The EU Council and the European Parliament have reached an agreement on a new package of amendments to anti-money laundering legislation. Let’s examine the key elements of the agreement, which should lead to amendments to the AMLD and also define the activities of the future regulator, AMLA: Reopening of Beneficial Ownership Registers Members of the […]

More than 20,000 individual entrepreneurs may face tax audits In January 2024, the Authority for Working Conditions (ACT) plans to notify approximately 20,000 individual entrepreneurs whose turnover relies on one client for 80% or more of their services about potential inspections due to signs of “false provision of services.” This was reported by Jornal de […]

On January 11, 2024, Canada joined the Apostille Convention, which abolishes the need for legalization of foreign documents. This event means that now 126 countries participate in this Convention. Canadian authorities previously deposited documents on accession to this Convention in May 2023. This decision was made after resolving disputed issues related to the distribution of […]

Turkey is finalizing its regulations on crypto assets to bring licensing and operating standards to trading platforms, according to Finance Minister Mehmet Simsek. These rules aim to mitigate trading risks and remove Turkey from the international financial crime watchdog’s “grey list.” Crypto asset trading platforms will be licensed by the Capital Markets Board (CMB), with […]

Portugal’s parliament has recently ratified modifications to the country’s nationality law, introducing a significant change in how residency duration is calculated for citizenship eligibility. Under the revised law, individuals residing in Portugal can commence their five-year citizenship countdown from the date they submit their residency application, rather than waiting for approval. This alteration potentially truncates […]

The Treasury has issued the Money Laundering and Terrorist Financing (Amendment) Regulations 2023 under the authority of the Sanctions and Anti-Money Laundering Act 2018. These regulations, effective from January 10, 2024, apply to England and Wales, Scotland, and Northern Ireland. They amend Regulation 35 of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations […]

The Portuguese parliament has approved amendments to the process of granting nationality to descendants of Sephardic Jews, now requiring validation of their connection to Portugal through an evaluation or naturalization commission after three years of residency. The Committee on Constitutional Affairs, Rights, Freedoms, and Guarantees introduced the revised text, incorporating proposals from various political parties, […]

The US. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has initiated the acceptance of reports containing beneficial ownership information. This action aligns with the bipartisan Corporate Transparency Act, implemented in 2021 to combat illicit financial activities, mandating companies operating in the U.S. to disclose details about their ultimate owners or controllers. Janet L. […]

The global initiative of the UN on taxing the wealthy has been adopted after numerous discussions. It involves developing and approving a framework for taxing the wealthiest individuals and corporations worldwide. The organization will provide its members with support in implementing their own tax laws, offering technical and political resources for implementing taxation on the […]

We often discuss the challenges facing Revolut. The fintech with Russian roots was founded in 2015, and by October 2023, it had over 35 million customers in 37 countries. Naturally, such rapid growth could not escape regulatory attention. In December, the European Central Bank decided to include Revolut in its supervisory list. Now, two Lithuanian […]