It is about time to finalise next year's budget. In a difficult economic context impacted by Covid 19, certain trades off will be required in this resource allocation exercise. The CBR report could be useful input before considering any cut in Compliance budget.
Articles 326/1-10 of the Belgian tax code on revenues incorporate the DAC6 obligations imposed on tax payers and intermediaries to report certain cross-border tax arrangements that could be used to avoid taxation. Here are some recent developments to take into account.
The publication on September 20 by the International Consortium of Investigative Journalists of information stemming from one of the US anti-money laundering watchdog has created a new wave of outrage around the globe. So what next ?
Although rather limited till now in number of cases and amount of fines imposed, it is expected that there will be an acceleration of enforcement actions by the Belgian Data Protection Authority who, like its e.g. UK peer, is deploying its resources to secure GDPR compliance
In practice, there has been numerous discussions about how to design a risk-based approach for Politically Exposed Persons, a category of clients that is inherently risky. A recent statement from US banking authorities could be food for further thoughts.