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Thorsteinssons LLP | Canada | 19 Apr 2019

Budget 2019: intensifying fight against tax evasion and new risks for tax professionals

In Budget 2019 the federal government has continued to bolster its tools and resources to detect and prosecute tax evasion. As such, several measures have been proposed, including a C$150.8 million investment over the next five years to fund new initiatives. More so than ever, tax professionals should be well acquainted with various definitions to ensure that their client services and advice......
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Jingtian & Gongcheng | China | 15 Apr 2019

Enhanced regulation of illegal payment and settlement business and FX trading

Criminal activities such as illegal payment and settlement business and FX trading have become increasingly rampant in recent years. Although these activities have been classified as business crimes in various laws and regulations, the applicable penalties have been unclear. However, new interpretations of the Supreme People's Court and the Supreme People's Procuratorate set out the......
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Carey Olsen | Bermuda, United Kingdom | 4 Apr 2019

Bermuda private trust company guide

Bermuda is an excellent jurisdiction in which to establish private trust companies, trusts and underlying entities (including private funds and insurance vehicles) and family offices (or branches thereof). However, particular care must be taken with regard to a private trust company's initial structuring. It is critical that the rights, powers and responsibilities vested in particular parties......
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Porobija & Porobija | Croatia | 29 Mar 2019

Virtual currencies under Anti-money Laundering Act

The current Act on Preventing Anti-money Laundering (AML) and Financing Terrorism does not regulate crypto-assets. However, the proposed new bill on Preventing AML and Financing Terrorism intends to regulate crypto-assets and require legal and natural persons providing exchange services for virtual and fiduciary currencies or wallet custodial services to comply therewith.
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Ogier | Guernsey | 28 Mar 2019

Guernsey Royal Court issues regulatory decision on prohibition orders, fines and public statements

The Guernsey Royal Court recently issued a regulatory decision on prohibition orders, fines and public statements. In this decision, the deputy bailiff found that the Guernsey Financial Services Commission did not have the jurisdiction or power to make prohibition orders that were limited in time; it only had the power to make unlimited prohibition orders (as in the United Kingdom) against......
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Porobija & Porobija | European Union | 22 Mar 2019

Virtual currencies – EU legal overview

Virtual currencies have been analysed and considered by numerous policymakers at the EU level. According to the European Central Bank, the legal definition of 'virtual currencies' tends to vary depending on the context, while the European Banking Authority defines them as a digital representation of value that is neither issued by a central bank or public authority nor necessarily attached to......
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Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados | Brazil | 18 Mar 2019

New government measures to tackle corruption: does the buck stop here?

Despite the steps taken by Brazil to fight corruption in recent years, it remains one of the main challenges for the country. Mindful of this, the new government – which came into power in 2018 on the back of its vow to fight corruption – has promised a series of measures to tackle the issue. The measures include toughening prison sentences for corruption-related crimes, separating......
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Hogan Lovells | USA | 18 Mar 2019

Justice Manual and FCPA enforcement

Throughout 2018 the Department of Justice (DOJ) continued to ring the clarion call for cooperation and sought to provide some certainty, consistency and coordination regarding the incentives offered to companies that provide voluntary disclosures. In particular, the DOJ centralised its guidance memoranda into what is now known as the Justice Manual. The DOJ's goals were to identify......
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Hogan Lovells | Mexico | 8 Mar 2019

Fintech and innovation bring potential amendments to bank AML rules

In March 2018 the Fintech Law, which aims to mitigate the risk of money laundering and terrorist financing, was published in the Federal Official Gazette. Subsequently, in January 2019 the National Commission for Regulatory Improvement published draft amendments to the anti-money laundering rules which apply to the traditional banking industry in order to incorporate the new concepts created......
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Tuli & Co | India | 5 Mar 2019

Aadhaar Bill: impact on insurance sector

The Aadhaar and Other Laws (Amendment) Bill 2018 was recently passed in the Lok Sabha. The new bill has been welcomed as it provides much-needed clarity regarding the use and storage of Aadhaar numbers. The Insurance Regulatory and Development Authority has taken the bill's enactment as a cue to start providing clarity on the collection and storage of customers' Aadhaar data. It is hoped that......
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