finds gaps in banks’ anti-money laundering measures
FSA criticized DNB, Norway’s largest bank, for not having sufficient systems
03/24/2019
A New Horizon by Mark Carney
In pursuit of that New Horizon, let me briefly discuss progress and prospects in three critical areas - reporting, risk and return.
03/24/2019
Angola Says It Recovers $3.35 Billion of Assets From Quantum
It included about $2.35 billion of financial assets held in U.K. and Mauritius banks, and $1 billion of real estate holdings in hotels, gold mines, farms and resorts in the country and abroad, it said.
03/22/2019
A new horizon - speech by Mark Carney
European Commission High-Level Conference: A global approach to Sustainable Finance, Brussels