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).
The European Parliament has approved new regulations for cryptocurrency agencies, forcing them to conduct due diligence to fight money laundering. The new rules affect all crypto-asset service providers
To ease the compliance burden, several exemptions and relief measures have been introduced. On June 1, 2023, the UAE implemented the Corporate Tax law, significantly transforming the tax landscape for
The EU Platform on Sustainable Finance (PSF) has unveiled a new proposal to accelerate small and medium-sized enterprises’ (SMEs) transition toward sustainable practices. The proposed “SME sustainable
The chief executive of one of Hong Kong’s two licensed cryptocurrency exchanges has hit out at the city’s new approach to trading digital assets, saying it could restrict access to global clients.