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Cyprus attempts to withdraw banking facilities from shell companies   Cyprus’s Central Bank is drafting a directive stating that financial institutions should no longer open new accounts or maintain existing accounts for shell or letter-box companies. Advance warning of the move was given in a circular issued to regulated financial institutions on 14 June, advising...
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EU citizen alleges CRS account data sharing is unlawful   An Italian-domiciled woman has lodged an official complaint with the UK’s Information Commissioner, alleging that the disclosure of her personal and financial information to other countries under the OECD’s Common Reporting Standard (CRS) infringes the European Union’s General Data Protection Regulation. The unidentified woman is...
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The OECD’s Tax Transparency Forum has declined to grant the top rating of ‘compliant’ to the US’ tax transparency regime. The principle reason for the jurisdiction’s failure to improve on its ‘largely compliant’ rating is its unsatisfactory law regarding disclosure of company beneficial ownership. The OECD’s peer review report, issued this week, criticised the US’...
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Bermuda Introduces New ICO Regulations The Government of Bermuda has introduced new regulations on Initial Coin Offerings (ICOs), local news outlet the Royal Gazette reported on Friday. Speaking before the island’s House of Assembly, the Premier and Minister of Finance of Bermuda David Burt revealed that the new regulatory framework specifies the minimum required information...
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UK: HMRC seeks powers to force third party disclosure without judicial oversight   HMRC has begun a consultation on what it describes as ‘the relevance of the third-party information powers enacted by schedule 36 of the Finance Act 2008‘. However, tax enforcement experts say it proposes ‘unprecedented powers’ to obtain information about taxpayers, including non-residents,...
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