Tag: George Hodgson

Adapting to and embracing the ‘new normal’: opening the Bahamas to international firms

This week I spoke at a lively conference, Engaging in a Transparent World, in Nassau. There were some thought provoking presentations on the theme of how an international financial centre such as the Bahamas could best adapt to the ‘new normal’ of automatic tax information exchange and greater clarity of beneficial ownership;  the emphasis being… Read More Adapting to and embracing the ‘new normal’: opening the Bahamas to international firms

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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?

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The Risk Based Approach – implications for international business

Many STEP members will have been on holiday over the past few weeks. If so, they may have missed some important indicators of how the authorities plan to use the Risk Based Approach in anti-money laundering regulations aimed at tackling illicit money flows. One of the most significant technical developments in the revised FATF Recommendations… Read More The Risk Based Approach – implications for international business

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‘Moving Money’ – the cost of more onerous AML procedures

I attended a lively presentation today on the paper Moving Money: International Flows, Taxes, and Money Laundering by Professors Richard Gordon and Andrew P. Morris. They basically argue that the move to more onerous anti-money laundering (AML) procedures and the move to automatic information exchange are both going to significantly increase transaction costs for everyone, legitimate… Read More ‘Moving Money’ – the cost of more onerous AML procedures

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Across the AML Divide: data sharing, de-risking and debate

George Hodgson

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

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Anti-Money Laundering Vote is Disappointing for UK Families

George Hodgson

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

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It’s time to urgently think about UK trusts under the UK-US IGA

George Hodgson

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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Preserving the confidential nature of trusts

George Hodgson

I welcomed David Cameron’s recent letter to the President of the European Council, Herman Van Rumpoy, rejecting calls to include trusts in the public registries of beneficial owners that the UK is proposing for companies. In the letter the Prime Minister noted the need to ‘recognise the important differences between companies and trusts’ in this… Read More Preserving the confidential nature of trusts

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