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, Thursday 15 February, 2024. Carey Olsen’s investment funds team in Jersey has advised independent private equity manager Epiris on the launch and final close
Lawmakers in the US have passed the country’s first major national cryptocurrency legislation. It is a major milestone for the once fringe industry, which has been lobbying Congress over regulation
More of the same. In March 2023, “Bitter Winter” published the only detailed English-language account of the “Operation Belt and Road,” a large-scale investigation of the Italian Tax Police
Today, the Council removed Bahamas, Belize, Seychelles and Turks and Caicos Islands from the list of non-cooperative jurisdictions for tax purposes. With these updates, the EU list consists of the following