4MLD and Amendments to POCA

4MLD and Amendments to POCA

This newsletter covers amendments made to the Proceeds of Crime Act 2015 (POCA) as well the introduction and amendments to secondary legislation made since late 2016...

Click to view / download (gibraltar.gov.gi)

2017 Basel Index Report Download

2017 Basel Index Report Download

This is the sixth edition of the Basel Anti-Money Laundering (AML) Index developed by the Basel Institute on Governance. The Basel Institute published the Basel AML Index for the first time in 2012 and has since then been the only non-profit organisation to create a research-based ranking focusing on the risk of money laundering and terrorist financing. The Basel AML Index provides the following key features: Overview of 146 countries according to their risk level in money laundering/terrorist financing Composite index based on public sources and third party assessments Independent research-based risk ranking which is updated annually AML country risk assessment tool for compliance purposes (see Expert Edition).

Visit https://index.baselgovernance.org/ to download.

Jersey companies incorporated to implement tax scheme were UK resident, says tax tribunal

Jersey companies incorporated to implement tax scheme were UK resident, says tax tribunal

Three Jersey companies which were incorporated in order to crystallise capital losses for a group as part of a tax planning scheme were UK tax resident, the First-tier Tribunal has decided.

Judge Harriet Morgan decided that although the directors of the Jersey companies had approved the relevant transactions at board meetings in Jersey and taken company law advice, it was the UK parent company which decided to undertake the planning and engaged the board to perform these specific actions, and was in effect exercising central management and control of the Jersey companies.

Read more - Out-law.com

Crowdfunding models explained

Crowdfunding models explained

Utilising the power of the collective to achieve challenging goals is not a new phenomenon, think the Longitude Prize in 1714 and the crowdsourced creation of the chronometer. However, in a contemporary sense, crowdfunding began gaining real traction in 2008/09 with the birth of reward-based platforms IndieGoGo and Kickstarter, the two US giants, in an industry that has raised more than £2 billion globally. This is a good place to start differentiating the platforms and six key business models I am choosing to focus on. These are reward-based, donation-based, micro-lending, peer-to-peer, peer-to-business and equity.

Read more - Crowdcube

MiFID II and MiFIR

MiFID II and MiFIR

The Markets in Financial Instruments Directive II (MiFID II) entered into force on July 2, 2014, and must generally apply within Member States by January 3, 2018. MiFID II will drive significant changes to wholesale markets in the EU and impacts virtually all participants in those markets, some of them very significantly. MiFID II and its sister regulation the Markets in Financial Instruments Regulation (MiFIR) significantly builds upon the original MiFID (which they replace) in number of areas.

Read more (Duff & Phelps)

Pan-European Personal Pension Product (PEPP)

Pan-European Personal Pension Product (PEPP)

The Pan-European Personal Pension Product is a new EU pension,announced by Brussels on 29th July 2017, as an initiative to encourage saving for retirement. Pan-European Personal Pension Product will allow people that work from country to country to save into one just one fund without having to alter anything.

Read more - tailormadepensions.eu

GDPR messages for the boardroom

In the video below, Information Commissioner Elizabeth Denham talks about “the biggest change to data protection law for a generation”. The video is aimed at boardrooms and calls on businesses to see the commercial benefits of sound data protection, and act now to ensure they’re compliant by 25 May 2018.

Preparing for the new anti-money laundering rules

Preparing for the new anti-money laundering rules

Get ready for the Fourth Money Laundering Directive, which has significant consequences for all regulated firms. You can look forward to:

• A requirement for firms to take appropriate steps to identify and assess the risks of money laundering and terrorist financing to their business. Firms will be required to document these risk assessments and keep them up-to-date

Read more - moneymarketing.co.uk

Why Are So Many Smart People So Stupid About the GDPR?

Why Are So Many Smart People So Stupid About the GDPR?

The General Data Protection Regulation (GDPR) has been called “a revolution,” “a paradigm change,” and “a ticking time bomb.”

That bomb will go off on 25 May 2018. There’s no question of diffusing it. For any company that does business in Europe, preparation should consist of reducing the destructive effects and, more importantly, preparing to survive – and even thrive – in the drastically transformed business environment that will result from the explosion.

Read more - LinkedIn

Impending Data Protection Laws Place EU Operators At Risk

Impending Data Protection Laws Place EU Operators At Risk

Gambling operators are going to be facing harsher fines for data breaches when the EU’s General Data Protection Regulation (GDPR) comes into force next May, with marketing practices the area where new rules are likely to have the most profound effect.

A report from consultancy Consult Hyperion published in mid-June suggested the European banking sector was ill-prepared for the changes that will be brought in by the full implementation of the GDPR.

Read more - gamblingcompliance.com

How risk averse compliance teams are literally ruining the world

How risk averse compliance teams are literally ruining the world

With many years of supporting the financial services industry now under my forever-expanding belt, I have decided risk-averse compliance teams are contributing to the ruination of significant areas of the world. Not my compliance team at the excellent institution at which I work, of course: they walk the tightrope of ethical rectitude and commercial sensibility with grace, humour, and dashing good looks, as anyone who knows them will attest. I mean other compliance teams out there in the world of finance. Possibly yours, if anyone other than my curious co-workers are reading this.

Read more - LinkedIn

The Promise of RegTech

Evaluating Regulatory Risk Management in the financial industry to an effective business management practice

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