Montenegro launches scheme offering citizenship for investment
4th January 2019
Montenegro launches scheme offering citizenship for investment
Montenegro has launched a programme offering citizenship to up to 2,000 foreigners in return for investment over the next three years to help speed up its economic development, the government said on Thursday. A passport from Montenegro, an Adriatic country with a population of 620,000 which has joined NATO and… Read More
Regulation: UK’s position on Gibraltar after Brexit
3rd January 2019
Regulation: UK’s position on Gibraltar after Brexit
On the day the United Kingdom leaves the European Union, it will be looking to preserve its current regulatory position on Gibraltar within the Financial Conduct Authority’s (FCA) handbook, the watchdog said. The announcement is in line with the UK’s position that Gibraltar financial services firms should, until December 2020,… Read More
EU Anti-Tax Avoidance Directive (ATAD) comes into force
3rd January 2019
EU Anti-Tax Avoidance Directive (ATAD) comes into force
New rules designed to combat corporate tax avoidance in the European Union have kicked in. As of 1 January 2019, all member states shall apply new legally binding anti-abuse measures which will see authorities tax profits moved to low-tax countries where the company does not have any genuine economic activity… Read More
FATF’s assessment of the UK’s anti-money laundering systems draws criticism
3rd January 2019
FATF’s assessment of the UK’s anti-money laundering systems draws criticism
The much-anticipated Financial Action Task Force (FATF) mutual evaluation of the United Kingdom’s anti-money laundering and counter terror financing regime is out, and with it has come much praise from UK government officials, not least HM Treasury Minister John Glen, who said: “The report recognises that the UK’s AML/CTF regime… Read More
UK regulator FCA to publish new plans for whistleblower regime
2nd January 2019
UK regulator FCA to publish new plans for whistleblower regime
The Financial Conduct Authority (FCA) is to unveil an overhaul of the treatment of whistleblowers in the UK’s financial services sector, according to media reports. The plans, which are expected to be unveiled in the new year, will likely focus on issues such as how it maintains whistleblower confidentiality… Read More
French government scrutinising company executives’ tax affairs
1st January 2019
French government scrutinising company executives’ tax affairs
The French government is cracking down on business chiefs of companies listed in France to make sure they are paying their taxes in France, Budget Minister Gerald Darmanin said in a newspaper interview on Sunday. President Emmanuel Macron had already signalled a hardening stance on corporate tax affairs in a… Read More
Bank profits need to fall in fight against money laundering – ECB’s Knot
31st December 2018
Bank profits need to fall in fight against money laundering – ECB’s Knot
Banks need to step up the fight against money laundering and accept lower profits in return, European Central Bank board member Klaas Knot said, after a year in which investigations into criminal use of accounts implicated several EU lenders. “Banks need to adhere to rules and laws under any circumstance. Read More
Germany: Massive money laundering in real estate, KYC, beneficial ownership issues – research
21st December 2018
Germany: Massive money laundering in real estate, KYC, beneficial ownership issues – research
Criminals are able to use Germany’s real estate sector to launder billions of euros annually as its laws and resources for authorities are out of step with the swift movement of corrupt cash, a new study has found. It is estimated that 15 to 30 percent of all criminal assets… Read More
How does the UK tax cryptocurrencies? Government publishes policy paper
21st December 2018
How does the UK tax cryptocurrencies? Government publishes policy paper
The United Kingdom has outlined its views on the taxation of cryptoassets, such as bitcoin, alongside guidance on what holders of such assets need to pay and records they should keep. According to HMRC, individuals will be liable to pay income tax and national insurance contributions on cryptoassets they receive… Read More
EU states endorse new plans to supervise banks on money laundering
20th December 2018
EU states endorse new plans to supervise banks on money laundering
EU member states have agreed on a plan aimed at strengthening the European Banking Authority’s supervisory powers in order to better address money laundering problems following a rise in banking financial crime scandals. Under the plans, the EBA – as a last resort – will be able to directly… Read More
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