30th October 2018
Britain will seek to boost its efforts to combat tax evasion and avoidance at home and offshore by launching measures that could raise billions for the Treasury, Chancellor Philip Hammond said in his Budget speech. Over the years, HMRC has announced various plans to tackle tax evasion and avoidance, and… Read More
27th August 2018
The UK’s parliamentary research department has published a paper on registers of beneficial ownership. The study outlines the beneficial ownership structure in the UK, and also looks at issues around its Overseas Territories. It explains that the UK has registers of beneficial ownership for three different types of assets: companies,… Read More
22nd June 2018
A gambling firm which failed to conduct important anti-money laundering checks on a customer whose deposits eventually reached £750,000 has been fined £2 million by the Gambling Commission. The watchdog said 32Red should have reviewed the customer’s account for source of wealth and other checks in 2016, but ‘because of… Read More
17th May 2018
The United Kingdom’s Crown dependencies (CDs) are facing increasing calls to adopt public registers of beneficial ownership, after British lawmakers voted to compel the overseas territories (OTs) to implement the measures. British parliamentarians from both the Tory and Labour parties recently voted to make it compulsory for the OTs to… Read More
3rd May 2018
The British Virgin Islands has hit out at the United Kingdom’s plans for its Overseas Territories to publish publicly accessible registers naming the beneficial – or real – owners of firms, saying it already provides the UK with such information and the scheme could have a negative impact on its… Read More
2nd May 2018
Britain’s government agreed on Tuesday to order its overseas territories to make secretive company ownership information public to try to tackle corruption and tax avoidance. Overseas territories and crown dependencies have come under increasing pressure to reveal who is behind anonymously owned companies, with campaign groups saying such secrecy aids… Read More
19th March 2018
The Monetary Authority of Singapore (MAS) has penalised Standard Chartered Bank Singapore Branch (SCBS) and Standard Chartered Trust Singapore (SCTS) for breaching its anti-money laundering (AML) and counter terrorist financing (CFT) rules, the regulator said on Monday. MAS found SCBS’ and SCTS’ risk management and controls pertaining to transfers were… Read More
19th February 2018
Jersey’s Royal Court has registered two new laws aimed at enabling the free movement of data between Jersey and the European Union. The Data Protection (Jersey) Law 2018 and Data Protection (Authority) Jersey Law 2018 come into effect in May 2018. The rules will also enable law enforcement agencies… Read More
13th February 2018
A quarter of property in England and Wales owned by overseas firms is held by entities registered in the British Virgin Islands, BBC analysis has found. The Caribbean archipelago is the official home of companies that own 23,000 properties – more than any other country. They are owned by 11,700… Read More
24th January 2018
When Ukrainian company Profit signed a $48.5 million deal with a British firm in 2014, it became part of what prosecutors in Ukraine say was a potentially criminal scheme that moved $1.7 billion from the country’s biggest lender to offshore accounts. With a loan it had raised from PrivatBank in… Read More