global
ISSUE 13

FASTER,HIGHER,GREENER?

ALL ABOARD
FOR SUSTAINABLE
WINTER OLYMPICS
SUPERCHARGED

ASEAN REGION’S RACE TO DIGITALISATION

CLEANING UP

ON THE FRONTLINE IN THE MONEY LAUNDERING WAR

TIME FOR A BREAK?

CHALLENGING TIMES FOR MEDITERRANEAN TOURISM

The networkfor doingbusiness

2 UHY GLOBAL January 2022

WORD OF WELCOME

IN THIS ISSUE

4FEATUREASEAN nations
in drive for
digitalisation

18

CLIENTSTORY Seamlessservice for realestate specialists

19

SERVICEFEATUREInternationaltax support

8

CLIENTSTORY Global
partners for scienceinnovators Cosylab

20

FEATUREThe future forcryptocurrencies

10

FEATUREWorking withclients to thwart
financial crime

23

SERVINGCLIENTSSERVINGCOMMUNITIES14UHYSERVICES
How we deliverfor our clients

15

GLOBALNEWS24

PERSPECTIVES
Tourismchallenges in the
Mediterranean

28
16

PROFILE
Meet UHY’s
new chairman,
Subarna Banerjee

29

PEOPLEFIRSTGLOBALUHY
MEMBERS’
DIRECTORY

WORD OFWELCOMEAs UHY International’s newchairman, it gives me great
pleasure to welcome you to issue
13 of UHY Global, our biannual
magazine for businesses with aninternational outlook. These pages
reflect the global engagement
our independent member firms
enjoy with businesses like yours,
and the support we offer tohelp you achieve your goals.
It is sad to see the devastating
impact Covid continues to haveon lives and livelihoods. While weapplaud the steps taken – fromtentative economic recoveries toaccelerated technology adoption
to keep us in touch – we know
the toll is high, and can only try
to stay resilient and faithful toour personal and professional
standards, to help each otherthrough these difficult times.
Some of our features in UHY Global
continue to reflect the pandemic.
In Sun, Sea and Stasis, we look atwhat the future holds for a battered
tourism sector in the Mediterranean
and what can be done to protect
the region from further economic
shocks. Our member firm in Spain
is working with one of the country’s
leading real estate developers
on a project that anticipates acontinued appetite for holidays inthe sun – read about it in our client
story Building Firm Foundations.
The critical role technology has
played in helping businesses
survive – and sometimes thrive– in the last 20 months cannot
be overstated. Digitisationand digital skills will be key toeconomic recovery. In our feature
Bridging the Gaps, UHY’s ASEAN*
member firm professionals provide
insights from their experience

working with entrepreneurs,
businesses and employees.
We also consider two other hot
topics facilitated by advances intechnology. Cryptocurrency has
proliferated into mainstream
finance in number and influence,
to the point where central banks
and sovereign states are looking
at the benefits of digital currency
as well as how to regulate it. You
can read about it in our feature
Crypto at the Crossroads.
Digitisation has also enabled new
ways for the criminal launderingof money, exacerbating an alreadyhuge problem for institutions
and professionals. In Show Us
the Money, we look at someof the problems and solutions
for tackling this crime throughregulation and due diligence.
You can also read our roundupof global news and a celebrationof some remarkable UHY people
in Serving Clients, Serving
Communities. As UHY International
chairman, it is my privilege to help
steer and support this excellent
network of over 8,500 professionals
in more than 100 countries. Thankyou for engaging with us throughUHY Global, which is also available
to browse online at www.uhy.com/
Global13 for additional content,
extended narratives and useful links.
I wish you all a safe andprosperous 2022.
Subarna Banerjee
Chairman, UHY International*The Association of Southeast Asian
Nations, an economic union of ten
member states, established in 1967.

iStock.com/Dmytro Aksonov

ALL AROUND THE WORLDFEELINGTHE HEATC

an Beijing 2022 strikea balance between
an environmentally
sustainable and a financiallyworthwhile Olympics?

Talk of the 2022 Winter Olympics
and Winter Paralympics in Beijing in
February and March has been all about
world firsts and breaking records.

