Commerzbank AG’s offices in Frankfurt were searched Tuesday as German authorities continued their investigations into a widening tax scandal involving multiple global lenders. The raids are tied to controversial trading practice across the industry known as Cum-Ex, according to a person with knowledge of the matter who asked not to be identified in disclosing private information. […]

The Jersey Court to confiscate drug offender’s money after-tax evasion confession [08 August 2019] A 57year-old convicted drug offender could see up of £33,804 of savings seized by Jersey authorities, despite successfully arguing that the money was not the proceeds of criminal activities – but admitting tax evasion in the process. Ian Joseph Ellis was […]

The successor to the infamous Jimmy Carr ‘K2’ scheme has just surfaced following a decision by the First Tier Tribunal which found that a contractor loan scheme should have been notified under the Disclosure of Tax Avoidance Schemes (DOTAS) regulations. With striking similarities in the way it was marketed and operated to K2 the scheme, […]

The following may be of interest and a good time to refresh on the “Substance” issues and requirements General matters 1. In the General Secretariat’s report published yesterday, each of the Cayman Islands and the BVI were recognised for their cooperation and positive dialogue in respect of their economic substance requirements, and remain committed to […]

Overview International and domestic scrutiny of AML safeguards is increasing. High-profile prosecutions and regulatory action are becoming more frequent. Cross-border coordination means that businesses face an increased likelihood of enforcement actions in multiple jurisdictions when those safeguards fail. The use of AML systems to prevent tax evasion is of increasing importance to governments and regulators globally. […]

An international network of tax evasion and money laundering in the United Arab Emirates – dubbed the Dubai Papers – involving rich Europeans has been exposed by a French magazine. L’Obs published documents of the Helin Group, which show that it was used by at least 200 people including Russian oligarchs, European aristocrats, Italian art dealers and French […]

  On 6 July the UK government confirmed its intention to make two key changes to the taxation of UK property. Glenn Cassidy, senior tax consultant at Equiom, outlines these changes and their potential impact on local residents Last year was a pivotal year for property tax, with a series of big announcements leading to […]

Introduction 1. Jersey, Guernsey and the Isle of Man have been working together to address the concerns of the EU Code of Conduct Group (Business Taxation) (“the COCG”) regarding economic substance. 2. As part of a review of over 90 jurisdictions, the EU Code Group concluded that a. Jersey and the other Crown Dependencies were […]