Another Real Madrid star faces jail term over tax fraud
Former Real Madrid star Xabi Alonso is facing a possible five-year jail term after Spanish authorities accused him of tax fraud.
Tax & Regulation
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EU confirms insurance regulations delay
The EU has confirmed the delay to the Insurance Distribution Directive (IDD) with publication in the official journal.
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Malta endorses EU tax crackdown
Malta has backed EU regulation that will crackdown on aggressive tax planning, a move the jurisdiction’s finance minister hopes will quash criticism about its tax practices.
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Hargreaves £15m tax case win over HMRC
Hargreaves Lansdown has won a tax tribunal appeal against HM Revenue & Customs that will see around 150,000 investors receive a £15m ($20.9m, €17m) rebate.
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South Africa’s tax chief suspended
In a bid to boost investor confidence, South Africa’s new president Cyril Ramaphosa has suspended the head of the tax service after he refused to resign.
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StanChart Singapore hit with $5m fine for Guernsey transfers
The Monetary Authority of Singapore (Mas) has fined Standard Chartered S$6.4m (£3.5m, $4.9m €3.9m) for breaches to anti-money laundering and countering the financial of terrorism following the transfer of trusts from Guernsey.
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Vexed UAE firms act over Insurance Authority rule delays
As the Abu Dhabi headquartered Insurance Authority drags its heals on finalising sector reform, many businesses are anticipating what the incoming regulations will mean for them and pressing ahead with new strategies.
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US to shut $11bn offshore voluntary disclosure programme
The disclosure scheme that allows US taxpayers hiding offshore accounts to come clean and face more lenient penalties will close in September 2018, the Internal Revenue Service (IRS) announced this week.
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Hong Kong regulator targets big guns
In separate moves, Hong Kong’s Securities and Futures Commission (SFC) this month has gone after UBS, Deutsche Bank and brokerage firm CLSA for regulatory breaches.
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Outgoing FCA chair warns on cryptocurrency and Brexit
John Griffiths-Jones used his last speech as chairman of the Financial Conduct Authority to warn over the dangers of cryptocurrencies, outline the regulator’s role in Brexit and criticise the financial legal system.
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Panama Papers take down law firm Mossack Fonseca
The law firm at the centre of the Panama Papers scandal, which saw millions of its private client files leaked to the media, has announced it is closing.
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EU reveals how jurisdictions dodged tax haven blacklist
Letters have been released that show the raft of promises several jurisdictions made to avoid being included on the EU’s tax haven blacklist for non-cooperative jurisdictions.