The Bribery Act 2010 came into effect in the UK on 1 July 2010.

This Act deals only with bribery – not other forms of white collar crime.

Your organisation may be liable for failing to prevent a person from bribing on your behalf but only if that person performs services for you in business. It is very unlikely therefore that you will be liable for the actions of someone who simply provides goods to you.

There is a full defence if you can show that you had adequate procedures in place to prevent bribery – something else for the “to do” list!

Hospitality is not prohibited by the Act so you can continue to provide tickets to sporting events, take clients to dinner and offer gifts to clients as a reflection of your good relations, providing that the expenditure is reasonable and proportionate for your business.

Bribery Act 2010
http://www.legislation.gov.uk/ukpga/2010/23/contents & http://en.wikipedia.org/wiki/Bribery_Act_2010

Quick Start Guide to the Bribery Act 2010

http://www.justice.gov.uk/guidance/docs/bribery-act-2010-quick-start-guide.pdf

DRAFT

An offshore trust is similar to a conventional trust which is formed under the laws and regulations of another country’s legal system.

Many people choose to open offshore trust accounts because they normally come with sizable benefits, that can be used to achieve cost efficiencies and costs savings.

Many countries have altered their tax laws which make opening an offshore trust in their country even more beneficial.

There are many benefits of opening an offshore trust:

1. Privacy. Depending on the jurisdiction of where the trust is opened, the settler can give assets to a trust anonymously. This aspect of a trust is quite important as it allows someone to disassociate themselves with the assets donated to the trust. This can be beneficial for someone looking to remain anonymous for either professional or personal reasons.
2. Protection of assets. In certain countries, tax rates on inheritance or other forms of wealth transfer are extremely high. An offshore trust will protect the wealth of an individual and or organisation from being lost through either governmental taxation or through litigation processes.
3. Flexibility.  Trusts can be designed to meet anyone’s specific needs of asset protection. Because of this, these trusts can be ideal for personal or professional reasons. Many organizations are now beginning to include offshore trusts into their employee benefit plans, as they can be used for either retirement or insurance plans.

The process of opening an offshore trust can be complicated. Prior to opening a trust, it would be wise for the trust owner to discuss the trust with a professional company that has experience in setting up offshore trusts.

Valetime Group can offer help and advice in settings up International Corporate Structures that can benefit both organisations and individuals.

DISCLAIMER. Any person who relies upon any information provided by this site about, or which is contained in, any of the site pages and or posts from time to time does so entirely at their own risk. Valetime Group therefore accepts no duty or liability to such persons whatsoever, other than a duty to act honestly in good faith. The information contained in this website is provided for informational purposes only, and should not be construed as legal advice on any matter. The transmission and receipt of information contained on this Web site, in whole or in part, or communication with Valetime Group via the Internet or e-mail through this website does not constitute or create a client relationship between us and any recipient. You should not send us any confidential information in response to this webpage. Such responses will not create a client relationship, and whatever you disclose to us will not be privileged or confidential unless we have agreed to act as your  counsel and you have executed a written engagement agreement with Valetime Group. The material on this website may not reflect the most current legal developments. The content and interpretation of the law and regulations addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this site to the fullest extent permitted by law. Do not act or refrain from acting upon this information without seeking professional and or legal counsel.Certain links in on these pages will lead to websites which are not under the control of Valetime Group. When you activate these you will leave this website. Valetime Group has no control over and accepts no liability in respect of materials, products or services available on any website which is not under the control of Valetime Group.

Some quick links to some useful exchange rate tools:

ONADA

http://www.oanda.com

Excellent currency tool for average and historic exchange rates (http://www.oanda.com/currency/average). Onada also offer real-time exchange rates and fx currency trading services.

XE

http://www.xe.com/

Currency Comparion site – with a well formatted live currency table on the home screen, you can get quickly get the latest comparable currency rates.

XE also offer a historic rate service across most major international currencies.

There is also a very useful application for Apple devices – great for making quick currency calculations on the move, for work and leisure.

The Kyiv Post provides a quick analysis of the potential pit falls on investing in Ukraine and just how much or how little investors can expect by way of support from Ukraine’s developing legal system.

