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Glossary

Withholding Tax

A tax deducted at source, especially one levied on interest or dividends paid to a non-resident.

Withholding Tax News

Regulation
FCA fines Bastion Capital for cum-ex violations

The UK regulator ruled that the transactions were carried out in a way 鈥渢hat was highly suggestive of financial crime鈥� and that the broker had failed to manage risk that it was being used to facilitate fraudulent trading and moneylaundering

Regulation
FCA hits ED&F Man Capital with 拢17.2m fine for its role in facilitating cum-ex trades

This is the fourth penalty applied by the UK regulator and the largest that it has applied to date relating to div arb violations. MCM qualified for a 30% reduction under the Settlement Discount Scheme since it did not dispute the FCA's charges

Industry
FCA fines TJM for facilitating Solo Capital cum-ex trades

The UK financial regulator has fined The TJM Partnership slightly more than 拢2 million for control failures linked to cum-ex trading and money laundering

Regulation
European Commission launches consultation to improve WHT refund procedures for cross-border investors

The consultation, which extends until 24 June, aims to strengthen controls to prevent cum-ex fraud and to digitalise procedures for WHT reclamation

Industry
Denmark-UAE treaty seeks to deny refuge for Dubai cum-ex defendants

Denmark鈥檚 Minister of Justice Nick H忙kkerup will travel to the United Arab Emirates this week to sign an extradition treaty, potentially assisting efforts of the Danish tax authorities to pursue recovery from Dubai-based cum-ex defendants

Industry
FCA issues fines in second case of 鈥榮erious鈥� cum-ex trading failings

Sunrise Brokers has been fined 拢600,000 by the Financial Conduct Authority for deficient anti-money laundering systems and controls, the second cum-ex trading case to face the FCA this year

Repo
Russia鈥檚 NCC sharpens dividend processing for MOEX-listed international shares

National Clearing Centre (NCC) has been granted Qualified Derivatives Dealer (QDD) status by the US Internal Revenue Service, streamlining income collection for USD-denominated shares listed on MOEX

Regulation
Extradition of Hanno Berger approved by Swiss authorities

Accused in German cum-ex scandal to be extradited from Switzerland, subject to appeal. Berger denies all charges

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