Gibraltar accepted by European anti-money laundering body
After prolonged negotiations, Gibraltar has been accepted for evaluation by the Council of Europe’s anti-money laundering monitoring body, Moneyval.
Tax & Regulation
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HMRC backtracks on loan tax rule for non-doms
HM Revenue & Customs has backed out of a controversial policy to scrap concessional treatment of non-domicile loans.
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Failed IFAs liable for negligent ARM bond advice
Investors of ARM Asset Backed Securities are now able to make successful claims against failed independent financial advisers (IFAs) if it can be proven they gave negligent advice.
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FCA announces make up of advice review advisory panel
The Financial Conduct Authority has released the names of the members of the external, expert advisory panel that will assist in the Financial Advice Market Review.
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Sale of unregulated schemes now ‘pandemic’ in expat markets
Unregulated collective investment schemes are increasingly being sold to retail investors in some expat markets since the FCA banned their sale in the UK last year, an advice firm has warned.
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ESMA expands list of countries considered for AIFMD passport
The European Securities and Markets Authority is to begin assessing whether Australia, Canada, the Cayman Islands, the Isle of Man, Bermuda and Japan should get access to the marketing ‘passport’ under the Alternative Investment Fund Managers Directive.
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Belvedere’s Brighton SPC wound up after CIMA takeover
Troubled Belvedere-owned Brighton SPC has been put into liquidation after the Cayman Islands Monetary Authority took control of the unit in June.
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Australian regulator to provide guidance on robo-advice
Australia’s finance industry regulator is planning to provide guidance to the financial advisory industry on robo-advice.
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Tax body chides UK Gov’t plan to jail accidental evaders
The UK Government’s pledge to introduce a criminal offence that could put unintentional offshore tax evaders behind bars has been criticised by the Chartered Institute of Taxation (CIOT).
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Soccer star Messi to face Spanish court on tax charges
International soccer star Lionel Messi will have to face trial for alleged tax fraud in Spain after a court in Barcelona turned down an appeal by his lawyers, the El Pais newspaper reported.
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Specialist calls for controls on global transfer charges
International money transfer firm Xpress Money has called for new measures to stop investors being exploited by hefty charges when sending cash overseas.
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Global film scheme gang on trial for £100m tax fraud
A financial adviser and a group of film producers who set up an international scheme are facing a trial for fraud.