FinCEN IS NOW INTERESTED IN OFFSHORE CRYPTO HOLDINGS AND PROPOSES NEW REGULATION

On 1 January, the Coin Telegraph reported that FinCEN has issued a notice announcing its intention to propose a change in the Bank Secrecy Act, regarding reporting of foreign financial accounts holding digital currency. Currently, digital assets are not covered by the Foreign Bank and Financial Accounts, or FBAR, regulations.  FinCEN wishes to amend regulations and would require US citizens to report cryptocurrency accounts held with foreign institutions, if they are more than $10,000 in value.

https://cointelegraph.com/news/fincen-is-now-interested-in-offshore-crypto-holdings-proposes-new-regulation

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

BREXIT: BRITISH WILL NEED A PASSPORT TO ENTER GIBRALTAR

On 1 January, Politico reported that Gibraltar is joining the passport-free EU Schengen Area under Spanish sponsorship.  An agreement means that British citizens will need to cross a Schengen border — controls included, and manned by the EU’s Frontex agency — to enter the British Overseas Territory via its airport or seaport. 

https://www.politico.eu/article/spain-and-uk-reach-eleventh-hour-deal-to-avoid-a-hard-border-in-gibraltar/

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

UK SANCTIONS – END OF BREXIT TRANSITION PERIOD – ENTRIES REMOVED FROM LIST

On 31 December, OFSI advised that, with the end of the transition period, the UK is no longer implementing EU sanctions.  All sanctions regimes will now be implemented through UK regulations.  It has updated its Consolidated List, application forms and guidance pages as appropriate.

The EU Sanctions blog advised that the new UK-only Consolidated List, 113 individuals and entities subject to EU sanctions Regulations have not been designated by the UK so are no longer subject to an asset freeze and travel ban in the UK. It says that this presumably means the UK considered that there are not reasonable grounds to suspect the reasons given in the EU listings are correct or that it is otherwise not appropriate to list them.  The blog also advises that –

  1. 11 entries have been included in the list as aliases of existing entries (but do not have a separate listing);
  2. 10 entries are on lists where the title of the regulations under the Sanctions Act refers to a different regime than the EU Regulation under which they were previously listed;
  3. 7 UN listings no longer have an asset freeze associated with their UK listing so have been removed from the asset freeze list but are still remain with a travel ban on the UK list; and
  4. 1 entry was formerly listed under multiple regimes, but now is just under the Iran the (nuclear) regime.

https://ofsi.blog.gov.uk/2020/12/01/get-ready-for-the-end-of-the-transition-period/

If if you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y