(CNS): Two pieces of legislation have now come into force that will tighten up the regulatory regime for the management of private trusts and their administrators. The Private Trust Companies (Amendment) regulations, 2019 provides clearer definitions for terms given to those involved in the administration of trusts, while the Trusts (Transparency) Regulations, 2019 lists the information that...Read More

EU to introduce anti-money laundering legislation for the art industry After striking a deal last week, the European Parliament and European Council presidency will enhance anti-money laundering checks (AMLs), and the new legislation specifically includes the art industry for the first time. The legislation follows warnings made by the EU Parliament committee in 2018, which...Read More

The Home Office has announced reforms to the golden visas schemes for wealthy investors as the UK targets dirty money in the wake of the Skripal attack. Under reforms to the Tier 1 (Investor) scheme, applicants will be required to prove they have control of the £2m they are required to have for two years,...Read More

Tax evasion finally classified as a crime in Panama   Following over a year of discussions, Panama has enacted Law 70 of 2019, which classifies tax evasion as a crime. The country’s government hopes that the development will keep Panama off future OECD and EU blacklists. Tax evasion is classified in most countries as a...Read More

EU plans to add Saudi Arabia, Panama to dirty money blacklist: FT The European Commission is planning to name Saudi Arabia and Panama in a list of high-risk countries that fail to fight money laundering, despite resistance from Germany, France and the UK, the Financial Times reported on Friday. The blacklist includes the Gulf kingdom...Read More