FCA fines former Towry adviser £36k for insider dealing
A British financial adviser has been fined £36,285 (€46,048, $52,086) and banned for two years for insider dealing by the UK’s Financial Conduct Authority (FCA).
Tax & Regulation
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India imposes first CGT on Mauritian inflows in 30 years
The Indian government is set to impose a capital gains tax (CGT) on investments coming from Mauritius in bid to tackle tax evasion.
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EC must remove ‘nightmare’ Priips clause, says AILO
The Association of International Life Offices (Ailo) has called on the European Commission to abandon a clause in the upcoming Priips regulation that will require fund manufacturers to provide KIDs on open-architecture bonds.
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David Cameron unleashes raft of anti-corruption initiatives
UK prime minister David Cameron set out a raft of new initiatives at today’s anti-corruption summit to tackle corruption which he described as the “cancer at the heart of so many of the world’s problems”.
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Cayman Islands to repeal ‘secrecy law’
The Cayman Islands will repeal its Confidential Relationships (Preservation) Law, commonly known as the ‘secrecy law’, by September 2016 as it looks to step up its fight against corruption and tax evasion.
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Leniency offered to Norwegians confessing links to Panama
Norway’s economic crime authority has set up a dedicated phone number to give those with undeclared offshore assets linked to the Panama Papers the opportunity to come forward voluntarily and face lesser charges.
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Is ending offshore anonymity the answer to tax evasion?
International efforts to end the secrecy of offshore tax havens – seen by governments as the solution to tackling tax evasion – may lead to some undesired side-effects, according to experts in the industry.
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More than $12trn from emerging markets in offshore accounts
More than $12trn (£8trn, 10.5trn) has been taken out of emerging economies such as China and Russia and stashed in offshore accounts, new data from advocacy group the Tax Justice Network (TJN) has revealed.
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Top economists question future of offshore financial centres
The future of offshore financial territories has been called into question by a group of over 300 senior economists, who have written to world leaders claiming they have “no economic justification”.
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HMRC client criminal activity checks a burden for businesses
HM Revenue & Customs issued 1,468 production orders last year demanding that UK businesses provide information and documents relating to current or former clients suspected of criminal activity, according to city law firm RPC.
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US moves to tighten beneficial ownership rules
The US government has adopted a new rule requiring financial institutions to identify the true owners of companies they do business with in a bid to crackdown on international tax evasion, media outlets have reported.
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Panama Papers prompt trade-off for transparency
Wealthy individuals may have to choose between security and secrecy as a result of the increased transparency measures proposed in the aftermath of the Panama Papers scandal.