Micro News

Micro News

A major private bank in Iran, Bank Mellat has accepted a private (or out-of-court) settlement of damages from the UK government, as a reimbursement for HM Treasury's illegitimate obligation of sanctions on the lender in 2009. The bank started prosecution proceedings against the HM Treasury for USD $4…


The UK tax authority has released its latest figures reported to be what they are coining as the tax gap from the financial years 2017-2018; the figure marks the difference between the amount of tax that should have been paid and what was actually paid at 5.6%. A large portion of the funds are down…


Spain has published draft laws and guidance to implement the EU DAC6 on the mandatory disclosure and exchange of cross-border taxation provisions. The laws are subject to an initial public consultation; with comments and suggestions on the proposals being welcomed until July 12th later this month.


Jersey, Guernsey and the Isle of Man have announced that they are joining forces to arrange for the establishment of open registers for company beneficial ownership that will be accessible to the public. The implementation however will not be ready to be presented until the European Union has completed…


After releasing a fair amount of legislation making it harder for investors to comfortably do business, Ireland has decided to draft a Bill introducing a number of enhancements to the Irish Investment Limited Partnership (“ILP”). Investment limited partnerships new structure make it a more attractive…


Last week it was reported that Facebook has enlisted several major companies to back its new cryptocurrency. The new brands on board are: PayPal, Mastercard, Visa and even app start-up Uber. Each corporation will invest approximately USD $10 million in an elite association that many say is on track to…


When bitcoin was first established it was a symbol of anti-culture; a currency for rebels surrounded by a lot of secrecy and a lack of regulation. A decade later in London, there are growing signs it's entering the establishment its creators wanted to undermine. Bitcoin, who holds the lion’s share of…


There have been rumours circulating amongst bankers in Cyprus that early 2020 will be a turning point in the banking sector and finance industry in general. As management costs increase and clients transform their preferences towards digital services, banks and lenders have to keep up and adapt to new…



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