So the opening and closing ceremonies
are being staged in the Beijing National
Stadium (Bird’s Nest), while the Beijing
National Aquatics Centre (Water Cube),has been transformed into curling ice
rinks. The six new venues were built using
renewable technologies with energy
saving, environmentally-sustainable
materials. Energy is mainly solar andwind, and water is being recycled.

The first marker was set in 2015 when
Beijing beat off challenger Almaty
in Kazakhstan to be chosen by theInternational Olympic Committee (IOC)to host the 2022 Winter Olympics –becoming the first city to be awarded
both the summer and winter Games.

The venues are across three zones
connected by a high-speed railway
to maximise post-Games legacy use –popularising winter sports in and around
Beijing to align with the campaign
to encourage 300m people to take it
up by the time the Games begin.

MARATHON COSTS
China’s goal to make the Winter 2022
Games the most environmentally
responsible ever fuelled an ambitious
vision and in May 2020 the Beijing
Organising Committee released
its sustainability plan, a blueprintthat dovetailed with the IOC’sannouncement that the Games will
be climate positive by 2030.
The capital and co-host city Zhangjiakou
have adapted six venues from the 2008
Games to minimise construction costs.
Beijing 2022’s declared aim was to createa legacy of sustainability through its newvenues, upgraded transport infrastructure,
sports and tourism development, allwhile promoting healthy lifestyles andraising environmental awareness.
BOUNDLESS ENERGY
Gui Lin, of the Organising Committee’splanning, construction and sustainability
team, said: “Reusing the 2008 legacy
venues helps Beijing 2022 stay ahead,verifying its promise to host the WinterOlympics in a sustainable way.”

Beijing 2022’s

declared aim wasto create a legacyof sustainability.

FROZEN ASSETS
These bold sustainability claims havebeen met with scepticism in certain
quarters. Dissenting voices point out
that mountainous regions around Beijing
where alpine ski resorts have been built
are not known for rainfall and certainly
not for snow. It was reported that Beijing
would need about 49 million gallons
of water to create artificial snow.
History will judge whether theenvironmental sustainability claims
were realised, but, a positive economic
legacy is much harder to achieve.

Olympic host cities have often carrieda legacy of debt, with the often-touted
benefits of tourism, infrastructure andemployment creation rarely clawing backrevenues to justify the investment.
But China’s determination to reap
positive economic outcomes has beena characteristic blend of innovation andtenacity. The government took notethat the only host to ever turn a profit
was Los Angeles in 1984, due mainly
to its solid existing sports, tourism andtransport infrastructure – so China’s
Winter Olympics spend has been 10% of
the 2008 Games and it has driven wintersports development via tax exemptions
and access to resources. “In 1996, China
had only 11 ski resorts, 20 years later,
it had 646. Visitors tripled from 5.5m
in 2009 to 15.1m seven years later,”says Grace Shao of US business news
channel CNBC. By 2020 over 1,200
winter sports competitions had beenorganised with 100m people taking part.
China has partially followed Japan’s
example and the Winter Olympics
are being held without spectatorsfrom overseas – tickets were allocatedto fully vaccinated fans in mainland
China, providing atmosphere in thestadiums. China’s Covid awarenessmeans participants are subject to astrict ‘closed loop’ monitoring system,
allowed to travel between venues onlyfor ‘training, competitions, and work’.
With enthusiastic home crowds
and the ‘recycling’ of six Olympic
stadiums and infrastructure from2008, Beijing may have created an
Olympics that, while not a perfectbalance of sustainablility and a positive
economic legacy, could present a more
hopeful and realistic model
for future Games. n

4 UHY GLOBAL January 2022

FEATURE – BRIDGING THE GAPSBRIDGING
THE GAPS

DIGITALISATION AND DIGITAL RESKILLING ARE
KEY TO UNLOCKING ASEAN’S REGIONAL ECONOMICRECOVERY POST-COVID, BUT CHALLENGES REMAIN

