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Guest view: The US should stop helping criminals hide money Editorial Board For all its unilateral tendencies, the U.S. typically isn’t known as a rogue state. But in one area it has come close: By failing to share information with other countries, it has thwarted global efforts to track down tax cheats, money launderers and terrorists — efforts that it once led. Congress has just taken a step in the right direction by supporting provisions attached to the 2021 National Defense Authorization Act that would require certain U.S. companies to report their beneficial owners to Treasury. (Pres...

To print this article, all you need is to be registered or login on Mondaq.com. EU Council Directive 2018/822/EU (“DAC6”) imposes mandatory reporting of cross-border arrangements affecting at least one EU Member State that fall within one of a number of broad categories, referred to as ‘hallmarks'. These hallmarks set out particular characteristics identified as being potentially indicative of aggressive tax planning in respect of which tax authorities now wish to gather more detail. However, the way DAC6 has been drafted means that it potentially also applies to...

Bloomberg For all its unilateral tendencies, the U.S. typically isn’t known as a rogue state. But in one area it has come close: By failing to share information with other countries, it has thwarted global efforts to track down tax cheats, money launderers and terrorists — efforts that it once led. Congress has just taken a step in the right direction by supporting provisions attached to the 2021 National Defense Authorization Act that would require certain U.S. companies to report their beneficial owners to Treasury. (President Donald Trump has threatened to veto the bill for unrelated r...

Overview of recent activity With its long tradition of banking and finance, Switzerland is one of the leaders at the international level in the asset management industry. Swiss asset management constitutes one of the main pillars of the Swiss financial centre. The asset management industry in Switzerland is heterogeneous and applies different business models. Large banking institutions active in wealth management (private banking) coexist with a number of smaller niche players. Independent asset managers represent the lion's share of the para-banking sector within the Swiss financial industry...