The Federal Council agree on data sharing with 7 new jurisdictions

Last month, the Federal Council in Switzerland announced that it would be officially implementing the report that was released, regarding the introduction of the automatic exchange of financial information with Jersey, the Isle of Man, Japan, Canada Iceland, Guernsey and Norway which has been submitted to Parliament for approval.

New trust rules invoke uncertainty for UK AML Directive

As reported in the first week of July, the European Commission released a reformed version including all amendments to be made to the 4ML, following its announcement in February this year that further restrictions were necessary to combat terrorist financing. The so-called 4ML Directive, agreed in May…

New tax transparency agreement between Monaco and the EU

Monaco and the European Union have recently signed an agreement for increased tax transparency, by which they will automatically exchange information for all financial accounts regarding all individuals residing in Monaco from 2018.

US Treasury lobby’s Congress to introduce beneficial ownership legislation

The US Treasury is petitioning for federal legislation in America to force companies & legal entities to release all details regarding beneficial ownership information upon each respective incorporation, in order for it to be filed with the IRS (Internal Revenue Service) in the US.

Guernsey officially shares BO register with the UK in support of G5 initiative

Guernsey (a Crown Dependency of the UK) has recently been added the list of countries that are showing their support for the G5 initiative to launch the automatic exchange of information reporting requirements for BO (Beneficial Ownership).

Indonesia: new tax amnesty scheme implemented

Indonesia’s Finance Ministry General Hadiyanto has released a press statement regarding the new tax amnesty scheme that officially came into ruling on the 18th of July.

New CRS trust legislation to help combat overseas tax evasion

The OECD (Organisation for Economic Cooperation and Development) have established that new rules apply concerning trusts in order to comply with the Common Reporting Standard’s regime of automatic information exchange of information between member jurisdictions.

Hong Kong: Inland Revenue Ordinance 2016 amendment

An amendment made to the Inland Revenue Ordinance for 2016 in Hong Kong came into effect last month on June 30th.