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In light of the current the pandemic, the Cyprus Council of Ministers have made several decisions to make the situation easier for companies based in Cyprus.
Hong Kong has released its updated guidance on advance rulings, in order to reflect amendments to Hong Kong's practices as a result of its efforts to comply with the OECD's minimum reporting standards proposed, as part of the BEPS (base erosion and profit shifting) Action Plan.
The financial and reporting requirements for Scottish Limited Partnerships (SLPs) vary depending on whether the company is a micro-entity, or a small, medium or large entity. Micro-entities and small companies benefit from less burdensome requirements.
HM Revenue and Customs (HMRC) General anti-abuse rule (GAAR) guidance, with reference to The UK Finance Act 2013, the UK Companies Act 2006, the National Insurance Contributions Act 2014.
Going forward, corporate clients will pay a fee on their deposits, which will end up affecting consumers ultimately, turning the traditional concept of banking on its head.
The US Department of Justice has issued a provisional warrant for the arrest of Russian businessman Oleg Tinkov, who founded an online bank in Russia with over ten million clients. The Tinkov Group was floated on the London Stock Exchange for over USD $1 billion.
According to a recent report published by the US State Department’s Anti-Money Laundering (AML) unit, Cyprus continues to upgrade its established AML legal framework, while authorities successfully 26 individuals and entities for money laundering related offences in 2018.
New reports have come to light regarding Jho Taek Low, who is a Malaysian businessman and international fugitive sought by the authorities in the US, Singapore, and Malaysia in connection with the 1MDB scandal.
A recipe for potential problems and symptoms of a troubled economy is when the main banks have what is known as excess liquidity. When citizen have to borrow money, however have nowhere to borrow from, then it may as well just be spent on daily consumerism or travel. That is, to support the car industry or into the pockets of other neighboring more favourable holiday destinations.
Earlier this week, financial authorities such as Bank of Cyprus, issued a ruling officially scaling back on the recently announced controversial bank charges, which corporations and individuals found out about towards the end of last year. In a seemingly hasty move at the time.