by Luigi Benincasa
Anti money laundering as of 1.1.2023
The revised Anti-Money Laundering Act extends the requirements for verifying the identity of beneficial owners and stipulates the obligation to periodically review client documentation to ensure that it is up to date and to renew it, if necessary. The determination of the periodicity based on adequate risk criteria is a key element.
by Lugi Benincasa/Michael Steiner
Spanish Financial Transaction Tax
Spain decided to introduce a Financial Transaction Tax by January 16, 2021. There are various country specific topics to be considered, while the experience with the FTTs in France and Italy will provide some orientation.
by Michael Steiner
Risk: Removal of data protection equivalence for Switzerland
The adequacy of Swiss data protection law for the EU market will be reviewed in the first half of 2020. Whereas the relevant EU standard already exists (GDPR), the revision of the Swiss Data Protection Act is still under discussion.
Read more … Risk: Removal of data protection equivalence for Switzerland
by Luigi Benincasa
Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures
The “Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures” complement the CRS and improve the quality of the exchange of information in tax matters.
by Gunther Manske
Enhancement of EU Directive on Administrative Cooperation ("DAC 6") - new reporting obligation as of 2020 for cross-border tax planning arrangements
With the "DAC 6" directive of the EU, which came into force on 25.06.2018, there will be a new reporting obligation for (inter alia) banks and financial service providers from 2020 onwards, insofar as these are involved in any way in the field of such cross-border tax arrangements.