15th March 2017
A step forward for the prevention of money laundering
Money laundering is set to be more strictly monitored through the launch of a new anti-money laundering watchdog, an essential step forward to emphasise how it will not be tolerated. Of course, Brexit is hitting the headlines once again, with both positive and negative outlooks being present in the media this week. The digitalisation of small business taxes has also been delayed, something we imagine will positively impact many of our clients, so read on to learn more…
New anti-money laundering watchdog launched
The government is to launch a new anti-money laundering watchdog called the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which will sit within the Financial Conduct Authority. The group will be tasked with clearing up anomalies between guidelines issued by different supervisory bodies - the FCA, the SFO, HMRC and the NCA - and simplifying the anti-money laundering rules that apply to different industries. Simon Kirby, Economic Secretary to the Treasury, said the new regulations and watchdog “will bring the UK’s anti-money laundering regime into line with the latest international standards, and ensure consistently high standards of supervision across all sectors, sending a strong message that money laundering and terrorist financing should not and will not be tolerated.”
The Daily Telegraph, Business, Page: 3
Brexit means the end of single market access for London
Christian Noyer, a former chairman of the BIS and former governor of the Bank of France, says there will be no back door into the EU for financial institutions in the City post-Brexit.
Financial Times, Page: 13
Taxpayer stake in Lloyds falls
The taxpayer's stake in Lloyds Banking Group has been cut by around 1% to 2.95%. Lloyds chief executive António Horta-Osório said: "This announcement moves Lloyds another step closer to full private ownership, and we are pleased that the group's strong financial performance has kept us on track to return more money to taxpayers than was put in." The Times notes that at less than 3%, UK Financial Investments, the organisation charged with managing the state's holding in Lloyds as well as Royal Bank of Scotland, will no longer be required to update the market on any future sales.
The Daily Telegraph, Business, Page: 7
Digitalisation of small business taxes delayed
An olive branch has been held out to the critics of plans to digitise the tax system, as the Chancellor announced in his Budget a year’s delay in the implementation for landlords and small business owners. Reiterating his support for the campaign, he commented “In a digital age, it is right that we develop a digital tax system”. However, stated that the short time table and pace of change was a concern, therefore resulting in a push back to 2019.
Brooks Macdonald weathers Brexit storm
Wealth manager Brooks Macdonald has reported growth in funds under management (FUM), revenues and profits despite a “terrible” period after the EU referendum. In the six months to 31 December, revenue came in at £45.3m, up 17% on the same period in 2015, while underlying pre-tax profits were up 24% to £8.9m. Discretionary FUM were £9.3bn at the end of 2016, up 19% on 2015.
If money laundering has led you to the thought of fraud, look out for our expert article in the April edition of the NACFB Newsletter all about asset fraud and the processes you should have in place to prevent it. As always, if you have any queries at all regarding the above or how we may be able to support you through asset finance, don’t hesitate to get in touch on 0161 832 8484 or enquiries@davenham.co.uk.
New anti-money laundering watchdog launched
The government is to launch a new anti-money laundering watchdog called the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which will sit within the Financial Conduct Authority. The group will be tasked with clearing up anomalies between guidelines issued by different supervisory bodies - the FCA, the SFO, HMRC and the NCA - and simplifying the anti-money laundering rules that apply to different industries. Simon Kirby, Economic Secretary to the Treasury, said the new regulations and watchdog “will bring the UK’s anti-money laundering regime into line with the latest international standards, and ensure consistently high standards of supervision across all sectors, sending a strong message that money laundering and terrorist financing should not and will not be tolerated.”
The Daily Telegraph, Business, Page: 3
Brexit means the end of single market access for London
Christian Noyer, a former chairman of the BIS and former governor of the Bank of France, says there will be no back door into the EU for financial institutions in the City post-Brexit.
Financial Times, Page: 13
Taxpayer stake in Lloyds falls
The taxpayer's stake in Lloyds Banking Group has been cut by around 1% to 2.95%. Lloyds chief executive António Horta-Osório said: "This announcement moves Lloyds another step closer to full private ownership, and we are pleased that the group's strong financial performance has kept us on track to return more money to taxpayers than was put in." The Times notes that at less than 3%, UK Financial Investments, the organisation charged with managing the state's holding in Lloyds as well as Royal Bank of Scotland, will no longer be required to update the market on any future sales.
The Daily Telegraph, Business, Page: 7
Digitalisation of small business taxes delayed
An olive branch has been held out to the critics of plans to digitise the tax system, as the Chancellor announced in his Budget a year’s delay in the implementation for landlords and small business owners. Reiterating his support for the campaign, he commented “In a digital age, it is right that we develop a digital tax system”. However, stated that the short time table and pace of change was a concern, therefore resulting in a push back to 2019.
Brooks Macdonald weathers Brexit storm
Wealth manager Brooks Macdonald has reported growth in funds under management (FUM), revenues and profits despite a “terrible” period after the EU referendum. In the six months to 31 December, revenue came in at £45.3m, up 17% on the same period in 2015, while underlying pre-tax profits were up 24% to £8.9m. Discretionary FUM were £9.3bn at the end of 2016, up 19% on 2015.
If money laundering has led you to the thought of fraud, look out for our expert article in the April edition of the NACFB Newsletter all about asset fraud and the processes you should have in place to prevent it. As always, if you have any queries at all regarding the above or how we may be able to support you through asset finance, don’t hesitate to get in touch on 0161 832 8484 or enquiries@davenham.co.uk.