I had the pleasure of attending STEP Jersey’s AGM and 25th anniversary celebration this week. STEP Jersey is one of our largest branches, with over 1200 members, and is also one of our most active. Not only does it host many well-attended events, but it works closely with government, regulators and others to ensure the… Read More Happy 25th birthday STEP Jersey!
These days, the world seems to be changing faster than it spins on its axis. While the headlines darken each morning with geo-political and economic tumult, the sense of unease continues reading beyond the front pages. A bleak outlook for the workplace: robots will take over, professions will be rendered obsolete by new technology; a… Read More Embracing a new skills agenda
With reporting now underway in the UK for both FATCA and the Common Reporting Standard (CRS), STEP has been liaising with HMRC on some of the finer points of reporting. Can I still submit CRS amendments? There is some time available following the 31 May 2017 deadline for submission of amendments or corrections. If you… Read More Information exchange reporting FAQs
STEP attended the most recent CRS Business Advisory Group hosted by HMRC and discussed the following issues: FAQs HMRC advised that new documents on the OECD portal have been published along with some additional FAQs. Anti-avoidance Members were interested to know when the OECD will publish its loophole paper which will review loophole reporting strategies.… Read More CRS reporting update, June 2017
On 21 March 2017, the first political trilogue on the Commission proposals to amend the 4th Anti-Money Laundering Directive (4AMLD), proposed in July 2016, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing took place at the European Parliament (EP). In the wake of the… Read More EU AMLD: where are we now?
I have just enjoyed a highly informative STEP Caribbean Conference in Cayman from May 1-3, which attracted well over 300 delegates from across the STEP world. Presentations ranged from the emerging theme of cryptocurrencies, which I suspect is a wholly new topic to many in the audience, to the use of firewall provisions in fending… Read More STEP Caribbean Conference, Cayman
STEP attended the Financial Action Task Force (FATF) Joint Experts’ Meeting on Money Laundering and Terrorist Financing Typologies in Moscow late last month. STEP’s Co-Chair of its Public Policy Committee, John Riches TEP, also attended in his capacity as a trust expert. STEP was invited to participate in a ‘Challenges of establishing beneficial ownership’ round… Read More STEP attends FATF Joint Experts’ Meeting on Typologies in Moscow
Following the news late last week that the UK government is scrapping its plans to hike probate fees, Emily Deane TEP looks back on an eventful 15 months for STEP and practitioners. February 2016 In February 2016 the Ministry of Justice (MoJ) issued a consultation paper on reforms to the fee system for grants of… Read More Probate fees: how we got to where we are
HMRC invited STEP to attend a consultation on 30 March regarding the UK’s implementation of the EU Fourth Anti-Money Laundering Directive (4AML), in particular in relation to the requirement to implement a central register of trusts. The consultation was hosted by HMRC’s Policy Specialist, Tony Zagara, and focused on Article 31 – trust beneficial ownership.… Read More HMRC consultation on 4AML implementation
The government’s threat to radically increase probate fees next month (Probate fee rise ‘a new tax on bereaved families’) may be receding, following a meeting of the House of Commons Joint Committee on Statutory Instruments on 29 March. Using some very welcome common sense, the committee raises the issue (para 1.12) that it is a… Read More Probate fees – will common sense prevail?
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