Micro News

Micro News

Europe's national data-protection regulators have imposed fines of EUR €1,145 million under the GDPR regime since it came into force 2 years ago in May, 2018.  France, Germany and Austria top the rankings for the total value of GDPR fines imposed with just over EUR €52 million, EUR €23.5 million and…


According to a publication issued this month, the Hong Kong Securities and Futures Commission (HK SFC), going forward, will start granting licences to family offices in Hong Kong, who are now expected to obtain one if they are exercising full discretionary investment authority over a portfolio of securities…


Practitioners in New Zealand have one year to prepare for the long-anticipated change to the law of trusts in the form of the Trusts Act 2019, the main provisions of which come into force on January 30th 2021.  The Act will introduce an assumption that basic information about the jurisdiction's approximately…


Cyprus’ tourism industry is under threat following a UK-lead campaign encouraging holidaymakers to avoid the island when considering upcoming summer plans later this year.  A recent social media-focused #boycottCyprus campaign comes as Cyprus recovers from a week of highly critical TV press and radio…


Several Crown Dependencies will start to share details of financial accounts owned by Russian citizens to the Russian government later this financial year.  Even though the UK has withdrawn from the OECD Common Reporting Standard information exchange with Russia, the following jurisdictions will undertake…


The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's official financial regulator, has published guidance clarifying regulations for the identification, verification and classification regarding the identity and particulars of ultimate beneficial owners (UBOs).  The new Luxembourg…


The governments of the Bahamas and the British Virgin Islands have objected to being added to the French list of non-cooperative jurisdictions.  Both governments have responded publicly regarding the lack of preliminary disclosure from France about being placed on the list. The announcement is similar…


After months of pressure from OECD, FATF and other financial intermediaries, Google has announced its decision to drop the Irish tax scheme it has used to divert its taxable profits into low-tax jurisdictions for the last several years. The scheme is based on a peculiarity in the Irish tax system legally…


Despite all of the Brexit commotion in the UK, the government have enacted regulations effectively bringing into force the EU 5th Anti-Money Laundering Directive (5AMLD) on time, unlike many other Member states. Many of the provisions outlined in the Money Laundering and Terrorist Financing (Amendment)…



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