Insights

August 6, 2019

Corporate Transparency and Register Reform

IN BRIEF:

  • The Companies House registry (Register) is an important source of information referred to by EFI and its customers in the undertaking of KYC and CDD. This information is vital for agencies such as HM Revenue & Customs and the Serious Fraud Office when they investigate financial crime cases that involve the misuse of corporate structures.
  • Detecting and preventing financial crime therefore relies upon the ability to undertake timely enquiries about companies and individuals associated with them, with confidence that the information found is accurate and complete.
  • EFI welcomes Companies House’s commitment in working to seek ways to strengthen the UK’s ability to fight economic crime. The following comments are in response to some of consultation’s questions.
  • Sam Sheen
    Sam Sheen Financial Crime Adviser

July 24, 2019

Whitepaper – The End of the beginning for FATCA and CRS

IN BRIEF:

  • Governments globally have been clamping down on tax avoidance and evasion for some years by introducing various international tax transparency measures to detect and deter such activity.
  • FIs are continually challenged by a huge and ever-changing regulatory environment, compounded by significant levels of uncertainty in the assessment of compliance by a whole raft of different tax authorities.
  • In September 2017, under FATCA and CRS, the largest ever exchange of tax information took place between Revenue Authorities globally.

July 17, 2019

The Case of the Disappearing Bank

IN BRIEF:

  • For several years now, anti-financial crime (AFC) regulations have prohibited the operation of shell banks. A shell bank is a bank that has no physical presence in the jurisdiction where it is incorporated or licensed and no affiliation with a regulated financial group.
  • A trust does not have a “legal personality”. This means it cannot legally own assets. A trust can’t open its own bank account, execute contracts or become a shareholder in a company.
  • The TCSP acts as trustee for the Manolo Trust. Not a great deal of information is provided about how the trust came to be created.

This article has been featured on the International Banker

  • Sam Sheen
    Sam Sheen Financial Crime Adviser

September 26, 2018

Jail time looms for FATCA Responsible Officer

IN BRIEF:

  • After witnessing the first ever successful US prosecution for Foreign Account Tax Compliance Act (FATCA) non-compliance, banks and Financial Institutions (FIs) will be thinking ‘What next?’ and considering their own FATCA programmes.
  • Events last week only serve to confirm that FIs are under the microscope. Organisations and individuals will be taken to task for non-compliance or deliberate avoidance.
  • The high level of international collaboration between a large number of cross-border agencies (including the City of London police and the FCA) is of particular note. International cooperation and effort will seamlessly result in successful prosecutions.

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