W

hile the pandemic hasto the region. So it is no surprise that thehelped to accelerate digital pandemic has forced digitalisation to the
top of the region’s agenda as a key factor
adoption in many countries
around the world – by a timescale not only for future growth, but now for
factor of several years according fast and robust economic recovery.
to many analysts - in others it
Recognising the priority, ASEAN
has shone a light on inherent(Association of Southeast Asian Nations)weaknesses and potential barriers, has set out a digital blueprint to help
for example the readiness ofguide member state governments andregulators. The ASEAN Digital Masterplan
infrastructure and workforce to2025 specifies ‘desirable outcomes’
benefit from digital advance.
In Southeast Asia, considerable effort
has been made over many decades tocreate a bloc of nation states that caneffectively collaborate as an economy andbring increased security and prosperity

such as quality and coverage of fixed
and mobile broadband, the provisionof trusted digital services, consumer
protection from digital harm, and acompetitive business market for the
supply of digital services. The vision iscompelling – to be a ‘leading digitalcommunity and economic bloc, poweredby secure and transformative digital
services, technologies and ecosystem.’On the ground, there is plenty of evidence
that this is the desirable direction of
travel. A recent World Economic Forum(WEF) survey of young people (aged
16 to 35) across the six largest ASEAN
nations, determined that there is an
expectation that their governments andemployers will embrace a digital future,
but that they must recognise and address
the challenges, especially for micro andsmall-medium businesses (MSMEs),
including better infrastructure rollout
and the means to plug digital skills gaps.

FEATURE – BRIDGING THE GAPSUHY GLOBAL January 2022 5

iStock.com/sutlafk

Unsurprisingly, the more digital-savvy
respondents had fared better during the
pandemic, but the need for reskillingand upskilling across the board is clear.
NATIONAL LEADERSHIPThe reality is that for ASEAN
countries, digitalisation moves atvarying pace, reflecting domestic
differences in digital preparedness
and governmental leadership. Someeconomies have had digital programmes
and incentives in place for years,
while others are still catching up.
Singapore, for example, has the second
smallest population of the ten ASEAN
nations, but by far the highest GDP

per capita. As a gateway to China, oneof Singapore’s success factors is being
connected to the rest of the world.
Unsurprisingly in their 2021 budget, there
has been a significant focus on further
digital transformation and upskilling,with new emerging technologies andjobs programmes and an increasein financial support packages.
The government of ASEAN’s largest
country, Indonesia, has its sight set
firmly on digitalisation as the route to
becoming a top ten global economy by2030 - it was ranked 16th pre-Covid,
based on International Monetary Fundnominal GDP data. According to Revano
Hananta, senior consultant, KAP HanantaSuccess depends
on the readinessof our society
to ‘go digital’.

6 UHY GLOBAL January 2022

Budianto & Rekan, UHY’s member firmin Indonesia, the country’s leadership islooking at infrastructure, governance anda digital society as the main ways forward.
“Our government believes that digital
infrastructure is the root of the problem,”says Revano, “and they are taking steps
to distribute this more evenly acrossthe country. They also recognise theimportance of public service transparency
so they are implementing the concept ofdigitalised government services, which
will also be more efficient and effective.”

FEATURE – BRIDGING THE GAPS

It is the strong

desire of our national
workforce to be

more digitally savvy.

Like its ASEAN neighbours, Indonesia
has to address the need for moredigital education. “Success depends
on the readiness of our society to ‘godigital’,” says Revano. “The government
has launched massive digital talent
programmes to support this aim,
including online access to training.”“Lockdown up-ended every possible
business continuity plan, and disrupted
businesses at their very core,” he says.
“The unprecedented scramble towards
commercial survival was largely dependent
on how fast a small business could pivot
to online and mobile engagement with
its customers, use cashless payments, anddevelop a contactless delivery model.”PANDEMIC PUSH
Indonesia and Singapore are not alone
in recognising the need for better digitalsystems, skills and policies. Malaysia,
a country that has historically lagged
behind its ASEAN peers, has done muchto catch up, thanks in some part to theimpact Covid-19 has had on the business
community. Datuk Alvin Tee is groupmanaging partner of UHY in Malaysia, andan elected director of UHY International
who has supported MSMEs throughan accelerated digital learning curve.

