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The Royal United Services Institute (RUSI) is the world's oldest and leading UK defense and security think tank. The organization's mission is to inform, influence and expand public debate to help build a safer and more sustainable world. Source:https://static.rusi.org/data-sharing-and-sanctions-against-russia-web-final.pdf The British RUSI has been leading the European Sanctions and Illicit Finance Monitoring and Analysis Network (SIFMANet) initiative for the second year. After the summit in Riga, RUSI published an analysis of what needs to be done within the framework of cooperation. One of the main ones is the transition from Red flags to actionable evidence. To do this, it is necessary to improve interaction and exchange of information between regulators, crypto exchangers, payment systems and banks. And to track export restrictions, it is proposed to enter HS Codes into...

Three Swiss banks have to pay a total of more than $130 million to the US. The Justice Department wants to avoid possible prosecution for helping Americans evade taxes. The Zurich-headquartered Crédit Agricole unit will pay $99.2 million, the largest portion of the total fine. $24.2 million is to be paid by Dreyfus Sons & Co Ltd and $7.7 million by Baumann & Cie, Banquiers, both of Basel, Switzerland. The banks were able to settle the situation under a voluntary program launched by the Ministry of Justice in 2013. Swiss banks can thus avoid potential criminal charges by disclosing information about cross-border activities that helped US account holders hide assets. As part of the program, banks are also required to provide detailed information about the accounts of American taxpayers under investigation. According to the Justice Department, Crédit Agricole managed about 954 US-linked accounts worth more than $1.8 billion as of August 2008. Some US taxpayers have been able to completely deplete assets from accounts they hid from the IRS by making multiple cash withdrawals or reloading prepaid money...

The Business Name Generator portal analyzed 52 countries according to the degree of attractiveness for doing business. The study paid attention to the level of GDP, cost of living, level of happiness and even WiFi speed. Source:https://arcticstartup.com/top-countries-to-launch-a-startup/ The country's low business tax (9%) and low cost of living ($694 excluding rental housing) allowed the country to come out on top. The Netherlands came in second place with the highest GDP in the top 10 countries ($51,052 per capita) and high levels of happiness. In third place is the UAE, where corporate tax is also low, and GDP in 2024 may grow by...

At the beginning of April, an application was received from the Salvadoran President to distribute 5,000 free passports to talented foreigners. In priority, philosophers, artists, doctors, scientists. Since this number is only 0.1 percent of the population, 5,000 foreigners will not be able to cast a decisive vote in the election, so there is no threat to national security. The President is confident that such a decision can have a positive impact on the economy. At the same time, program participants are guaranteed tax-free relocation. At the moment there is no detailed description with the terms of the program, perhaps it will appear in the near future. Holders of a Salvadoran passport have many benefits, such as visa-free access to the Schengen area and preferential entry into many countries, including the...

A new Resolution recently published by the Government expands the list of countries for automatic exchange of information. The country has supported CRS since 2018. The relevant Law 51 states that all institutions that are subject to reporting. must properly preserve and transmit information in a timely manner. Now Panama will exchange information with 90 states. The list has been expanded to: UAE, Aruba, Turks and Caicos, Bahamas, Belize, Saint Vincent and the Grenadines, Nauru, Macau, Bermuda, BVI, Cayman, Bulgaria, Hong Kong, Lebanese Republic, Kenya, Kuwait, Romania. The provisions of the Resolution have already entered into...

The checks will affect 400 Bulgarian citizens. Properties will be checked in Bulgaria, Greece and Dubai. Housing worth more than 385 thousand euros is subject to inspection. The audits cover the period from 2019 to 2022, and are designed to determine whether the income of luxury property owners matches their expenses. The income of the entire family, expenses for the purchase of real estate, cars, luxury goods, education, and trips abroad will be checked. If expenses exceed income, the tax office will be able to begin an audit to find hidden income, and the property owner will have to pay taxes on this income, as well as fines. The Revenue Agency monitors not only luxury real estate purchases in the country, but also abroad, paying special attention to owners of apartments and houses in Greece and...

The new reporting rules came into effect in early April. They set stricter reporting standards. The rules apply to both existing licensees and those who received a license after the rules were published in August 2023. CIMA (Cayman Islands Monetary Authority) requires records to be kept legible and accessible, in accordance with the Data Protection Act. Documentation procedures should be reviewed annually. The new requirements require: keeping records in the original format for 5 years after the date of the transaction or longer if they relate to fiduciary relationships with clients, ensuring the confidentiality of data and developing appropriate procedures for this. All paper or electronic documents must be available for inspection by CIMA. In addition, documents may be stored outside Cayman as long as they are accessible for...

Official reports estimate that Germany will be short of seven million skilled workers by 2035 due to an aging population. On March 1, 2024, the second stage of the Law on Immigration of Skilled Workers to Germany came into force, opening up new opportunities for foreigners to work in the country. Source:https://www.schengenvisainfo.com/news/germany-facilitates-visa-rules-for-working-international-students/ The new Skilled Workers Act, which came into force in March, allows international students to work while studying. The move is expected to increase the number of skilled workers in Germany. The study visa allows students from non-EU countries to come to Germany nine months in advance and work up to 20 hours a week. During this time, they can take English and German language courses, depending on the language of instruction, prepare an application and get to know the country. The new law will now allow international students to work between 120 and 140 full days per year or 280 half days per calendar year. The new changes may especially affect students from low-income families. The previous law also allowed aspiring students to come to Germany nine months before...

The new "Patent Box" regime was introduced in the recent Internal Revenue Bill. The new regime implies a special preferential rate for intellectual property. Source:https://www.ey.com/en_gl/tax-alerts/hong-kong-announces-2024-25-annual-budget-with-new-patent-box-re In this way, the authorities are trying to stimulate investment in research and development. It is planned that the new rules will make Hong Kong more competitive as a center for trading intellectual property. An important feature is that the emphasis is placed on increasing applications for registration of intellectual property. The project will be reviewed on April 10, and is highly likely to be...

Requirements for crypto companies operating on the Lithuanian market will be strengthened, and from 2025, mandatory licensing for activities related to digital assets will be implemented. Source:https://www.bloomberg.com/news/articles/2024-04-03/a-european-fintech-hub-prepares-to-get-tough-on-crypto-companies?utm_source=telegram&embedded-checkout=true About 580 crypto companies are currently registered in Lithuania. However, the Central Bank believes that not all of them meet the necessary criteria for obtaining a license. The licensing process will be completed by June 2025. Firms that have not passed it will be forced to "leave the ecosystem". 7 of the largest global crypto exchanges are already operating in Lithuania. Some crypto firms have received licenses in other EU countries, so they may not need a license in Lithuania. Lithuania's desire to become a financial and technological hub has provoked an influx of unregulated crypto firms into the country. This could cause problems amid the introduction of MiCA, a pan-European crypto regulation aimed at fighting money laundering and protecting investors, which will come into force in January 2025. The Central...