A look at the most read stories on eprivateclient this week....
Monday
Divorced parents say financial matters are the biggest challenge they face in managing their children with their ex-spouse, a YouGov survey revealed. A quarter of divorced parents said financial matters were their biggest challenge followed by contact or visitation issues, parenting styles and holidays (15 percent, 12 percent and 10 percent respectively). Dealing with school and meeting an ex-spouses’ new partner also featured on the list (seven and eight percent respectively).
The Cayman Islands is set to be removed from the EU anti-money laundering (AML) list. This follows the decision of the Financial Action Task Force (FATF) monitoring group on 27 October 2023 and subsequent removal from the UK’s list of high-risk third countries for AML purposes on 5 December 2023. On 18 January 2024, the EU published a revised list of high-risk countries for AML purposes in its official journal. The Cayman Islands does not appear on that new list.
Tuesday
Private equity-backed fiduciary services provider Summit Group acquired Dubai-based Sanctuary. Sanctuary is a provider of services to entrepreneurs and families in the UAE, offering a range of fiduciary, tax and advisory services that aim to cater to the requirements of clients in the region. The firm has broadened the range of services the combined group can offer to clients and increased the number of international locations to serve them from.
Australia ended its “golden visa” scheme, which granted those who invested more than AU$5 million (£2.6 million) into the country the opportunity to gain permanent residency. An Australian government report in 2016 highlighted concerns about their potential use in “money laundering and other nefarious activities” and found that the visas were attracting people to the country who had less business acumen than might otherwise have arrived. The scheme is set to be replaced with more visas for skilled migrants, according to a government policy document published in December.
Wednesday
Hussein Haeri, partner and co-head of Withers' respective international arbitration and Middle East groups and head of the public international law group, was recommended for appointment as King's Counsel. This is on the advice of the Lord Chancellor, following review by the King's Counsel Selection Panel. Mr Haeri is the only senior solicitor advocate to be included in this year's list.
HMRC charged £80 million in interest on late Self Assessment payments last year, an increase from £63 million in 2020-21, figures revealed by UHY Hacker Young showed. This represents a 27 percent increase from 2020-21. Last year’s 31 January self-assessment tax payments reached a five-year high of £22 billion, up by 33 percent from £16.5 billion in January 2022. The tax bill is expected to increase again this month.
Thursday
Fiduciary and family office services provider Highvern appointed Simon Smith as an associate director in its Guernsey office. With 26 years of experience in the trust and fiduciary services industry, Mr Smith's background includes managing family office relationships and administering private trust companies. Mr Smith has experience in handling complex and high net worth structures, managing a diverse range of assets and clients on a global scale.
The UK government looks set to abandon plans to make separating couples in England and Wales enter into mediation to avoid going to court. According to reports, ministers have listened to concerns from the family law sector that such a move could be harmful in certain circumstances. The plans were drawn up by former Justice Secretary Dominic Raab in part as a way to relieve pressure on courts which have seen a growing backlog caused by the pandemic and cuts to budgets in the justice system.
Friday
Global professional services firm Alvarez & Marsal (A&M) appointed Anthony Whatling as head of private client. In this role he will aim to expand the firm’s offering for high net worth clients, their families and trusts. With over 20 years’ industry experience, Mr Whatling most recently worked at Evelyn Partners as a private client tax partner.
Fiduciary and fund services provider JTC made a number of changes to its senior leadership team in Jersey. As part of the changes Kenny Rae assumed the role of managing director – Jersey. He took over the position from Paul Weir, who held the position for three years and will move to a new strategic role within JTC’s group risk and compliance team. In his new position, Mr Rae, who will take a seat on JTC’s Jersey board, will drive the ongoing evolution of JTC’s offering in Jersey, working in tandem with colleagues both in Jersey and across JTC’s global network.