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Hong Kong Regulatory Insurance Update February 2023
In this February 2023 edition of Regulatory Insurance Update, the Hong Kong Corporate & Commercial Team provide the latest updates relating to the law and regulations, developments, and news in the insurance industry in Hong Kong.
One year on, the UK's effort to tackle dirty money has a mixed scorecard
The UK’s Economic Crime (Transparency and Enforcement) Act 2022 received Royal Assent a year ago with the background of the Russia-Ukraine conflict catapulting it into the UK at unprecedented speed. The Act has been of great interest to the insurance sector. The aim of the ECA was to thwart the flow of so-called “dirty money” into the UK by taking aim at overseas individuals seeking to launder money in the UK and/or greatly restricting their ability to transact with the UK’s financial system.
Possession at any rate?
In this article, we explain why landlords must act quickly to avoid a potential increase in compensation payable to their tenants in advance of changes to the rateable values of non-domestic property in England and Wales, which take effect on 1 April 2023.
The Spring Statement 2023 – Budget for Growth?
Chancellor, Jeremy Hunt, delivered this year’s Spring Budget after a cloud of disruptive events culminating in the collapse of the Silicon Valley Bank.
Fiduciary duties owed by trustees: an introduction
If you are not a professional trustee, it can often feel overwhelming having to comply with the far-reaching duties of being a trustee. Many trustees appointed under wills by the testator are lay trustees, not fully appreciating what the role involves. Here, we provide an introduction to the fiduciary duties of a trustee.
Duties of care owed by trustees: a brief guide
If you are not a professional trustee, you may not be aware that you have to carry out your duties, as a trustee when managing the trust, with reasonable skill and care. But what does this mean and how does it arise?
Gender pay gap reporting: new obligations on employers in Ireland
The gender pay gap is the difference in the average hourly wage of male and female employees and is now addressed by the Gender Pay Gap Information Act. The Act and its implementing Regulations have been introduced to address this inequality, and employers are now obliged to monitor and report on the gender pay gap in their organisations.
AI in the workplace – an invaluable tool or a slippery slope?
The global COVID-19 pandemic brought about many changes in working practices including the rapid acceleration of the use of Artificial Intelligence in employment to allow individuals and businesses to continue operating remotely. AI continues to be a hot topic and in late 2021 the UK Government published a National AI Strategy, setting out its 10 year plan to make Britain a “global AI superpower”.
The impact of AI on workplaces: creating a new generation of Luddites or converting reformists?
This article covers how employers are embracing AI across certain industries, some pitfalls to be mindful of when adopting AI systems as well as potential statutory and regulatory changes to keep an eye on.
Ultimate beneficiary identification procedures regulations in the Sultanate of Oman
Identifying the true owners of a corporate entity is a subject that governments and institutions are increasing focusing on as a method to tackle tax avoidance, maximising sanction enforcement, and facilitating policies for anti-money laundering.