MK COMPLIANCE LIMITED

⚠️ On 25 October 2024, the Financial Action Task Force (FATF) issued its latest plenary outcomes, impacting jurisdictions under increased monitoring. At this Plenary, the FATF added the below jurisdictions to the list of jurisdictions subject to increased monitoring: 1.      Algeria 2.      Angola 3.      Côte d’Ivoire 4.      Lebanon The below jurisdiction is no longer be subject to the FATF’s increased monitoring process: 1.      Senegal You can read more by following the link in the comments. For all inquiries, you may contact us at info@compliancemk.com.

The UAE has taken a significant step in its efforts to support the growing digital assets industry by exempting cryptocurrency transactions from VAT, starting from 15 November 2015 and effective retroactively from 1 January 2018. Read more on our article https://lnkd.in/dgzryh_5 For further information or advice, please contact info@compliancemk.com or our Dubai Office directly at dubai@kyprianou.com. #UAE #Crypto #DigitalAssets #Blockchain #VATExemption #Dubai #MKCompliace #AMLCompliance

The EU’s Anti-Money Laundering Authority (AMLA) has published FAQs on its website, which clarify the role it will have in relation to sanctions implementation, and the prevention of sanctions circumvention.   Read more on our website: https://lnkd.in/dECMkcpR   If you require any AML-related or sanctions-related assistance, reach out to us at info@compliancemk.com.   #EU #AMLA #SanctionsImplementation #AMLCompliance #MKCompliance

The FATF is set to make a decision in the coming days, whether to place Russia on its Black List. This move could have significant implications for Russia’s global financial standing and further isolate the country from the international banking system. Read more on our article https://lnkd.in/ef_Rz5AH If you require consultation in relation to the sanctions imposed against Russia, reach out at info@compliancemk.com.  #FATF #BlackList #JurisdictionsSubjectToACallForAction #Russia #Sanctions #AMLCompliance #MKCompliance

⚠️ On 8 October 2024, the Council of the European Union issued the conclusions on the revised EU List of Non-Cooperative Jurisdictions for tax purposes. The Council removed Antigua and Barbuda from the list. Antigua and Barbuda was included in the EU list of non-cooperative jurisdictions for tax purposes in October 2023, after a negative assessment from the OECD Global Forum with regard to exchange of information on request. Following changes to the applicable rules in Antigua and Barbuda, the Global Forum has granted it a supplementary review, which will be undertaken in the near future. You can read more by following the link in the comments. For all inquiries, you may contact us at info@compliancemk.com.

During a recent session of the Parliamentary Committee on Trade, a proposal was discussed to cancel fines totalling €14 million that were imposed for delays in submitting UBO information. The solution under consideration involves replacing these fines with a one-off penalty of €250. Read more on our article: https://lnkd.in/drcD6YvH In case you require any clarification or assistance in submitting the required information in the Register of Beneficial Owners of the Department of Registrar of Companies and Intellectual Property, as well as the Cyprus Trusts Beneficial Owners Registry overseen by the Cyprus Securities and Exchange Commission, please contact us at info@compliancemk.com. 

The EU has announced significant steps to address the increasing hybrid threats and destabilising activities orchestrated by Russia against the EU and its member states. Read more on our article: https://lnkd.in/dAgXz-vx For more information contact us: info@compliancemk.com #EuropeanUnion #Sanctions #Russia #HybridThreats #AMLCompliance #MKCompliance

The General Court of the European Union has upheld the legality of the EU Council’s restrictive measures prohibiting the provision of legal advisory services to the Russian Government and Russian-based entities in response to Russia’s ongoing aggression against Ukraine. Read more on our article: https://lnkd.in/dFBeqygc For more information contact us: info@compliancemk.com #EUGeneralCourt #Russia #EUSanctions #LegalAdvisory #EULaw #AMLCompliance #MKCompliance

⚠️ As the deadline for the third quarter submissions approaches, we would like to remind you about the reporting obligation under Article 5r of Regulation (EU) 833/2014. This Regulation was recently amended by the European Commission and, introduced a new requirement aimed at enhancing transparency regarding funds flowing from Russian-owned entities out of the EU.   Article 5r applies to legal persons, entities and bodies established in the Union whose proprietary rights are directly or indirectly owned for more than 40% by a legal person, entity or body established in Russia; a Russian national; or a natural person residing in Russia and to credit and financial institutions. The new measure covers all types of funds transfers out of the European Union. The obligation to report applies for any transfer of funds exceeding 100 000 EUR out of the Union made directly or indirectly in one or several operations.   For the upcoming reporting period of Q3 of 2024: ➡️1 July – 30 September 2024  📅Deadline: 15 October 2024 For more details on this regulatory obligation, please read our article by following this link: https://lnkd.in/dqnGXJiM MK Compliance Limited can assist you in fulfilling this new regulatory obligation. Contact us at info@compliancemk.com for more information. #EUSanctions #Russia #EuropeanUnion #Article5r #ReportingObligation #AML #AMLCompliance #MKCompliance

On 25/09/2024, the Department of Registrar of Companies and Intellectual Property issued an announcement in relation to the obligation to confirm the information submitted to the Beneficial Ownership Registry. Read more on our website: https://lnkd.in/d76GAwZi If you require assistance in remaining compliant with the above obligation, please contact us at info@compliancemk.com. #RegistrarOfCompanies #UBO #BeneficalOwnership #BORegistry #AMLCompliance #MKCompliance