The Australian Securities and Investments Commission (ASIC) has signed a cooperation agreement with the Capital Markets Authority of Kenya (CMA) in a bid to boost financial services technology for both countries.
The UK government is considering plans to water down upcoming reforms to the tax rules governing non-UK domiciles whose permanent home is based overseas, due to concerns they may force out Britain’s wealthiest foreigners.
The British Virgin Islands has ruled out adopting a public register of beneficial ownership for the time being, saying it would not support the move unless it was adopted worldwide.
Upcoming changes to the tax rules governing non-UK domiciles, set to come into effect in April next year, should be postponed until the “full effects of Brexit” are understood, a leading London-headquartered accountancy firm has urged.
The Common Reporting System — a partnership among around 100 regulators worldwide – will make it more difficult for Asian high net worth individuals to keep undisclosed money offshore, said Richard Corrigan, interim director of financial services for the Jersey Government.
Merrill Lynch, one of the ‘big four’ investment banks in the US, will no longer work with US citizens living abroad following the closure of all expat accounts earlier this month, a UK-based IFA firm has confirmed.
Israel-based Bank Leumi will pay $1.6m (£1.3m, €1.45m) and admit wrongdoing to settle charges from the US Securities and Exchange Commission that it provided investment advice to US customers for over 10 years without registering as an investment adviser or broker-dealer.
The gap between between the amount of tax HM Revenue & Customs expected to collect in the last financial year and what it actually raised has fallen to its lowest ever level, and is now one of the smallest in the world.
An annual property tax proposed last week by the Portuguese government on homes worth over €600,000 (£538,572, $660,108), may be “beneficial” for some of the thousands of British expats settled there, according to two leading tax experts.
EU insurance regulator Eiopa is planning to change the current Solvency II regulations to limit the ravages that super-low interest rates are having on the industry.
The Portuguese government is looking at plans to introduce a wealth tax on properties valued over €600,000 (£538,572, $660,108) in a move that could affect thousands of British expats living in the EU-member state.
The Australian Government will introduce legislation this year to set up a new independent standards body to oversee the country’s 22,500 financial advisers, enforce uniform educational standards and police an official code of ethics.
