Concerns raised in the initial consultation have led to a scale back of original proposals but practical issues remain.
The Spring Statement 2025 saw proposals for new powers requiring financial institutions and other third parties to disclose information about and cease providing goods or services to suspected promoters of tax avoidance.
Following an initial consultation, these proposals have been scaled back in new draft legislation. However, the new powers will still impose a significant additional compliance burden on financial institutions (and others) and key questions remain.
In an article first published on the UK Finance website, Jack Prytherch, Partner at Osborne Clarke, sets out the latest developments on the proposals for promoter action notices (PANs) and promoter financial institution notices (PFINs).
Press Release from Carey Olsen, Tuesday 25 March, 2025. Carey Olsen has acted on the sale of Randalls, the Guernsey hospitality business which has been a feature of Guernsey’s hospitality industry
Illicit finance, corruption, and kleptocracy pose a direct threat to our national security, economic resilience, and the integrity of the global financial system. The UK remains steadfast in its commitment
The National Assembly has passed a revised anti-money laundering and counter-terrorism financing law in response to the country’s inclusion on the Financial Action Task Force (FATF) grey list.
The International Monetary Fund (IMF) recommended that Nigeria impose registration or licensing requirements on global digital asset trading platforms, in a report published May 9. The advice follows