APAC Monthly Private Wealth Legal Developments – June 2020

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

REGULATORY COMPLIANCE IN FOCUS

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

ANTI-MONEY LAUNDERING IN FOCUS

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

Tax Treaty Interpretation: The Limits of Fiction

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

Cyber security in focus

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

APAC Monthly Private Wealth Legal Developments – May 2020

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