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FATF at its third ordinary plenary meeting decided to include Croatia in the "grey list", along with Cameroon and Vietnam. Countries on the "grey list" are "highly monitored jurisdictions". Croatia thus became the only EU member on this list, and the stated reason is shortcomings in the prevention of money laundering and terrorist financing. Source:https://www.fatf-gafi.org/en/publications/Fatfgeneral/Increased-monitoring-june-2023.html The FATF has its own set of standards for assessing the legitimacy of each country's money transactions. The review process is based on the threats, vulnerabilities or special risks that arise in a given jurisdiction. T. Raja Kumar, chairman of the organization, said that Croatia had committed to develop an action plan to improve compliance with the organization's recommendations, and urged the country to implement this plan "as soon as possible". The Croatian Action Plan includes, among other things, an assessment of the risks associated with the misuse of legal persons and legal mechanisms and the use of cash in the real estate sector. What could be the consequences? The legislation of most European countries obliges financial...

JPMorgan has expanded its project to introduce blockchain technology into traditional banking services and began to conduct payments in euros for corporate clients in the digital currency JPM Coin. Source:https://www.bloomberg.com/news/articles/2023-06-23/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros#xj4y7vzkg JPM Coin was launched in 2019 to transfer dollars. The digital currency has now begun supporting euro transactions, Basak Toprak, head of Europe, the Middle East and Africa at JPMorgan Coin Systems, said. The German company Siemens has already made the first payment in euros on the bank's platform. The system allows the bank's corporate clients to transfer funds between different JPMorgan accounts around the world or make payments to other clients using the blockchain. Transactions in JPM Coin are carried out around the clock and are faster than regular payments. The stablecoin is part of the Onyx blockchain-based platform. It was launched in 2020 to improve the quality of bulk transfers. As of April 2023, with the help of Onyx, the bank has issued short-term loans in the amount of about $700 billion. Note that in June 2023, JPMorgan entered into...

Presidential Resolution 7300, which was recently announced, extends the deadline for applying for a tax amnesty for outstanding government receivables. Reported by the Turkish Tax Authority (TRA). Source:https://internationalwealth.info/offshore-tax/turcija-objavila-o-prodlenii-sroka-priema-zajavok-na-nalogovuju-amnistiju/ According to Law No. 7440 of March 9, 2023, Turkey has a tax amnesty regime for persons with tax arrears. Initially, applications for participation were accepted until May 31 of the current year. However, the Turkish authorities decided to meet the needs of private business representatives and extend the deadlines: acceptance of applications - until June 30 inclusive; payment of the first installment - until July 31 inclusive. The new tax amnesty program regulated by Law No. 7440 covers the following government fees and requirements: taxes; insurance premiums; customs duties; administrative fines. As part of the tax amnesty, taxpayers have access to: restructuring of outstanding tax and payables to the state; settlement of current tax disputes; voluntary increase in the tax base in exchange for a ban...

The Verkhovna Rada reported that from July 1, no changes will be made to the tax policy. What does it mean? "single tax 2%" will not be canceled; will not cancel tax benefits for the 1st and 2nd groups; will not resume documentary checks; will not return penalties for violation of the use of cash registers. Tax refund is one of Ukraine's obligations under the memorandum with the IMF, but it is still unknown when exactly they will become "pre-war"...

The Spanish State Tax Agency published Order HFP/523/2023 dated May 22, 2023, approving the forms of declarations for corporate and income tax from non-residents for 2022. Source: Document HFP/523/2023 regulates the filing of tax returns for the last year by permanent establishments and organizations registered abroad but operating in Spain. It describes the conditions and procedure for submitting documents in electronic form. Order HFP/523/2023 comes into force on 1 July. In addition, the order includes samples of: forms provided for the provision of information on certain corrections and deductions in the profit and loss account in an amount not exceeding 50,000 euros; an annual report on the work performed, projects and studies that are subject to social security bonuses; reserve for investment in the Canary Islands. The Order contains the following forms (modelos) of tax returns: Form 200 - Declaration of corporate and income tax from non-residents, permanent establishments and organizations established abroad, but operating in Spain; Form 206 - Declaration of payment or refund of income tax from a non-resident; Form 220 -...

Swift has partnered with more than a dozen financial institutions and market infrastructures to test the use of its messaging network as a means of transferring tokenized value across a range of public and private blockchain networks. Source:https://t.me/uafic/1940 The initiative arose after last year's proof-of-concept with Chainlink for the development of a Cross-Chain Interoperability Protocol (CCIP) that would connect Swift to multiple blockchain networks. Tom Zschach, Swift's Chief Innovation Officer, said that there is unlikely to be one dominant blockchain network: "We expect many different platforms to emerge, each of which will serve different customer segments with their own individual capabilities and requirements," he said. - In such a highly fragmented ecosystem, it simply does not make sense for financial institutions to connect to each platform separately. That's why the community is working with Swift to create an interoperability model that will provide access to different platforms on a global scale." As part of the new experiments, Swift will collaborate on a number of potential implementations with Australia and New Zealand Banking Group, BNP...

The bill, which was submitted to the European Parliament in February 2022, makes large companies liable for human rights violations. The bill is similar to the German law on due diligence of supply chains, which was adopted last year and is mandatory for German companies from January 1, 2023. Source:https://www.euractiv.com/section/economy-jobs/news/epp-launches-last-minute-attack-on-eu-corporate-due-diligence-law/ While EU governments already agreed on a common position on the case last December, the European Parliament has yet to agree on its own position before final "tripartite" negotiations can begin with the EU Commission to finalize the law. However, the problem with the European bill comes down to the debate in what form the bill is adopted. The amendment, introduced by German Conservative MEP Angelika Nibler, obliges the European Commission to convert the directive into a regulation six years after it enters into force. The difference between a directive and a regulation is that the directives must be incorporated into national law by member states, which gives them some leeway to adapt it to national conditions, while the regulation is applied...

The main difference from its neighbors in the region and from similar programs in the world is that in Uruguay there are no minimum income requirements for a nomad. All that is required is not to be a citizen of Uruguay, not to have a criminal record, to work in a foreign company or to be a freelancer. Workers in the technology industry will be completely exempt from paying taxes. The only catch is that the form fee, which is only $11, cannot be paid from a foreign bank account. In other words, you will most likely have to travel to Uruguay before applying. A visa is given for six months, but it can be extended for another 6 months, and after that you can already get a residence permit to stay in the...

The National Bank of Ukraine, in accordance with the requirements of the Law "On Currency and Foreign Exchange Transactions", has worked out the procedure for the exchange of information by authorized institutions on the hryvnia accounts of their clients or users who are non-residents. Source:https://finclub.net/ua/news/nbu-vdoskonaliuie-systemu-valiutnoho-nahliadu-za-operatsiiamy-nerezydentiv-u-hryvni.html To do this, an automated information system "Register of Non-Resident Accounts" was introduced on the Hyperledger fabric blockchain platform. According to the law on currency, a transfer of funds in hryvnia with the participation of a non-resident is a currency operation subject to currency supervision. If information about the residence of the recipient is not available, the authorized institution serving the payer cannot clearly identify whether such a transaction is a currency transaction or not. This leads to the risk that this institution will not perform the functions of an agent of foreign exchange supervision. The functioning of the Register is necessary to minimize the above risks and improve the conditions for conducting currency supervision by authorized...