A key factor businesses ponder before pumping money into a country is whether they can protect their investment through a fair justice system. Investors say they ask: will they find fair and quick resolutions to disputes? Is there equal and predictable application of the law? Are courts independent, accountable and competent?

Read more: http://www.kyivpost.com/news/business/bus_focus/detail/101862/#ixzz1MuSoFDhj

Talk to Valetime Group about International Business Structures designed to help protect your International Business and Investments.

Law of Ukraine On Public Private Partnership No. 2404-VI of July 1, 2010 was adopted  on September 23, 2010 –  the Ukrainian parliament passed Law on Introduction of Changes to Certain Legislative Acts Concerning Application of Production Sharing Agreements Legislation (the “Law”).

The Law, inter alia, establishes the following main guarantees/preferences for investors entering into production sharing agreements with the Ukrainian government.

1. The Ukrainian government under production sharing agreements (the “PSAs”) secures the receipt of necessary licenses, permissions and other authorizations necessary to conduct exploration and extraction activities within the scope of PSAs.

2. The profit derived by a foreign investor within the scope of PSAs is exempted from Ukrainian corporate profit tax.

3. Transactions within the scope of PSAs are exempted from 20% Ukrainian value added tax (the “VAT”).

4. During import of equipment and other assets for the purpose of PSAs performance investors are exempted from both import VAT and customs duties.

5. Investors under PSA may not be subjected to Ukrainian foreign trade sanctions.

It should be noted that the Ukrainian parliament incorporated all presidential recommendations to the passed draft. It is therefore expected that the Ukrainian president will sign and publish the Law soon. The Law together with Law of Ukraine On Public Private Partnership will create viable legislative framework for investment activity in Ukraine under PSAs.

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Copyright issues

Third party feeds

http://nano.org/about.php?part=about_feeds

2006

http://rssdiary.marketingstudies.net/content/more_on_rss_and_copyright_issues_still_no_solution.php

http://blogs.law.harvard.edu/palfrey/2006/01/18/

2007

http://www.smashingmagazine.com/2007/07/07/copyright-explained-i-may-copy-it-right/

http://www.rss4lib.com/2007/09/of_the_many_interesting_cans.html

2009

http://www.niemanlab.org/2009/07/nyt-cos-top-lawyer-doubts-that-aggregation-is-a-copyright-issue/

http://blogs.journalism.co.uk/editors/2009/09/03/update-newspaper-licensing-agency-hits-back-at-claim-it-is-taxing-the-internet/

http://www.out-law.com/page-7843

Newspaper feeds

http://dave.org.uk/newsfeeds/

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(Useful links)

http://www.gov.im/lib/docs/iomfinance/brochures/guidetotheeuropeansavingstaxdirectiv.pdf

http://www.shelteroffshore.com/index.php/offshore/more/eu_savings_tax_directive_2005_explained/

http://www.guardian.co.uk/business/2009/sep/21/lloyds-panorama-tax-avoidance-allegations

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Limited Liability Partnerships

The United Kingdom introduced Limited Liability Partnerships (LLPs) in 2001. LLPs are governed by the The Limited Liability Partnerships Act 2000. Unlike LLP schemes adopted elsewhere, in the United Kingdom LLPs are specifically legislated as a Corporate body rather than a Partnership.

A Limited Liability Partnership shares many of the features of a normal partnership – but it also offers reduced personal responsibility for business debts.  But, unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners (Companies House, 2009).

Registration of a LLP can carry a number of benefits. A LLP effectively creates a new corporate body, which is a distinctly different business vehicle to the owners of the business.

Legal Responsibilities

Incorporation of a LLP carries some legal responsibilities. The details of Incorporation must be submitted to Companies House – the UK body responsible for the registry of company information. These details must be annually maintained. Audited financial accounts must be also be filed annually.

Companies Act

Limited Liability Partnerships must also adhere to provisions of the Companies Act.

The Regulations

The Money Laundering Regulations 2003

The Money Laundering Regulations 2007

Guidance

Preventing money laundering and terrorist financing (MLR8) is a notice issued by HMRC in August 2008 that provides guidance on the Money Laundering Regulations 2007 (MLR 2007).

