News

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.

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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.

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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.

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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. 

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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.

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