In recent days, EU finance rules will come into force during the transition period to Brexit and therefore also valid in the UK after leaving the EU.
These rules will influence the UK financial services industry, as accountants, bankers and lawyers will incur penalties if they do not report tax avoidance schemes that encourage people or companies to transfer money to offshore havens.
In fact, numerous offshore secrets leaks have occurred in British overseas territories such as Anguilla and the British Virgin Islands, were added onto a “greylist” of jurisdictions that will have to readjust these territories to European tax standards.
Article from the ‘BBC’
