What does it matter if one or two countries aren't in this
Maybe i am being naive here , but are you sure you are not worrying more than you should?So what's the worst scenario? Skrill/Neteller will have to report their customers data to CRSSo what? Is the funds sitting in skrill or neteller illegal? I thought that money from gambling are already taxed when withdrawed from sportsbooks , so what's the problem?
“Entities that issue payment cards that can be pre-loaded with funds to be spent at a later date, such as a pre-paid credit card or “e-money” may not be Depository Institutions provided certain conditions are met. Pre-paid credit card issuers may meet the conditions to be a Qualified Credit Card Issuer which will make them a Non reporting Financial Institution or the payment card account may meet the conditions to be an Excluded Account. “E-money” providers that are governed by the provisions of the European Union Electronic Money Directive are not deposit takers for the purposes of the Banking Consolidation Directive Recital 13 to the EMD specifically states that “The issuance of electronic money does not constitute a deposit-taking activity pursuant to Directive 2006/48/EC”, consequently such providers will not fall within the definition of Depository Institution that requires deposits to be accepted in the ordinary course of a banking or similar business. Entities that solely provide asset based finance services, such as a factoring or invoice discounting business, or that accept deposits from persons solely as collateral or security pursuant to a sale or lease of property, a loan secured by property or a similar financing arrangement, between such entity and the person making the deposit, will not be Depository Institutions. Entities that facilitate money transfers by instructing agents to transmit funds (but do not finance the transactions) will not be considered to be engaged in banking or similar business as this is not seen as accepting deposit.”The exact link is here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461418/Guidance_Notes_for_the_Automatic_Exchange_of_Financial_Account_Information.pdfThe e-wallets are low in the agenda, but you never know when they go to the top. The infrastructure will be ready in no time as e-wallets are more in technology than other institutions. If you read the handbooks of CRS, you will also see 2 important details:1st. The institution should inform the ''reporting person'' before January the 31st that his data will be reported. This should take place in the form of a letter, e-mail and likes, or in a change of terms and conditions that customers should accept.2nd. Countries and territories have the ability to select how they interpret several parts of the standard.
EDIT: The guidance linked in the first post has been superseded by guidance made on May 16 2016, and it looks like e-wallets were added as Financial institutions in that guideline. See following link, specifically part IEIM400750: https://haydonperryman.com/gb/guidance/dac/
Don't worry about it guys, e-wallets will not included in CRS list.If e-wallets join to CRS, I will request to close my arbusers account.
It matters a lot,because if for example a new Skrill or a new bank has their business base in one of these two countries,they will not be obliged to report to CRS,or whatever system.
To even see the man himself on here saying it's low on the agenda and then getting responses from people more informed with really worrying revelations for us all is shocking. Then we get another comment saying hopefully it won't be too early in the year, like THATS the expectation we have now.
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