OECD steps up the fight against enablers of tax and financial crimes

The Organisation for Economic Co-operation and Development’s (OECD) Task Force on Tax Crimes and Other Crimes launched its new report, Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes, during the 2021 OECD Global Anti-Corruption & Integrity Forum this week. The report sets out a range of strategies… Read More OECD steps up the fight against enablers of tax and financial crimes

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

STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering

On 3 June, STEP joined a webinar hosted by Anti-Money Laundering Europe (AME) on the future of the European Union’s fight against money laundering. John Riches TEP, Chair of STEP’s Public Policy Committee, was joined on the panel by Jérôme Deslandes, Cabinet of the Executive Vice President of the European Commission; and Piers Haben, Director… Read More STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering

Do UK money laundering regs extend to trusts in other jurisdictions?

STEP’s Isle of Man branch has flagged potential issues raised by the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (the Regulations) which give effect to the requirement of the EU Fourth Anti-Money Laundering Directive to have a central register of trusts, and reporting obligations on trustees.… Read More Do UK money laundering regs extend to trusts in other jurisdictions?

Technical hitches remain for access to UK Trust Registration Service

Agents remain unable to access the Trust Registration Service (TRS) after technical errors were identified in the system, HMRC has confirmed. However, the deadline for completing the register of a trust for self-assessment and providing beneficial ownership information remains 5 December 2017. This news comes shortly after HMRC published its comprehensive guidance for the new… Read More Technical hitches remain for access to UK Trust Registration Service

STEP in Brussels to discuss money laundering and terrorist financing risks

STEP was invited by the European Commission to attend a second private sector consultative meeting on Wednesday 5 October to discuss the supranational risk assessment of money laundering and terrorist financing risk in the EU. We represented the trust sector and legal professionals in the first consultative meeting with the Commission in March 2016. The… Read More STEP in Brussels to discuss money laundering and terrorist financing risks

Registers of beneficial ownership – the end game?

On Friday (22 April) HM Treasury announced that a further 19 countries have now joined the UK-led pilot project launched with Germany, France, Italy and Spain for the automatic exchange of information on beneficial ownership. These include the Netherlands; Romania; Sweden; Finland; Slovakia; Latvia; Croatia; Belgium; Ireland; Slovenia; Denmark; Malta; Lithuania; Cyprus; Bulgaria; Portugal; Estonia;… Read More Registers of beneficial ownership – the end game?

The 4th AML Directive Agreement – a pragmatic solution

Reports suggest that late last night the EU Parliament and Member States finally reached an agreement on the 4th Anti-Money Laundering Directive. The agreement will see a  mandatory requirement for registration of beneficial owners for corporates, but is less than clear on the issue of public access to such a register, allowing access to be… Read More The 4th AML Directive Agreement – a pragmatic solution

Family finances – a private matter?

In a largely secret process, this autumn will see tense negotiations between Parliament and member states about the extent to which many hundreds of thousands, if not millions, of families should have intimate details about their financial affairs placed on public display. The public are rightly outraged that criminals, including tax evaders, so often seem… Read More Family finances – a private matter?