UPCOMING EVENTS:
ISLE OF MAN, DOUGLAS, FRIDAY 27 MARCH 2020, PALACE HOTEL, 14.00-17.30
JERSEY, ST. HELIER, WEDNESDAY 25 MARCH 2020, POMME D’OR HOTEL, 14.00-17.30
GUERNSEY, ST PETER PORT, TUESDAY 24 MARCH 2020, THE OLD GOVERNMENT HOUSE HOTEL, 14.00-17.30
MALTA, FRIDAY 6 MARCH 2020, PALAZZO DE PIRO, 14.00-17.30
NICOSIA, WEDNESDAY 4 MARCH 2020, THE LANDMARK NICOSIA, 14.00-17.30
GIBRALTAR, MONDAY 2 MARCH 2020, SUNBORN GIBRALTAR, 14.00-17.30
Financial Institutions will be required to implement procedures in order to determine and disclose whether they have promoted avoidance arrangements or acted as a service provider to an avoidance arrangement.
Overview
BEPS Action 12 Recommendation, EU DAC6 and OECD Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structure - Key Elements:
CRS Avoidance Arrangement
Promoter
Service Provider | Relevant Services - Client | Reportable Taxpayer
CRS Legislation
Partner Jurisdiction
AGENDA
CRS AVOIDANCE ARRANGEMENTS
Disclosure
CRS Avoidance Arrangement – General Hallmarks
- Promoter criteria and requirements
- Service Provider criteria and requirements
CRS Avoidance Arrangement – Specific Hallmarks
- Specific Hallmark: Residence by Investment | Citizenship by Investment
- Abuse of Residence by Investment Schemes – OECD Consultation | Comments
- Abuse of Residence by Investment Schemes – OECD Residence Blacklist and Enhanced Due Diligence
Geographic and Partner Jurisdiction requirements
Non-Disclosure
Legal Professional Privilege
Reporting Taxpayer disclosure
Self incrimination
Reporting
Disclosure report contents
Disclosure report filing dates for Promoters
Disclosure report filing dates for Service Providers
Duplicate disclosure reports
Enforcement
Non-compliance penalties and enforcement
Operational Integration, Next Steps
MDR Manual vs. Integrated AML | CRS | MDR Manual
“Promoter” Internal Assessment Reviews – Best Practice Guidance
MDR vs. Client Communications – Tipping Off?
Employee contract terms vs. MDR gross negligence?
“Service Provider” New Business MDR Review – Best Practice Guidance
OPAQUE OFFSHORE STRUCTURES
Key Requirements:
“Passive Offshore Vehicle” explained
“Structure” and “Opaque Structure” explained
“Basic Information” explained
Specific Opaque Hallmarks explained, including discussion whether a strict liability test is applied
Operational Integration, Next Steps
Opaque Structures vs. Economic Substance Rules, operational synergies?
Integrated AML Manual vs. MDR Manual?
Best practice “Promoter” guidelines
Best Practice “Service Provider” guidelines
Summary: Disclosure, Non-Disclosure and Reporting requirements
Comments