Cum-Ex – tax redux

Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England& Wales and the Chartered Institute of Securities and Investment, was amember of the British Bankers’ Association Money Laundering Committee from2003-10 and a member of the Joint Money Laundering Steering Group’s Board andEditorial Panel between 2010 and 2016. He has been a frequent speaker at industryconferences on financial crime issues, both in the UK and abroad.

A muted response by national regulatorsto industrial dividend arbitraging that has cost exchequers billions of eurosprompted the European Banking Authority to issue an action plan that supervisorsand financial institutions should follow. The financial crime implications aresevere, warns Denis O’Connor.