HMRC is on a mission to eradicate offshore tax evasion and revolutionise international tax transparency. Already the UK is party to a series of tax information exchange agreements with countries both within and outside the European Union.
On 1 April 2017, the sanctions-related provisions of the Policing and Crime Act 2017 came into force, bringing in significant changes to the UK financial sanctions enforcement landscape.
The Criminal Finances Bill will hold firms criminally liable where employees facilitate tax evasion by their clients. To protect themselves, firms must implement reasonable prevention procedures to mitigate the risk of facilitating a tax evasion offence.
On 24 January 2017, the European Parliament's Committee on International Trade approved the the Conflict Minerals Regulation. This paves the way for the text to be formally adopted by the EU institutions in the coming months.
Eturas runs the e-commerce back-end of 30 travel agents in Lithuania. An administrator message to each member informed them that the e-commerce functionality allowing each travel agent to grant discounts would be capped at 3 per cent. That message appeared in part of the system relating to information messages. The Court of Justice found that administrator messages could be the basis of illegal cartel type conduct.
On January 25, 2017, the U.S. President signed an Executive Order on "Enhancing Public Safety in the Interior of the United States" containing rules for government privacy policies pertaining to foreigners. This caused concerns in Europe, but should not affect the EU-U.S. Privacy Shield.
The European Commission has proposed a new Regulation on Privacy and Electronic Communications that is intended to supplement the General Data Protection Regulation.
Transparency International has launched its latest 2016 Corruption Perception Index. China’s ranking continues to improve, moving up by four places from last year’s rank of 83 to a rank this year of 79. Find out more about the other highlights.
Once in force, Part 8 of the Bill will introduce a number of important changes to the UK financial sanctions enforcement landscape.
Baker McKenzie has created a one of its kind Anti-Corruption Risk-Map. The risk maps provide information on primary anti-corruption legislation and enforcement agencies, offences, defences and penalties in 55 countries.