Micro News

Ukraine has significantly tightened its institutional anticorruption measures, expanding disclosure requirements and a list of assets to be reported. Now, the list of such assets includes cryptocurrencies, as well as assets of trusts and similar organisations the beneficial owners of which are filers…

Turkish President Recep Erdogan said on Tuesday that the decision of the European Union to apply sanctions to the country for wells drilling off the coast of Cyprus could violate negotiations with the union. According to the president's statement, Turkey may respond by sending the captured fighters of…

It is reported that the former co-owner and chairman of Promsvyazbank Dmitry Ananyev, wanted by the Russian authorities in connection with allegations of embezzlement of USD $1.6 billion, recently received a Cypriot passport under the Citizenship-for-investment programme. This became known after the…

The Cyprus' Council of Ministers has tabled a draft Bill obliging all residents to file tax declarations, albeit if their financial income is below the EUR €19,500 annual exemption limit.  Individuals failure to pay tax will now become a criminal offence, whereby all businesses are privy to new regulations…

The global Financial Action Task Force (FATF) have released new guidance in a printed draft steerage regarding digital biometric identification systems will be used for risk-based client due-diligence.  It's seeking opinions from leading banks, virtual-asset service suppliers and different regulated…

The Securities and Futures Commission in Hong Kong have proclaimed that virtual-asset trading platforms also known as virtual, crypto or e-exchanges, are to be placed under necessary regulation, covering: The safe custody of assets. Insurance. Client due-diligence. Market manipulation. Accounting…

Last month, the BVI government printed draft amendments to the Beneficial Ownership Secure Search System Act 2017, explaining and reinforcing BVI Directors' duties underneath the Economic Substance (Companies and restricted Partnerships) Act 2018.  BVI Directors or company service providers neglecting…

The French Tax Authorities have released a draft bill for reporting requirements for financial institutions in France to report new accounts opened by inobedient accountholders (individuals who have not declared their tax residence and the corresponding tax identification number-TIN). The requirements…

Cyprus' government has employed 3 independent companies to review and apply a number of enhanced due-diligence checks on every applicant who applied for Cypriot passports as part of the islands citizenship-by-investment scheme.  It has also promised to check all previous foreign nationals who were given…

Under Italy's Law Decree no.124 of October 26th, trusts are about to become increasingly regulated. Going forward, income distributions from any suspicious trusts outside the Eurozone will be taxable in the hands of an Italian-resident beneficiary. A trust distribution will be presumed to be income,…