Germany sets out plan to tackle tax evasion
Germany’s finance ministry has set out a 10-point plan to combat tax evasion in response to the Panama Papers leak last year.
Tax & Regulation
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Tighter rules loom for Chinese insurers amid corruption probe
China’s insurance regulator is looking to tighten its grip on the industry as one of its top officials faces a corruption inquiry into a wave of blockbuster global deals that are raising concerns about financial risk in the world’s second-largest economy.
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Brazil extends tax amnesty but adds hefty penalty
Brazil is offering its taxpayers another, more expensive, opportunity to avoid prosecution and declare their offshore assets by extending its tax amnesty by 120 days.
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UK advisers face extra FSCS levy despite fall in Sipps claims
The UK’s Financial Services Compensation Scheme (FSCS) may still impose an interim levy on life and pension advisers despite a fall in the average cost of Sipp-related claims.
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Coutts & Co fined HK$7m by Hong Kong Monetary Authority
The Hong Kong branch of Coutts & Co has been fined by the Hong Kong Monetary Authority (HKMA) for failing in its anti-money laundering (AML) and counter terrorist financing (CTF) checks.
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UK advisers told to clearly signpost ‘advice’ and ‘guidance’
UK advisers will need to make clear the difference between “advice” and “guidance”, according to proposals published by the Financial Conduct Authority (FCA).
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Three Brits arrested in Philippines over boiler room scam
Three British nationals allegedly involved in a investment scam have been arrested in the Philippines.
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FCA extends robo-advice unit to include guidance
The UK’s Financial Conduct Authority (FCA) extend its robo-advice unit to include firms developing guidance solutions.
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Key Republicans lobby US Treasury to repeal Fatca
Two senior Republicans have called on the Trump administration to commit to repealing the Foreign Account Tax Compliance Act (Fatca) as they announce plans to overturn the legislation.
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UK committed to public beneficial ownership despite concerns
A first-of-its-kind public beneficial ownership register of overseas companies that own UK property is being pushed forward by the UK government despite concerns that the information should not be made freely available.
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Hong Kong signs data-sharing deal with South Africa and Portugal
Hong Kong has agreed to an automatic exchange of information with South Africa and Portugal amid mounting pressure from the OECD and the European Union.
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Surge in US expats declaring offshore assets
The number of American expats in the UK declaring their offshore assets to the US taxman has surged in 2017, amid fears that an Obama-era tax amnesty could be curtailed or ended by the Trump administration.