The Joint Money Laundering Steering Group (JMLSG) provides further guidance for the Financial Services Industry on good practice for countering money laundering and provides practical assistance in interpreting the UK Money Laundering Regulations.  JMLSG Guidance on Money Laundering has been issued in 2006 & 2007 with further amendments introduced in December 2007  and further proposed in August 2009.

CCAB (the Consultative Committee of Accountancy Bodies) has issued guidance on anti money laundering procedures with specific reference to their application in the Accountancy Sector for those providing audit, accountancy, tax advisory, insolvency or related services in the United Kingdom (including such firms providing trust or company services). ACCA highlight two sections of particular note that cover the “risk based approach” and “customer due diligence”. The key points are as follows.

Risk Based Approach

A risk based approach allows businesses to target resource and effort where the risk is greatest and, conversely, reduce requirements where the risk is low. Businesses must establish adequate and appropriate policies and procedures relating to risk assessment and management in order to prevent operations related to money laundering or terrorist financing.

Business must determine the extent of customer due diligence measures on a risk-sensitive basis depending on the type of client, business relationship, or services to be provided; and

be able to demonstrate to their anti-money laundering supervisory authorities that the extent of customer due diligence measures is appropriate in view of the risks of money laundering and terrorist financing.

Businesses are required to take a risk-based approach and have adequate measures to verify the identity of beneficial owners so that they are satisfied that they know who the beneficial owner is and what the control structure is in respect of a client who is other than a natural person.

Businesses are required to undertake scrutiny of transactions and other activities throughout the course of a business relationship to ensure consistency with businesses’ and individuals’ knowledge of the client, his business and risk profile.

Businesses must also keep up-to-date the information collected in applying customer due diligence measures.

Businesses must apply customer due diligence measures at appropriate times to existing clients on a risk-sensitive basis.

Customer due diligence

Effective “customer due diligence” measures are an essential part of any system designed to prevent money laundering and are a requirement of the Money Laundering Regulations 2007. The level of risk must be assessed before the appropriate level of customer due diligence can be applied.

The prospective customer may be an individual, or a corporate or legal entity. Due diligence measures need to be undertaken on the actual customer and all principal beneficial owners and controllers. The business also needs to maintain a level of confidence that the due diligence undertaken is relevant and up to date throughout the lifetime of the relationship.

Customer due diligence measures need to be carried out:

• when establishing a business relationship,
• when carrying out an occasional transaction,
• where there is a suspicion of money laundering or terrorist financing; and
• where there are doubts concerning the veracity of previous identification information.

Businesses are required to ensure customer due diligence procedures are applied to all clients, both existing and new. Customer due diligence must be applied to existing clients (i.e. those existing prior to the 2007 Regulations coming into force) at appropriate times on a risk-sensitive basis.

Before entering a business relationship, businesses must:

• identify and verify the client’s identity using documents or information from reliable and independent sources,
• identify the beneficial owner of the client (where required), including understanding the ownership and control structure of the client and verifying, according to risk, the identity of the beneficial owner(s); and
• obtain information on the purpose and intended nature of the business relationship.

Verification of identity may in certain circumstances be conducted during the establishment of a business relationship if this is necessary not to interrupt the normal course of business and there is little risk of moneylaundering or terrorist financing occurring, provided the verification is completed as soon as practicable after contact is first established.

During a business relationship, businesses must monitor activity on an ongoing basis. This includes scrutiny of transactions, source of funds and other elements of knowledge collected in the customer due diligence process, to ensure the new information is consistent with other knowledge of the client and keeping the documentation concerning the client and the relationship updated.

Businesses can use a variety of tools and methods to conduct customer due diligence; the onus is on them to satisfy themselves and to be able to demonstrate to their anti-money laundering supervisory authority the appropriateness of their approach.

Disclaimer: The information contained on this webpage is provided for general guidance only. It is not intended to provide you with professional advice nor is it intended to substitute you obtaining professional advice.

Companies House is the registrar of companies incorporated in England & Wales and Scotland. Company registration matters are dealt with in UK law by the Companies Act 1985 and the subsequent updated legislation contained in the Companies Act 1989. The Companies Act 2006 is changing the law for companies. These changes affect every company operating in the United Kingdom. Passed in 2006, the Act reaches the final stage of implementation on 1st October 2009.

