On 20 October 2021, the Financial Intelligence Unit communicated that as of January 2022 the following data will no longer be accepted by the systems used to make the suspicious transactions reporting and the objective communications: G5 credit instrument and cash deposit (residual), U3 cash deposit < EUR 15,000, U4 cash withdrawal < EUR 15,000.
On 12 April 2021, the General Administration of Customs of China issued Order No. 248, which sets out new requirements for the registration of qualified foreign food producers that are allowed to export food products to China, effective from 1 January 2022. This Order represents a significant move toward tightening up the regulation of foreign made food products imported into China.
Following a new bill, the Belgian tax authorities have the right to request taxpayers who keep their books and records digitally to submit them through a secured online platform. This new provision lowers the barrier for the Belgian tax authorities to perform a tax audit and could thus possibly increase the number of tax audits in the future. This would also result in a substantial increase of digital data available to the Belgian tax authorities, which allows datamining in relation to the information submitted and therefore more efficient tax audits.
Shelter-in-place or stay-at-home orders have been prevalent throughout the United States since March 2020 as state and local governments have sought to protect their citizens from the spread of the COVID-19 virus while at the same time reopen their economies in accordance with phased reopening plans. Key developments reflected in this week’s update to the Tracker include Colorado, Hawaii, Indiana, Louisiana and Rhode Island extending their state-wide orders on reopening.
On 8 November 2021, the Smart Nation and Digital Government Office (SNDGO) announced the launch of two national artificial intelligence (AI) programmes for the government and financial sectors.
In this article, we will discuss the obligations of business operators to report transactions that meet the monetary thresholds set by the Anti-Money Laundering Office or where there are any suspicious transactions as stipulated under the Act.
In our previous article (link), we pointed out that, in addition to businesses in the financial sector, certain other businesses also have obligations under the Money Laundering Control Act, B.E. 2542 (1999).
As digital transformation reshapes business models with different emphases across regions, digitally enabled strategies are helping companies transition from product-only offerings to product-service hybrids, orient to patient mapping, pre-diagnostics solutions and enhancing treatment administration.
A helicopter view of each stage of the healthcare & life sciences supply chain lifecycle and an overview of the trends that businesses in the sector should consider in 2021 and beyond, including sustainability, digitalization and increased public funding.
On November 15, President Biden signed the more than USD 1 trillion Infrastructure Investment and Jobs Act into law. Despite substantial criticism and various attempts to amend the bill while it was under debate in Congress, the Infrastructure Act includes two changes to provisions of the Internal Revenue Code that deal with reporting obligations for certain digital assets transactions. Although one of these changes received much more attention than the other.