Recent News

The new rules ensure that funds reach the bank accounts of retail customers and businesses across the EU within 10 seconds. The rules were tentatively agreed in November and aim to make transfers safer and faster for retail customers and businesses. Source:https://www.europarl.europa.eu/news/en/press-room/20240202IPR17318/ensuring-euro-money-transfers-arrive-within-ten-seconds Banks and other Payment Service Providers (PSPs) will have to ensure that credit transfers are available and processed instantly. The text, already agreed with EU member states, updates the current rules of the Single Euro Payments Area (Sepa). It is assumed that the instant credit transfer is performed regardless of the day or hour, and the money should reach the recipient's account within ten seconds. The payer should also be informed within ten seconds whether the transferred funds have become available to the recipient. EU member states whose national currency is not the euro will also have to apply the rules if accounts already offer regular transactions in euros, after a longer transition period. A special derogation from the 10-second payment requirement will be made for such after-hours...

The Ministry of Finance of Thailand announced the abolition of VAT on trading of digital assets. Such a decision should help transform the country into an international crypto center and provide the necessary impetus for the development of the country’s digital economy in the future. Source:https://www.bangkokpost.com/business/investment/2737569 The VAT exemption for trading digital assets previously only applied to authorized digital asset exchanges. The exemption now applies to brokers and dealers regulated by the SEC. In addition, the Department of the Treasury and the SEC are in the process of amending the Securities Exchange Act of 2019 to allow digital investment tokens to be treated as...

As part of new tax changes, the Spanish Ministry of Finance plans to expand its powers to confiscate cryptocurrencies and NFTs. Spanish newspaper El Economista reports that the ministry is preparing for a new tax reform that will provide powers to confiscate cryptocurrencies and digital assets in case of non-payment of taxes. Thus, if a debt arises for income tax or other taxes, the state will have the right to confiscate cryptocurrencies and NFTs to cover such debt. To do this, it will be necessary to amend Article 162 of the General Tax Law. The Ministry already has information about cryptocurrency assets of...

In October 2023, the UK passed the Economic Crime and Corporate Transparency Act. The first changes will be implemented by Companies House from 4 March 2024. What you should pay attention to? From 4 March 2024, companies and partnerships will no longer be able to use a PO Box as their registered office address. Any organization currently using a PO Box address will have until March 4, 2024 to change it to an “eligible address.” All companies will also be required to provide Companies House with a registered email address. Not having a registered email address will be an offence. All registered companies, both new and existing, are required to operate legally. The legality of the company's purpose of existence will need to be confirmed by submitting an appropriate...

Such an announcement was published by the Cyprus Registrar of Companies. It is now possible to submit information about beneficial owners to the UBO Register until March 31, 2024. The decision applies to all companies and legal entities registered in Cyprus and was adopted in order to increase the time allotted to comply with the requirements of the law. After the set date, penalties will be applied to those who do not submit information. Thus, to avoid liability, it is recommended to submit information on time. Information about the beneficiaries, including full name, date of birth, residential address, citizenship and ownership share in the company, is provided to the Register. Information is provided through a special IRIS...

Iran used the UK's two largest banks, Santander and Lloyds, to secretly move money around the world as part of a vast sanctions-evasion scheme. Source:https://www.ft.com/content/aac08cf4-a6f2-4e39-995f-23f7fa5ea5ea?sharetype=blocked Lloyds and Santander UK provided accounts to British shell companies secretly owned by a sanctioned Iranian petrochemical company based near Buckingham Palace. The US accuses the company of collecting hundreds of millions of dollars from the Iranian Revolutionary Guard and collaborating with Russian intelligence agencies to raise money for Iranian proxy militias. PCC and its UK subsidiary PCC UK have been under US sanctions since November 2018. Documents, emails and accounting records indicate the continued operation of the UK arm of the PCC from an office in Grosvenor Gardens in Belgravia through a complex network of front organizations in the UK and other...

Supporting the plan could be the first step toward potentially using blocked assets to rebuild Ukraine. It still awaits formalization in the coming weeks. Source:https://www.ft.com/content/a0200868-282c-4ff6-a37b-8a38ddd04c4a The document states that the profit received by the European depositary Euroclear from these assets (€191 billion of the €260 billion that are frozen are stored there) will be accounted for separately and will not be paid as dividends to shareholders until the EU countries make a decision on the creation of “a financial contribution to the EU budget, which will be received from this net profit to support Ukraine.” The European Commission estimates the plan will generate about 3 billion euros ($3.2 billion) a year, or 15 billion between 2023 and...

By Decree of the President of Ukraine No. 36/2024 of January 29, 2024, a public register of sanctions is created in Ukrainian and English. Source:https://www.president.gov.ua/documents/362024-49589 The register will be maintained under the management of the National Security Council. It is assumed that this register will intersect with other information systems of the state. According to the provisions of the Decree, the register will display information about individuals regarding whom sanctions have been adopted, as well as information, for example, about blocking assets received from other information systems. Personal data of sanctioned individuals is not confidential and is considered to be made public in the interests of national...

The President of France unveiled a large package of amendments to French immigration legislation. Thus, those wishing to obtain resident status will need to demonstrate support for French values, such as gender equality, tolerance of sexual orientations, and freedom of speech. Support is expressed by signing an affidavit. In addition, the requirements for language proficiency have been changed. Those wishing to obtain a long-term residence card, after staying in the country for three to five years, will need to pass a language test. Those who will receive an initial annual residence card will be offered to take language courses, but there is no requirement to pass a test. Those who want to get their first resident card need to demonstrate knowledge of French at level B1, not A2. To apply for citizenship, you need to speak the language at level B2, instead of...