Supreme Court Grants Cert in Railroad Retirement Tax Act Case: The U.S. Supreme Court granted certiorari in BNSF Railway Co. v. Loos, No. 17-1042, a case involving the question of whether a railroad’s payment of lost wages to an employee for time lost from work is subject to tax under the Railroad Retirement Tax Act.
EU Updates List of Tax Havens: Today the European Union (EU) released its updated list of tax havens, first issued in December 2017. The Council of the EU has updated the list on the basis of commitments received, as well as on the basis of reviews of countries that had not yet been assessed at the time the list was originally issued.
EU Strengthens Rules on Money Laundering and Terrorist Financing: Today the Council of the EU adopted a directive strengthening rules to prevent money laundering and terrorist financing. Among other things, the directive aims to: (1) broaden access to information on beneficial ownership, improving transparency in the ownership of companies and trusts; (2) address risks linked to prepaid cards and virtual currencies; (3) increase cooperation between financial intelligence units; and (4) improve checks on transactions involving “high-risk third countries” identified by the European Commission.