However, beyond the pandemic, Datuk
Alvin believes there are still challenges
to overcome. “There is no shortage ofgovernment initiatives to support digital
adoption, and technology-related grants,
subsidies, loans for digitalisation training
and upskilling are abundantly available.
The government has set out a digitalplan for public sector services and ispushing hard for a 5G infrastructure toprovide 80% coverage of the country.
But skills and hardware aside, we haveto have digital leadership at the top,

iStock.com/JGalione

where generally leaders are senior to
the digital generation and have a morecautious mindset. For me, effective
digital transformation remains very muchabout the depth, effectiveness andscalable positive impact that it makes
in an industry, a nation, or a region.”
DIGGING IN
Vietnam and the Philippines are two
ASEAN nations yet to achieve the digital
momentum of their peers. Sharing similar
population numbers and productivity, bothcountries have some catching up to do.
Pre-pandemic in 2019, Vietnam’s
Government signed Resolution 52, settingout guidelines and policies to enable thecountry’s full participation in the benefitsof the Fourth Industrial Revolution,
dubbed Industry 4.0. It prompted anumber of plans and improvement
programmes from ministries, sectors
and local jurisdictions with targets andgoals for phased digitalisation including
mobile online access, provision of public
services, online government records andinformation systems, and digital banking.
“There are also plans to have three smart
cities in three economic areas by 2025,”
says Thanh Nguyen, partner at UHY
Auditing & Consulting Company Limited.
“For this, and the further goal of regional– and global – smart city connectivity
by 2030, we expect the Government

iStock.com/hxyume

will work hand in hand with the private
sector as and when necessary to build
out telecommunications infrastructures
and achieve its objectives and plans.”
While results so far on infrastructure
are apparent, the ‘softer’ (skills-based)part has been slower in coming. The
country has slipped down various
global indices on measures such as
knowledge and technology innovation,
research, and talent competitiveness.
Thanh, however, remains optimistic.
“Despite our national focus on Industry
4.0, other countries are doing this faster,I agree,” he says. “But although there
is no official announcement yet around
specific training or retraining finance,
for example, Resolution 52 is clear about
the necessary support and incentives forbusiness and individuals to participate
in education, training and upskilling.
“Reports like the WEF ASEAN youth
survey, and others, simply reconfirm
the strong desire of our national
workforce to be more digitally savvy.
While there is a lot to do to upskill
people in response to digitaltransformation, it is a responsibility thatmust be shared between individuals,
employers and Government. Together
they can drive the sustainableeconomic growth we need.”
MOVING FORWARD
The Philippines is another ASEAN country
which is busy digging in and getting onwith addressing the challenges of a rapidly
digitalising world. According to Mike
Aguirre, managing partner, UHY M.L.
Aguirre & Co. CPAs, things are improving.

Digitaltransformation
is a journey ofeffort, discovery
and leadership.

“It is true that a 2020 World Bank reportsuggested our country’s challenges were
due to the slow penetration of highspeed broadband,” says Mike, “butimprovements have been made in thelast year, and there has been a surge intelecommunications infrastructure rollout.
In many ways the Covid-19 pandemic
has accelerated digitalisation and we areseeing, for example, far greater use ofdigital payments and fund transfers now.”
Indeed, Philippines central bank reported
an increase in consumer digital transaction
volumes in 2020 compared to 2019, andmassive increases in both volume and valueof fund transfers over the same period.
And it is not only consumer paymentsthat have been positively impacted.
“The pandemic has given rise to anumber of innovations in business andgovernment operations,” says Mike.
“Online ordering systems with mobile
courier vans, motorbikes and bicycles
have facilitated food and other productdeliveries to consumers, and we have
online apps enabling passengers to ride
tandem on motorbikes or to ride inprivate cars acting as surrogate taxis.”

