EVENT: Transparency of Wealth and Taxes: are your clients ready?
Date: 3rd June, 2016 Time: 12:30 pm - 02:30 pm
Our latest 'Corporate Members' lunch, held on 3 June, addressed new regulations and laws that affect the reporting of wealth and taxes. The lunch was sponsored by KPMG.
Representatives from thirteen Corporate Members attended the lunch. The discussion was led by three senior executives from KPMG:
Mike Walker: Partner, Private Client Advisory
Derek Scott: Associate Partner, Head of Tax Investigations
Mariam Moi: Senior Manager
The KPMG experts pointed to the heightened rhetoric from the UK government on issues of tax evasion and the use of offshore companies as investment vehicles. They also explained the extent of the new obligation (since April 2016) for unlisted companies to maintain a register of people excercising 'significant control' over their operations.
There was a discussion of the forthcoming Common Reporting Standard (CRS) that will require financial accounts of many Trust structures to be disclosed in a way that was not required before.
More generally, it was noted that the concept of 'privacy' is changing and that much more disclosure of sources of wealth and of investment structures will be required in future. Furthermore, the penalties for infringing the rules are increasing both for companies and for individual wealth managers and advisors.
ABA members who are interested in seeing the KPMG slide presentation distrbuted at the lunch should contact one of the three KPMG experts who gave the presentation.
In the photograph above, Derek is on the left and Mike is on the right. Second from the left is George Kanaan, the ABA's CEO.
This is the second Corporate Members Lunch that we have held in 2016. The first addressed issues related to the new Senior Managers Regime that affects banks regulated in the United Kingdom by the Prudential Regulation Authority.
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