In 2007, as a result of HMRC receiving information from five major UK banks with offshore subsidiaries, HMRC offered an Offshore Disclosure Facility (“ODF”) which was designed to allow those people holding offshore accounts to declare those accounts and put their tax affairs in order.

The European Parliament has approved legislation which will see new rules in relation to the prudential regulation of the majority of EU investment firms, namely the IFD 2019/2034 and IFR 2019/2033.