US tackling shell companies’ money-laundering problem in new Defense Bill   Following persistent criticism of the Financial Action Task Force, regarding the lack of transparency of true owners of US shell companies, the Senate Banking Committee have reached an agreement on anti-money laundering legislation with the support of the American Bankers Association, the Bank Policy...Read More

‘Res non-dom’ decreasing amid uncertainty in the UK   The recent release of HMRC’s annual update on non-domiciled (non-dom) taxpayers in the UK reveals the first signs of the so-called “non-doms flight prediction”. Non-dom taxpayers have in fact decreased from 78,700 in 2018 to 78,000 in 2019, also showing that the number of declared domiciled...Read More

FINMA releases clarification upon trustees’ licence   Following requests coming from various interest groups of the Swiss trust sector, FINMA recently released clarifications with respect to the information to be submitted by operators as part of the application for a trustee licence. The application form made available on FINMA’s platform required to provide details on...Read More