STEP only has a presence in one of the four fast developing MINT nations – a chapter in Mexico, with no presence for STEP in Indonesia, Nigeria nor Turkey. There are good reasons for the lack of a presence in those last three. STEP is not strong enough to develop everywhere without getting developmental indigestion… Read More A second MINT for STEP
A critical new online security exploit dubbed ‘Heartbleed’ was announced on Monday night after being discovered by a member of the Google security team. The vulnerability is widely considered to be one of the most serious security flaws in the history of the internet and has been potentially exploitable since December 2011. Heartbleed affects the coding… Read More Heartbleed Exploit: STEP’s response and cyber security measures you should take now
One of the recent debates on the Trust Discussion Forum has been about the circumstances in which a lasting, enduring, continuing power of attorney can properly be handed over. To whom does such a power of representation belong? When does ownership pass from the granter to the grantee? One solution can be to agree with… Read More Please Release Me, Let Me Go
We will always have our favourite reference books and much-thumbed precedents, however the world is constantly moving forward and the ‘Google it’ age is upon us whether we like it or not. I’ve decided if you can’t beat them, join them! You may have noticed that STEP has recently revamped its website. If you have… Read More Getting the most from STEP in practice
Having spent two days this week in Brussels at a meeting of the Financial Action Task Force’s (FATF) private sector consultation forum discussing international anti-money laundering (AML) regulations, it was striking how two or three strands are now starting to dominate the debate. First is the growing divide between the big banks and what they… Read More Across the AML Divide: data sharing, de-risking and debate
Technology may very well be the bane of a busy practitioner’s existence. It makes us all too accessible. It deprives us of the solitude we all need to think and recharge. It makes available too much information. Then we have to deal with the follow-up surveys and questionnaires! Fortunately, the editors of Trust Quarterly Review… Read More Why it pays to keep an eye on developments in foreign jurisdictions
On Monday STEP announced that nominations for the 2014/15 Private Client Awards (PCA) had opened. Now in their ninth year, the PCAs are our opportunity to acknowledge and celebrate the professional achievements of our peers in private client practice, be they solicitors, attorneys, accountant, barristers, bankers, family business consultants, trust managers or financial advisors. This… Read More Time to acknowledge excellence
It was disappointing to hear of the outcome of last week’s vote in Brussels to introduce new requirements for family trusts to be disclosed on public registers. STEP supported the original draft legislation to enhance anti-money laundering procedures proposed by the EU Commission, but the proposal voted through by the Economic Affairs and the Justice… Read More Anti-Money Laundering Vote is Disappointing for UK Families
Last week, as part of the STEP 2021 consultation process, I had the pleasure of visiting STEP’s Bermuda branch to meet with members, the branch committee and employers. During this time we discussed the major issues in the next STEP business plan, debated STEP’s priorities for the future, and discussed the trust and estate industry… Read More Taking stock of STEP Bermuda
STEP, alongside ICAEW and the Law Society, has recently published a guide to help trustees determine the status of UK trusts under the UK/US FATCA IGA. There is still a misconception on the part of some practitioners that only UK trusts with US connections or assets have to take note of FATCA. The reality is… Read More It’s time to urgently think about UK trusts under the UK-US IGA
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