Regulatory and Compliance

Since the financial crisis of 2008 exchequers came under severe pressure. As a result tools that had been developed to combat money laundering and terrorist financing were adapted to target the wealthy. It is for this reason that something opening a bank account, something that was once straightforward can now be an unduly complicated process.

Since 2008, we have seen the introduction of:

• Automatic exchange of information between tax authorities, starting with FATCA, followed by the CRS and the reform of the EU DAC regime.

• Beneficial ownership registers

• The global minimum corporate tax rate

• Offshore substance rules

• The introduction of the Pillar 2 rules arising out of OECD’s Base Erosion and Profit Shifting rules

It is not only important to be current with the current regulatory and compliance regime, but that one is forward looking. Not only do I have the practical day to day experience of the regulatory environment, but I also follow closely the proposals of international organisation such as the OECD and EU to plan ahead for an increasingly strict regulatory environment. It was for this reason that question I posed in thesis for my MSs in Law and Private Wealth Managment was as follows: “Are tax avoidance schemes on their deathbed? The impact of DAC6 on tax practitioners and their clients”.