Representation of Jasmine Trustees In a recent decision arising out of a long-running family dispute concerning two trusts, the Royal Court made several notable findings regarding the scope and effect of undue influence in a trust context. What lessons can trustees take away from the decision in this case? Trustees and other fiduciaries should be […]

The U.S. Securities and Exchange Commission urged a federal judge on Wednesday to appoint a trustee to manage the Woodbridge Group of Companies, a bankrupt property developer the regulator accused of being a $1.2 billion Ponzi scheme. Woodbridge filed for bankruptcy in December and weeks later the SEC sued to freeze its assets, accusing it […]

Hundreds of thousands of trusts will be hit by sweeping new reporting rules that came into force this week as part of a money laundering crackdown. Trustees will need to give HM Revenue & Customs a detailed picture of the assets held in a trust, as well as the identities of trustees and beneficiaries. The […]

In the Representation of the Jasmine Trustees Limited [2015] JRC 196 the Royal Court had to consider whether or not new trustees and protectors had been validly appointed to two trusts; the P Trust and the R Trust. In doing so the Court gave guidance on how fiduciary powers should be exercised. The two trusts […]

The National Crime Agency – dubbed Britain’s version of the FBI – has begun an inquiry into the UK end of a $20bn (£13bn) money-laundering scam revealed by The Independent involving some 19 British shell companies. The investigation highlighted the ease with which Britain is being used by organised crime syndicates to set up sham […]

What is FATCA? The Foreign Account Tax Compliance Act (FATCA), introduced in the US in 2010, imposes mandatory reporting obligations on what are described as foreign financial institutions (FFIs) and certain Non-Financial Foreign Entities (NFFEs). The main aim of the regulatory regime is to combat tax evasion by US citizens through the use of foreign […]