The new frontier of transparency in the USA – Trusts in the context of FinCEN’s Final Rule Regardless the steps traditionally taken by the United States of America in order to meet the highest international standards in terms of safeguards designed to prevent the flow of illicit money and contrast illicit activities, including money laundering,...Read More

Companies House launched the UK register of overseas entities On 1 August 2022, Companies House launched the UK register of overseas entities (ROE), which is a key provision of the Economic Crime (Transparency & Enforcement) Act 2022 (Act). The Act requires overseas entities that own or acquire property in the UK to register with Companies...Read More

New Zealand introduces minimum standards for financial reporting of trusts At the beginning of March, the New Zealand Government introduced a series of more stringent disclosure requirements for taxable domestic trusts. At the beginning of March, the New Zealand Government introduced a series of more stringent disclosure requirements for taxable domestic trusts. For income years...Read More

BO reporting begins in Mexico With the Economic Package for 2022 (Paquete Económico para 2022) Mexico decided to increase its compliance with international reporting standards, with particular reference to automatic exchange of information (AEOI). In fact, as of 1 January 2022, companies, trusts, partnerships and other legal entities have to gather and retain accurate and...Read More

Switzerland is consulting on AML Ordinance amendments Switzerland’s federal government has published draft amendments to the Anti-Money Laundering Ordinance (the Ordinance), which aim to implement the measures in the revised Anti-Money Laundering Act (the Act). The Act introduces most of the Financial Action Task Force’s (FATF’s) 2016 recommendations for Swiss anti-money laundering (AML) reform, including...Read More

FINMA encourages trustees and portfolio managers to submit licence applications as soon as possible The Swiss Financial Market Supervisory Authority revealed that as of today only 180 out of around 2,400 portfolio managers and trustees have submitted a licence application required by the Financial Institutions Act (FinIA), which entered into force in January 2020. The...Read More

FINMA issuing regulation implementing FinSA and FinIA The Financial Market Supervisory Authority (FINMA) recently held a consultation with the aim to issue regulation implementing the Financial Services Act FinSA and the Financial Institutions Act FinIA. The consultation’s outcome is the following: FINMA will make adjustments to the existing ordinances and circulars; It will issue a...Read More

End of preparatory works for FinIA and FinSA The Federal Financial Market Supervisory Authority (FINMA) has conferred upon the Swiss Supervisory Limited Company AOOS the authorization as a fifth supervisory organisations (SO), also recognizing it as a self-regulatory organization (SRO) under the Anti Money Laundering Act (AMLA). The set-up phase involving the institutional prerequisites for...Read More