International Private Client

• Relations between China and the U.S. will likely remain tense for the foreseeable future, as evidenced by the recent U.S. law mandating TikTok be divested or face a ban.
• Companies and individuals with perceived Chinese associations – including in Greater China, Southeast Asia and the wider region – could be at risk of invasive and politically motivated government enforcement actions.
• Those at risk can take several proactive steps to protect their assets, reputation and liberty.

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• Bad-faith opponents often use elaborate mechanisms to publicly discredit high-net-worth individuals.
• Misinformation can spread across borders rapidly, resulting in reputational harm across borders and languages.
• HNWIs in contentious situations should take a robust and active approach with a carefully calibrated mix of legal and communications interventions.

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• New rules proposed by the U.S. Financial Crimes Enforcement Network (FinCEN) would extend U.S. anti-money laundering program requirements to investment advisors.
• This could become the latest move by U.S. authorities to scrutinize the assets and transactions of ultra-high-net-worth individuals, including those outside the U.S.
• At-risk individuals and their advisors should take proactive steps to protect their legitimate interests.

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• The United States and its allies continue to use sanctions to attack adversarial governments and their perceived allies, putting companies and individuals with tenuous or merely alleged ties at risk.
• Recent sanctions have targeted Russia, but PRC companies were designated in the February 2024 round, signaling increasing risk to PRC individuals and business if China-U.S. relations deteriorate.
• At-risk individuals and business should take proactive steps to prepare.

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• Free ports enable ultra-high-net-worth individuals to store, trade and transport assets, including artwork, with benefits of security, favorable tax and customs regulations and, often, privacy.
• However, free ports cannot mitigate threats to assets when authorities make allegations of misconduct and issue freezing or seizure orders.
• With a free port in Dubai under construction, UHNWIs and their advisors should contemplate proactive steps to protect their global portfolios.

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• A new law criminalizing the demanding or receipt of payments from U.S. individuals or entities gives the U.S. Department of Justice new tools to extend its targeting of non-U.S. individuals in corruption investigations.
• This puts politically connected individuals at risk of becoming subject to aggressive U.S. investigations, initiated by politically motivated domestic rivals.
• At-risk individuals should take proactive steps to protect their reputations, assets and liberty.

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• The United Kingdom is pushing its overseas territories, including offshore centers such as the British Virgin Islands and Cayman Islands, to publicly identify ultimate beneficial owners of corporate structures.
• This loss of privacy for ultra-high-net-worth individuals with legitimate needs could see their reputations and interests threatened by unwarranted scrutiny.
• Proper preparation can help individuals and their advisors to not only limit potential damage, but also allow them to react expediently if a crisis arises.

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• The new administration of Javier Milei in Argentina marks a shift away from the political establishment, with his promises to purge the “political caste.”
• Politically exposed persons may be at risk – new authorities around the world often engage in politically motivated investigations.
• At-risk individuals and businesses should take proactive steps to protect their assets, liberty and reputation.

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