Size of the Companies House Register

There are more than 2 million companies registered in Great Britain with over 300,000 new companies incorporated each year. The Companies House statistics are available online, for example 26,782 new companies were incorporated in August 2009.

Company Information

The Freedom of Information Act 2000 and the Data protection Act 1998 give people the right to see or receive information.

The Freedom of Information Act gives the public the right to see official information held by public authorities and includes information held by Companies House. The Freedom of Information Act came into force in 2005. It’s aim was to provide open up the information held by government departments and other public sector agencies. Companies House is an Executive Agency of The Department for Business, Enterprise and Regulatory Reform (BERR) and is therefore included within the provisions of the Freedom of Information Act.

The Data Protection Act allows a member of the public to see the personal information that is held about them by organisations of all types, including Companies House. Organisations, including Companies House, that hold personal information are responsible for ensuring that the information is used fairly, is kept secure, is accurate and is up to date.

Companies House are therefore required to provide access to information. A request for information can be made on a formal basis. However, Companies House also provide a number of channels and subscription based servcies that provide easy access to company information. These include an online gateway and a XML gateway.

Quality of Information

Companies House is an information registry, it therefore relies that the information provided to it is accurate. Companies House limited it’s responsibility on the accuracy of information provided by stating:

Companies House is a registry of corporate information. We carry out basic checks to make sure that documents have been fully completed and signed, but we do not have the statutory power or capability to verify the accuracy of the information that corporate entities send to us. We accept all information that such entities deliver to us in good faith and place it on the public record. The fact that the information has been placed on the public record should not be taken to indicate that Companies House has verified or validated it in any way. (Companies House, September, 2009)

The function of Companies House is to receive, store and disseminate information from limited companies and certain other bodies.

If that information is known to be inaccurate, Companies House should be informed. Further information on reporting incorrect details and fraud to companies house an be found on the Reporting Fraud pages of the Companies House website.

Copyright

Companies House website advised the following (Companies House, September, 2009).

Copyright is usually owned by the person or organisation that created the work.  In the case of copyright works produced by civil servants, the copyright is owned by the Crown and qualifies for Crown copyright protection under section 163 of the Copyright, Designs and Patents Act 1988. Government departments do not own copyright in their own right.

The material published by Companies House may be broadly split into two categories:

a) Material produced by Companies House
Material of this sort (e.g. guidance booklets) is subject to Crown copyright protection, and Companies House controls this copyright under a Delegation of Authority from the Controller of Her Majesty’s Stationery Office (HMSO).  Crown copyright also covers database rights, logos and visual images.  Any Crown copyright protected material held by Companies House (other than the Royal Arms and departmental or agency logos) may be reproduced free of charge in any format or medium provided it is reproduced accurately and not used in a misleading context. Where any of the Crown copyright items are being republished or copied to others, the source of the material must be identified and the copyright status acknowledged.  If Crown copyright is infringed, Companies House is authorised by the Controller of HMSO to take such lawful steps as may be required to rectify the situation.

b) Material on the public register
With the exception of a small category of material which is exempt from statutory disclosure requirements, the Registrar is required by law to make the information comprised in documents sent to him available for public inspection.  Information on the public register is made available by virtue of approvals issued by the Registrar in accordance with section 47 of the Copyright, Designs and Patents Act 1988 and Schedule 1 of the Database Regulations (SI 1997/3032).  Companies House imposes no rules or requirements on how the information on the public register is used.

The Companies House copyright policy.

Re-use of Company Information

Companies House (Companies House, September, 2009) also advise that as a public information provider, it makes all information relating to limited companies available for public inspection.  It places no restriction on how the information is used after purchase other than the following:

• Customers must take their own legal advice regarding possible breach of third party copyright.
• Products sold in a bulk format or on CD/DVD-ROM may not be reproduced by the customer in the exact format in which it is presented.
• Customers cannot reproduce the Crown insignia or use the Companies House logo.
• If information is used from guidance notes, the website, publications or statistical tables the customer is required to credit Companies House as the source of the information.