Category: Technical

The future of EU policy on preventing money laundering and terrorist financing

On 27 January 2021, Paolo Panico TEP, the Chair of STEP Europe, moderated a webinar hosted by Anti-Money Laundering Europe (AME) on the future of the European Union’s policy on preventing money laundering and terrorist financing. The panel included Steve Ryan, deputy head of the financial crime unit in the Directorate-General (DG) Internal Market and… Read More The future of EU policy on preventing money laundering and terrorist financing

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The UK replaces DAC6 with the OECD’s model Mandatory Disclosure Rules (MDR) post-Brexit

The disclosure of cross-border tax planning arrangements under Council Directive (EU) 2018/822 (DAC6) came into force on 1 July 2020 and requires reporting of any persons involved in cross-border arrangements, including loan agreements, payments from a resident of one country to a resident of another, or putting funds in an offshore trust, if one of the… Read More The UK replaces DAC6 with the OECD’s model Mandatory Disclosure Rules (MDR) post-Brexit

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FATF holds consultative forum to inform review of beneficial ownership system

On 24 November, the Financial Action Task Force (FATF) held its private sector consultative forum on beneficial ownership of legal persons, which focused on Recommendation 24 Transparency and beneficial ownership of legal persons of the FATF Recommendations. FATF stated that it is undergoing a major review of this area, which may lead to a comprehensive… Read More FATF holds consultative forum to inform review of beneficial ownership system

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Modernising Lasting Powers of Attorneys in England and Wales

The Ministry of Justice (MoJ) and the Office of the Public Guardian (OPG) have jointly initiated a project to modernise the process of making and registering lasting powers of attorney (LPAs), which may include an element of digitisation. They will be collaborating on a series of scoping events, roundtables and surveys to obtain research that… Read More Modernising Lasting Powers of Attorneys in England and Wales

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STEP launches Thought Leadership webinar series with a look at remote witnessing of wills, and asks whether it’s here to stay

Last week, STEP held the first of its Thought Leadership webinar series which examined the issue of remote witnessing of wills, and whether it would continue after COVID-19-related social distancing measures are lifted. Emily Deane TEP, Technical Counsel at STEP, was joined on the panel by Peter Glowacki, Partner at BLG; and Anatol Dutta, Professor… Read More STEP launches Thought Leadership webinar series with a look at remote witnessing of wills, and asks whether it’s here to stay

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STEP’s upcoming Thought Leadership Series: expert perspectives on today’s big issues

One of the most exciting things set to happen in STEP this year was to be our fourth Global Congress, which would have brought together leading experts in Dublin to exchange insight and expertise with delegates from all over the world. Sadly, the COVID-19 pandemic has meant the event has had to be postponed, but… Read More STEP’s upcoming Thought Leadership Series: expert perspectives on today’s big issues

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Law Society issues guidance to solicitors advising on tax

The England and Wales Law Society has issued guidance to solicitors who advise on tax, drawing out their obligations within the Solicitors Regulation Authority (SRA) rules and regulations. The new guidance acknowledges the Professional Conduct in Relation to Taxation (PCRT), which has been developed and published by several UK accounting and tax professional bodies, including STEP,… Read More Law Society issues guidance to solicitors advising on tax

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Practitioner perspective: We need to work together to help vulnerable clients

Vulnerability is not synonymous with poverty or age, it can happen to anyone, at any time. While I have been interested in vulnerability for many years, it was the development of my firm’s corporate social responsibility (CSR) policy, with the theme, ‘vulnerability and combating financial abuse,’ that really crystallised my desire to develop my technical… Read More Practitioner perspective: We need to work together to help vulnerable clients

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STEP welcomes UK government response to Fifth Anti-Money Laundering Directive consultation

Update 11 August 2020: It remains unclear exactly when the proposed Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 will come into force as this is being created by way of a Statutory Instrument, which is subject to the sifting procedure in Parliament. This is a special procedure for EU legislation, and the… Read More STEP welcomes UK government response to Fifth Anti-Money Laundering Directive consultation

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