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INTRODUCTION The acclamation and social status that are linked to a winning team combined with the investment in clubs with little apparent expectation of a financial return have made the industry attractive to some criminals. The European Commission (Commission)  recognises that sport can be attractive to criminals in order to launder funds due to the […]

Since the Automatic Exchange of Information (AEol, CRS) was introduced globally, the OECD and the EU have been working towards closing any loopholes. Already in March 2018, the OECD accepted the “Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures” (OECD MDR). A few months later, the EU enacted a directive regarding the […]

Axis Fiduciary Ltd in collaboration with BLC Robert & Associates has addressed some of the critical features of the legislative amendments following the National Budget 2019/2020 delivered by the Honourable Prime Minister and Minister of Finance Pravind K. Jugnauth before the Mauritian National Assembly on 16 June 2019. The amendments have been passed in The […]

Luxembourg CSSF published FAQ concerning swing pricing mechanism On 30 July 2019, the Commission de Surveillance du Secteur Financier (CSSF) published a FAQ on the topic of the swing pricing mechanism. The principles outlined below apply to all regulated funds in Luxembourg (UCITS, UCI part II, SIF) which implement the swing pricing mechanism (hereafter “UCI”). […]

The Jersey Court to confiscate drug offender’s money after-tax evasion confession [08 August 2019] A 57year-old convicted drug offender could see up of £33,804 of savings seized by Jersey authorities, despite successfully arguing that the money was not the proceeds of criminal activities – but admitting tax evasion in the process. Ian Joseph Ellis was […]

Activists and politicians tout beneficial registries as a solution to the perceived abuse of anonymous company ownership. Stephen Baker and Charlie Sorensen of Baker & Partners contend that kleptocratic dictators and sophisticated fraudsters won’t be impeded by such registries. The authors explain how existing civil laws have proven effective in seizing ill-gotten gains. Recent high-profile […]

The Jersey courts consider legitimate tax avoidance and illegitimate tax evasion when seizing assets Introduction 1.The Jersey Court to confiscate drug offender’s money after-tax evasion confession [08 August 2019]. A 57year-old convicted drug offender could see up of £33,804 of savings seized by Jersey authorities, despite successfully arguing that the money was not the proceeds […]

Revised AIC Code of Corporate Governance for certain Guernsey and Jersey companies Principal changes in the revised AIC Code of Corporate Governance are relevant for boards of directors of certain Guernsey and Jersey companies A New Environment 1. There is now just one AIC Code which covers UK, Guernsey and Jersey member companies. 2. Principal […]