22.09.2020. Barclays and HSBC shares fall after reports of alleged suspicious transfers

Shares in the banking sector fell on Monday, on 21 September 2020, after media reports that some of the world’s largest banks had moved large sums of allegedly illicit funds over nearly two decades, despite red flags about the origins of the money.

Barclays fell by 4% in early trading in London and HSBC and Standard Chartered both lost 3%. Earlier in Hong Kong, HSBC dropped more than 4%, taking the shares to their lowest level since May 1995.

The drop came after thousands of documents detailing $2tn (£1.55tn) of potentially corrupt transactions that were madd through the US financial system were leaked to an international group of investigative journalists. 

15.09.2020. Tax of incomes, a comparison of 41 countries

There were compared top effective marginal tax rates on labour income in 41 OECD and EU countries.
The top effective marginal tax rate is the total tax paid on the last dollar earned by a high-earning worker, taking social security contributions and consumption takses (like VAT) into account in addition to income taxes. It is a measure of the degree of progressivity and redistribution in the tax system, and is of great policy interest.
The highest marginal tax rate is found in Sweden- 76%, the lowest in Bulgaria- 29 % .
In general, the Nordic and the Western European countries have the highest effective tax rates.

21.08.2020. Wirecard AG, German payments firm finishes business

On June 25, 2020 Wirecard AG filed for insolvency proceedings, days after the financial technology company acknowledged that 1.9 billion euros ($2.1 billion) that it claimed to have on its balance sheets probably never existed. Its longtime auditor EY (Ernst & Young) said the company had carried out “an elaborate and sophisticated fraud.”
Founded in 1999, Munich-based Wirecard has 5,800 employees in 26 countries around the world. It processes digital payments for both consumers and businesses and reported revenues of more than 2 billion euros ($2.3 billion) in 2018, more than triple the figure from 2014.
The company was promoted to Germany’s blue chip index (company that is  very strong financially), in September 2018 when it ousted Commerzbank. At its peak it had a market valuation of around $28 billion.

19.08.2020. In Latvia, branches and representative offices of foreign companies must disclose information about beneficiaries

Foreign companies register a branch or representative office in Latvia must file information to the Register of Enterprises (ER) about their beneficiaries by January 1, 2021.
These requirements also apply to already registered branches and representative offices of foreign companies.
If information about beneficiaries will not be filled in accordance with the requirements, a branch or representative office would be excluded from the ER.

27.07.2020. Novia launches biometric verification for client documentation

Novia Financial, UK has announced a partnership with technology firm Credas, UK to launch secure biometric verification on client documents.
This technology, used to verify that a document truly belongs to the person making the transaction, is new to the wrap platform industry but has proven successful in other sectors and offers an additional layer of protection again stolen identification.
Credas, who are market leaders in identity verification solutions, support businesses across multiple markets in their compliance and due diligence processes.
Offering real-time ID document scanning and chip reading, combined with identity and facial recognition technology – the business provides a simple, quick and secure solution to regulated markets that require an identity verification solution.
To verify the client identity a ‘selfie’ should be made by the software on a smart device.
The technology, which works by calculating distances between key features on the face, will compare both facial images to verify identity and check the integrity of the corroborative document.