Micro News

Micro News

Last week, movements further developed in the recent string of Swiss banking prosecutions. German Prosecutors from Baden-Württemberg have officially charged UBS Deutschland AG (subsidiary of UBS Europe SE) with assisting several of its German clients to circumvent the payment of taxes between 2001 to…


Section 3 of the UK Matrimonial & Family Proceedings Act 1984 has been the basis of a vast family law case in the English courts this week. Whereby a lady from Russia who divorced her husband last year has appealed and successfully obtained an extra GBP £5 million lump-sum award in financial aid after…


The UK government has rejected the notion to of a centralised register of politically exposed persons (PEPs) making them subject to stricter anti-money laundering regulations. Rejecting a recommendation from the parliamentary Treasury Committee, they stated that a centralised database would encourage…


A recent amendment to India national law: Companies [Significant Beneficial Owners] Rules 2018requires every ‘significant’ beneficial owner of an Indian company to have submitted their interest to the company by the stipulated deadline of May the 9th. The original intention of the regulations was issued…


In early May, the industry body of the World Gold Council (WGC) stated that in the first three months of 2019 global gold demand increased due to the desire of central banks to reduce the dependence of economies on the dollar due to concerns about geopolitical instability. The report of the WGC added…


The first attempts to introduce the schemes aimed at improving the working conditions of employees in Europe did not lead to the expected high results. Experts summed up that employers should "temper expectations for obtaining a high return on investment in this project in the short term." For the first…


Middle Eastern law firm Al Tamimi discusses the EU's blacklisting of the United Arab Emirates and Oman as 'non-cooperative tax jurisdictions' and its implications for businesses operating and seeking to invest in the UAE. The report summarises as follows:  EU Members can choose to apply defensive…


UAE Prepares for FATF Visit & Inspection

Abu Dhabi Global Market has tightened its regulatory framework for combating money laundering, terrorist financing and the financing of unlawful organisations, as part of the United Arab Emirates' preparation for its assessment by the global Financial Action Task Force (FATF) in July or August this year. The…


The US government have announced the marking of a resolution suggesting that bipartisan legislation may soon be introduced bringing auction houses and art dealers and warehouses under the Banking Secrecy Act's anti-money laundering controls, placing them under strict ‘know your customer’ reporting requirements…



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