Several EU Member States have been warned of non-compliance with 5th Anti-Money Laundering Directive

The report on infringements of different EU acts committed by some Member States has been published on 14 May 2020 in the website of European Commission. Such infringements include non-compliance of national anti-money laundering and combating terrorist financing (AML/TF) legislation of several Member States with the requirements of the EU Directive 2018/843, which is applicable …

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Seychelles has adopted centralized beneficial ownership register

Seychelles has adopted centralized beneficial ownership register

On 5 March 2020 President and National Assembly of Seychelles have officially enacted Beneficial Ownership Act 2020 (the Act) which establishes centralized beneficial ownership registers with confidential regime of data storage for the first time. Firstly, it is necessary to mention that the requirements under abovementioned Act are applicable both to legal persons incorporated in …

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Panama

Cayman Islands, Panama and Seychelles added to the EU “blacklist”

18 February 2020 the European Commission has published an information about the regular update of the “blacklist” of non-cooperative jurisdictions for tax purposes. This time it was decided to list 4 new jurisdictions. In February 2020 Cayman Islands, Palau, Panama and Seychelles have been added to the “blacklist”. As a result, the current version of …

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EU warns several Member States of need to reform their anti-money laundering legislation

EU warns several Member States of need to reform their anti-money laundering legislation

On 12 February 2020 the information that European Commission has sent formal written notices to some Member States warning on non-compliance of their national anti-money laundering and terrorist financing (AML/FT) legislation with current European standards established by EU Directive 2018/843 and other acts has appeared. According to European Commission, the legislation of the following states does …

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Cyprus: imposition of annual trade license fees in Limassol municipality

Cyprus: imposition of annual trade license fees in Limassol municipality

In December 2019 the Municipality of Limassol has published an information of imposition of annual trade license fees on legal entities in this region of Cyprus on its official website. The abovementioned decision was made 26 September 2019 in accordance with Articles 104 and 105 of the Municipalities Law 111/1985. The requirement to pay annual …

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Belize

Belize: new rules on intellectual property reporting for IBC companies

On 19 December 2019 the information about the duty of all International Business Companies (IBC) in Belize to fill and submit the forms about intellectual property assets (in case of acquiring, holding or dealing with them) or absence of such to the International Financial Services Commission (IFSC) has been published on the official website of …

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Cyprus

Cyprus introduced penalties for late filing of particular notifications and returns

On 18 December 2019 the Registrar of Companies of Cyprus has announced that the date of entry into force of amendment of Companies Law Cap. 113 (Law 149(I)/2018) which establishes penalties for late filing of notifications of company’s particular corporate procedures and returns with the Registrar has been changed from 18 December 2019 to 18 …

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AAB Bank AG’s banking license revoked

AAB Bank AG’s banking license revoked

15 November 2019 the information about revocation of license of Anglo Austrian AAB Bank AG (former Meinl Bank AG) has been published on the official website of Austrian Financial Market Authority (German: Finanzmarktaufsichtsbehörde, FMA). FMA is a regulatory authority responsible for permanent control of banking activities in Austria. However, AAB Bank AG’s licensehas been revoked …

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Belize has been excluded from EU “blacklist”

Belize has been excluded from EU “blacklist”

8 November 2019 the Council of the European Union has informed of its decision to exclude Belize from the “blacklist” of non-cooperative jurisdictions for tax purposes. It is stated that this decision was based on expected adoption of several measures to abolish the regime that provides for full exemption of taxation for International Business Companies, …

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British Virgin Islands: final version of Rules of economic substance adopted

British Virgin Islands: final version of Rules of economic substance adopted

1 January 2019 British Virgin Islands (BVI) has adopted legislation on economic substance requirements applicable to companies incorporated in BVI. As this legislation was adopted in merely short terms, some questions regarding its application have arisen. In this circumstances International Tax Authority (ITA) is preparing a guidance, the first draft of which has been published …

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