The successor to the infamous Jimmy Carr ‘K2’ scheme has just surfaced following a decision by the First Tier Tribunal which found that a contractor loan scheme should have been notified under the Disclosure of Tax Avoidance Schemes (DOTAS) regulations. With striking similarities in the way it was marketed and operated to K2 the scheme, […]
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Swedish authorities widen Swedbank inquiry to include suspected fraud
STOCKHOLM (Reuters) – Sweden’s Economic Crime Authority (EBM) widened its Swedbank investigation to include suspected fraud following a raid on Wednesday on the Swedish bank’s headquarters in an inquiry into its handling of money laundering allegations. “The information paints a picture of Swedbank appearing to have spread misleading information to the public and the market […]
Read MoreCIFO wins first legal challenge since inception
The Jersey Royal Court has dismissed the attempt by a Jersey-based mortgage broker to overturn a binding decision of the Channel Islands Financial Ombudsman (CIFO). In the only Judicial Review of CIFO since it began operations in November of 2015, the Jersey Royal Court found that the Ombudsman’s decision was sound in terms of both […]
Read MoreGDPR – fines issued both before and after GDPR and some food for thought.
INTRO Since the new General Data Protection Regulation (GDPR) came into effect on 25 May 2018, the focus on data is more significant than ever, and the price for companies who fail to protect their data has never been more costly. As it’s not yet been a year since the new regulation came into effect, […]
Read MoreA new joint FATF-Egmont Group report assesses the vulnerabilities linked to the concealment of beneficial ownership in order to support further risk analysis by governments, financial institutions and other professional service providers.
The report uses over 100 case studies provided by 34 different jurisdictions of the FATF Global Network, the experiences of law enforcement and other experts, private sector input the private sector as well as open-source research and intelligence reports to identify the methods that criminals use to hide beneficial ownership. Vulnerabilities associated with beneficial […]
Read MoreFCA clarifies cryptoasset regulation
In January 2019, the FCA published a consultation paper[1] that sets out guidance on how cryptoassets can be subject to its regulation. The Guidance is relevant to any firm issuing, creating, buying, selling, holding or storing cryptoassets, firms marketing cryptoasset products and services, as well as their advisers. The draft guidance, which sets out a three-category […]
Read MoreSubstance update from Collas Crill
The following may be of interest and a good time to refresh on the “Substance” issues and requirements General matters 1. In the General Secretariat’s report published yesterday, each of the Cayman Islands and the BVI were recognised for their cooperation and positive dialogue in respect of their economic substance requirements, and remain committed to […]
Read MoreHMRC’s first probes into corporate tax evasion facilitation
HMRC has confirmed that it has opened its first investigations into the corporate criminal offence of failure to prevent the facilitation of UK tax evasion, using new powers to tackle corporate fraud contained in the Criminal Finances Act, introduced in the wake of the Panama Papers leaks ‘These investigations have been commenced since November 2018 […]
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