Eight new territories have been added to the list of those territories which will not give rise to aggravated penalties for a ‘relevant offshore asset move’. Two territories have been removed, including the United States.
Eight new territories have been added to the list of those territories which will not give rise to aggravated penalties for a ‘relevant offshore asset move’. Two territories have been removed, including the United States.
These penalties apply where a person, who is already liable to a penalty in respect of a ‘deliberate failure’, moves funds to a less transparent, ‘non-specified territory’ with the intention of evading potential further liabilities.
The Offshore Asset Moves Penalty (Specified Territories) (Amendment) Regulations, SI 2017/989, come into force on 3 November 2017.
Eight new territories have been added to the list of those territories which will not give rise to aggravated penalties for a ‘relevant offshore asset move’. Two territories have been removed, including the United States.
Eight new territories have been added to the list of those territories which will not give rise to aggravated penalties for a ‘relevant offshore asset move’. Two territories have been removed, including the United States.
These penalties apply where a person, who is already liable to a penalty in respect of a ‘deliberate failure’, moves funds to a less transparent, ‘non-specified territory’ with the intention of evading potential further liabilities.
The Offshore Asset Moves Penalty (Specified Territories) (Amendment) Regulations, SI 2017/989, come into force on 3 November 2017.
