The EU has put pressure on offshore centres such as Jersey, Guernsey and the Isle of Man to make sure that companies which are tax resident there have genuine local substance. Recently issued guidelines extend the scope of the EU’s Code of Conduct for Business Taxation with respect to companies located in zero tax territories. […]
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Making sense of the latest sanctions on Iran….
The United States (“US”) has continued to strengthen its sanctions against Iran. This news update provides a synopsis of the latest developments, including the highlight on an ongoing push to keep channels open for humanitarian goods and services. Overview The US has imposed sanctions against Iran for a number of years under various statutes and […]
Read MorePetróleo Brasileiro S.A. Agrees to Pay More Than $850 Million for FCPA Violations
Petróleo Brasileiro S.A. – Petrobras (Petrobras), a Brazilian state-owned and state-controlled energy company, entered into agreements with U.S. and Brazilian authorities and agreed to pay a combined total of $853.2 million in penalties to resolve the U.S. government’s investigation into violations of the Foreign Corrupt Practices Act (FCPA) in connection with Petrobras’s role in facilitating […]
Read MoreTrust Services and Electronic identification (eID)
Electronic identification (eID) and electronic Trust Services (eTS) are key enablers for secure cross-border electronic transactions and central building blocks of the Digital Single Market. The Regulation (EU) N°910/2014 on electronic identification and trust services for electronic transactions in the internal market (eIDAS Regulation) adopted by the co-legislators on 23 July 2014 is a milestone […]
Read MoreDubai Papers: French media unveils UAE based International Money Laundering network
The French magazine L’Obs has exposed an international tax evasion and money laundering network, which is based in the UAE. The magazine attained crucial documents (Dubai Papers) of the Helin Group of companies, under the investigation of Geneva and France courts. Well-installed in UAE’S Ras al-Khaimah; the company’s dissimulation methods were used by at least […]
Read MoreThe 7th edition of the Basel AML Index
The 7th edition of the Basel AML Index was released today by the Basel Institute on Governance through the International Centre for Asset Recovery. The Basel AML Index is a composite index covering 129 countries and assigns each country a score on a scale from 0 (low risk) to 10 (high risk). The overall […]
Read MoreGerman banker pleads guilty to role in billion-dollar money laundering scheme involving Maltese company
US Homeland Security Investigations says millions were wired to a Maltese intermediary in scheme to launder embezzled Venezuela petroleum funds A German private banker, Matthias Krull, pleaded guilty for his role in a billion-dollar scheme to launder funds from Venezuela’s state oil company PDVSA. According to the US Homeland Security Investigations criminal complaint, millions were […]
Read MoreTax evasion and money laundering exposed in Dubai Papers
An international network of tax evasion and money laundering in the United Arab Emirates – dubbed the Dubai Papers – involving rich Europeans has been exposed by a French magazine. L’Obs published documents of the Helin Group, which show that it was used by at least 200 people including Russian oligarchs, European aristocrats, Italian art dealers and French […]
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