Canada’s largest cryptocurrency exchange, QuadrigaCX, has said that around USD190 million in cryptocurrency and fiat money cannot be repaid to investors, because the CEO and founder, who died in December 2018, had "sole responsibility for handling the funds and coins." No Other Team Member has the Passwords or Can Access These Funds, and QuadrigaCX has…
Read more
FBAR Signatories Have an Extra Year to File Their Form 114
Individuals with signature-only authority over foreign financial accounts have been granted until April 15, 2020 to file their report of foreign bank and financial accounts (FBAR) forms to the US Internal Revenue Service for the tax year just ended. Previously the deadline was April 15, 2019, consistent with the federal income tax due date. …
Read more
Luxembourg Establishes A Beneficial Ownership Register
Luxembourg has gazetted a law establishing the compulsory public register of company beneficial owners, as required by article 30 of the EU Fourth Anti-Money Laundering Directive. Entities falling within its scope will have until 1 September 2019 to comply. Members of the public will not have access to the beneficial owners' private residential, professional address…
Read more
Canada Shares 600,000 Bank Accounts to the IRS Every Year
The Canada Revenue Agency is now transferring 600,000 bank account records to the US authorities every year, according to CBC news. In 2016 and again in 2017, the Canada Revenue Agency provided the IRS with information on 600,000 Canadian bank accounts each year. That's a sharp increase from the 300,000 records shared in 2015 and…
Read more
