Restrictions of servicing of shell companies in Latvian banks
On 26 April 2018 Seim of Latvia has approved an Amendment to Law on the Prevention of Money Laundering and Terrorism Financing in second reading (the Amendment). The Amendment will […]
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The United Kingdom to oblige its Overseas Territories to establish public registers of beneficial owners
On 1 May 2018 the amendment to Sanctions and Anti-Money Laundering Bill was introduced in the Parliament of the United Kingdom. This amendment provides that the Overseas Territories of the
Latvia has included Russia in the list of countries for automatic exchange
On 13 April 2018 Cabinet of Ministers of Latvia has amended Regulation No. 20 of 5 January 2016 that establishes Procedures by which a Financial Institution Implements the Due Diligence
Changes in Hong Kong profits taxation system
1 April 2018 the Inland Revenue (Amendment) Ordinance came into force in Hong Kong. The basic change is introduction of two tiered profits tax rate regime for legal entities and
Latvian banks to stop servicing shell companies’ accounts
In the late March 2018 the financial authorities of Latvia have announced a dramatic change in their policy in respect of so called “shell companies” (i.e. the foreign companies existing
Reitumu Banka has suspended services in US Dollars
14.03.2018 an informational message that Euro will be the main operational currency of Latvian bank Reitumu Banka due to the difficulties of processing transactions in US dollars was published on
ABLV Bank: recent events
26.02.2018 an informational message that the bank’s management made a decision on self-liquidation was published on the official website of the Latvian bank ABLV Bank, AS. This material describes the
Implementation of registers of significant controllers in Hong Kong
It is known that the route of data flow within the automatic exchange of financial account information under the Common Reporting Standard (CRS) depends on tax residence of an account
OECD concerns about residence-by-investment schemes to circumvent automatic exchange
It is known that the route of data flow within the automatic exchange of financial account information under the Common Reporting Standard (CRS) depends on tax residence of an account
European Union has excluded several countries from low tax jurisdictions blacklist
On 12 January, 2018 the Council of the European Union (EU) has excluded several countries and territories from the blacklist of non-cooperative jurisdictions for tax purposes that were included in