10/06/2021
From Panama to the Pandora papers: what’s changed in offshore tax
The rich and powerful continue to evade and avoid tax despite progress in recent years
Government Regulation
10/05/2021
Public country-by-country reporting: new transparency requirements
The information should be publicly disclosed on a country-by-country basis for European Union Member States and for black listed or grey listed jurisdictions.
10/05/2021
Switzerland consults on amendments to AML Ordinance
Banks will be required to file suspicious activity reports when they have any 'well-founded suspicion' of criminal funds.
10/05/2021
Passing the Golden Thread Through the Eye of a Needle - Observations on Recent Approach as Between Hong Kong and Offshore Jurisdictions
The application of such a power has resonated with similar common law jurisdictions globally.
10/05/2021
Walkers Launches Online AML Training Solution in Bermuda
The online platform enables users to access training on the AML regime through a sophisticated e-Learning module, which is regularly updated to ensure any changes to the AML regime are captured.
10/05/2021
EBF calls for regulatory clarity over proposed EU-level AI rules
The Act aims to develop an ecosystem of trust for AI in the EU, which encourages investment, aims to strengthen competitiveness and ensures that AI systems respect fundamental rights and EU values.
10/05/2021
Pandora Papers: In defence of offshore trusts
The initial release of information always includes some genuine wrongdoing – corrupt politicians or alleged fraudsters, trying to hide wealth they presumably ought not to have.
10/05/2021
Leak reveals how Swiss wealth consultants shield global cast of suspects
Secret files show sprawling industry of enablers exploiting gaps in anti-money laundering laws.
10/04/2021
Does dirty money need banking secrecy to thrive?
Recently uncovered suspicious transaction reports, made to the US Financial Crimes Enforcement Network (FinCEN), show Swiss banks moving billions of dollars around the world.
10/04/2021
Changing Attitudes
We have to have a jurisdiction where people want to move to the Island, work and spend money here.
10/04/2021
Safra Sarasin’s Irish funds management unit fined €385,000
Sarasin Funds Management (Ireland) Limited fined €385,000 and reprimanded by the Central Bank of Ireland for breaches of investment restrictions and inadequate supervision of delegates
10/01/2021
Central Bank of Ireland Proposes Changes to PCF Categories in Regulated Firms
This proposed change follows various other Central Bank PCF list updates, most recently in March 2020 (see our previous client update for further background).
10/01/2021
Federal Council initiates consultation on amendments to Anti-Money Laundering Ordinance
The proposed ordinance amendments serve mainly to provide more detail on the adopted measures.
10/01/2021
Jersey Employment Law: What are the risks of dismissing an employee with less than 52 weeks' continuous service?
There can be a temptation by employers to expedite, or entirely disregard, any form of process prior to dismissing an employee with less than one year's service, ostensibly comforted by the lack of statutory unfair dismissal protection afforded to th
10/01/2021
German online bank with worldwide offices fined €4.25m
All measures to improve reports of suspicious activities had been implemented earlier this year, the bank said.
09/30/2021
PIABA: 30% of 2020 FINRA Arbitration Awards Went Unpaid
New Report Finds Increased Rates of Unpaid Arbitration Awards and Unpaid Award Money Compared To 2019; 24% of All Awarded Money Last Year Was Never Paid.
09/30/2021
Further arrangements for the orderly wind-down of LIBOR at end-2021
hese 6 LIBOR settings will be available only for use in some legacy contracts, and are not for use in new business.
09/30/2021
Financial Services & Banking News
The deadline for responses to CP19/21 is 12 October 2021
09/30/2021
EU General Court backs European Commission’s tough stance on merger control “gun jumping”
It underscores why it is critical to have robust procedures in place, not just on paper but in practice, to manage contact between the buyer and the target both before signing and between signing and completion.
09/29/2021
Private Bank Briefing – September 2021
This edition’s Lessons from Enforcement covers a recent case examining the impact of non-financial misconduct on an individual’s fitness and propriety.