From KYC to KY3.- The new anti bribery and corruption regulations in the US and the UK

Know Your Customer or KYC, predominated on the hyper regulated financial and legal profession in the 90s. Now that you Know Your Customers, it is time to start thinking in Knowing Your “Third Party” or KY3, and what are they doing for you.

As prosecution on acts of bribery and corruption is top in the agenda for the UK and the USA, a new compliance framework is being developed, specially for those trading in emerging markets, or in well established markets with sophisticated corruptions systems.

Bribery and corruption are rapidly establishing themselves as a permanent part of the financial crime portfolio as the UK and US begin to lock-step both legal practice and enforcement. Keith Korenchuk and Oliver Kerridge of Arnold & Porter LLP talk to MLB editor Timon Molloy about the transatlantic lessons and risks. Continue Reading

2010 OECD Model Tax Convention, Transfer Pricing and updated PE definition

From the OECD site 22 July 2010 — The OECD Council today approved the 2010 versions of the OECD’s Model Tax Convention, the 1995 Transfer Pricing Guidelines and the 2008 Report on the Attribution of Profits to Permanent Establishments. The updates are the result of several years of work to improve these core OECD instruments in the area of international taxation.

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