Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more
The multiplicity of laws to be complied with if trust and company service providers (TCSPs) operate in various jurisdictions, and the ever-changing regulatory landscape more generally can make it difficult for TCSPs to navigate and keep on top of their regulatory compliance obligations. Consistent with this, a clear majority of survey participants cited “general regulatory … Read more
In Mackay v Wesley [2020] EWHC 1215 (Ch), the Claimant, who was instructed by her father to become a trustee of a family trust as part of a tax scheme, failed to obtain from the High Court (1) an order rescinding her appointment as trustee and/or (2) a declaration that she never became a trustee. … Read more
In our penultimate article in our countdown of the most significant risk and compliance issues faced by trust companies, anti-money laundering (AML) is considered the second most significant challenge. Background Money laundering and terrorist financing risk has been a key area of focus for regulators across the globe for some years – and this trend … Read more
In the eleventh episode of our Private Wealth and Charities podcast series, Richard Norridge, Susannah Cogman and Daniel Hyde discuss the results of our Trust Companies Survey. As our countdown continues, and we reach second place on the podium of the most significant risks our respondents face, we explore the money-laundering risks faced by trust … Read more
In Fowler v HMRC [2020] UKSC 22, the Supreme Court determined that a statutory fiction created by a deeming provision of UK tax law did not affect how the terms of a bilateral tax treaty should be applied. In particular, the Supreme Court held that although the UK deeming provision in question applied to treat … Read more
Our survey shows that trust companies consider cyber attack to be one of the greatest challenges they face. The results show that trustees consider phishing, impersonation and malware to be the main cyber security risks they face. Some 33% of respondents said they saw phishing as the main risk whilst 22% identified impersonation as a … Read more
In the tenth episode of our Private Wealth and Charities podcast series, Richard Norridge, and Elena Hogg discuss the results of our Trust Companies Survey. As our countdown continues, and we reach the podium of the most significant risks our respondents face, we explore the cyber security risks faced by trust companies. Read more
Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more