Even judicial proceedings are conducted
online using videoconferencing tools;
education is delivered through digitalplatforms with the use of computersand laptops; and the government
has recently set out a digital plan to
improve the Philippines’ readinessfor the global digital economy.
“Things are moving forwards”
says Mike, “but unlike some other
ASEAN countries the issue of
reskilling or upskilling for a digital
economy, while a persistent problem,
is not the biggest problem. We have agreater need to address unemployment
and underemployment, especiallyamong the young. Two out of every
three unemployed Filipinos are under
35 years of age and, according to thegovernment’s own labour force
survey, there are nearly three anda half million between the ages of
15-24 who are not in education,
employment or training.”
The ASEAN digital blueprint shows
good intent but clearly there are
multiple and various reasons why its
member nations will move at their own
pace. There seems little doubt about
the destination, or the political andsocietal will to get there, and in thatsense a connected ASEAN region isinevitable and a prize to be cherished.
As Datuk Alvin Tee in Malaysia
puts it, “Digital transformation,
be it for an individual organisation
or a nation, is a journey of effort,
discovery and leadership.”
It is going to be an interesting journey
to watch. n

8 UHY GLOBAL January 2022

CLIENT STORYTHE SCIENCE OF GROWTH

UHY’S PERSONAL APPROACH AND GLOBAL REACH IS HELPING ONE SLOVENIAN COMPANYCOMBINE BUSINESS ACUMEN WITH CUTTING-EDGE TECHNOLOGYC

osylab is a company that isquietly changing the world.
By building and integrating
software and electronics forthe world’s most complex
systems, the company helps
drive innovation across science,
medicine and industry.

A NICHE MARKET
One problem with supplying complex
bespoke control systems to nichemarkets is that there are not manyof them. In 2017 Cosylab took thedecision to broaden its customer
base by developing its own software
products for wider application andmarketing them through licenses.

Headquartered in Ljubljana, Slovenia,
Cosylab is a commercial spin-off of theJožef Stefan Institute, the country’s largest
research facility. Since its foundation in
2001, the business has steadily expanded
its services, from building control systems
for the world’s largest scientific projects todeveloping innovative software solutions
for particle-based cancer treatments
and advanced industrial applications.

That decision is already paying off.
The company has welcomed 60 new
people to its workforce in the last year,
despite the Covid pandemic, and is
still actively recruiting. Chief financial
officer Blaz Hrastar says faster growthis expected in the coming years – andjust as it has in the past, the company
will rely on UHY’s international network
to help facilitate that expansion.

A measure of its success is that Cosylab’s
software is currently used by six out of tenof the world’s largest Big Physics projects,
and in more than 100 of the mostprestigious global research facilities. As
well as Big Science, the company also has
a 43% market share in providing control
systems for particle therapy machines.

FROM THE BEGINNING
UHY d.o.o in Ljubljana has been working
with Cosylab since 2014, when thecompany first required an external
auditor to satisfy Slovenian financial
regulations. The relationship has also
given its largely academic and researchfocused workforce peace of mind.
Blaz says: “Handling all the challenges
of working in a fast-growing global
company is not an easy task. You can try
to understand everything on your own,
or you can find a professional advisor.
But you need somebody trustworthy.”

As it has grown in size and reputation,
Cosylab’s geographical reach has also
spread. Today, it is a truly global operation,with nine international offices in countries
including Switzerland, Russia, Japan andthe US. It is a joint stock company with aconsolidated turnover of EUR 17.8 million(USD 20.5 million), employing 285 people.

UHY IN THE HEALTH SCIENCES
AND CARE SECTOR
Experts from UHY’s member firms havea thorough understanding of the life
sciences sector and work with a wide
range of organisations, from publichealthcare providers to international
systems and healthcare technology
businesses. Services include financial andoperational services, audit, regulatory
and compliance management, andprotecting intellectual property rights.

Cosylab considered the Big Fouraccountancy firms but was also
encouraged to evaluate UHY. “Actually,
we prepared a trial question,” says Blaz.
“In answering, UHY was by far themost concrete. This is when we decided
that we would like to work with them.
They were straight to the point. We
don’t want answers wrapped in foil.”
Cosylab’s account is handled by UHY
d.o.o’s director Franci Žgajnar and his
team, who prepare the yearly audit
for the parent company and theconsolidated report for the wider group.
Blaz is entirely satisfied with these services

and says working with UHY has brought
added benefits, giving the technologybased business a greater appreciationof finance and financial structure, andultimately the way successful businesses
work. “It has completely changed ourway of thinking,” he adds. “We are much
more structured, we have financials undercontrol, and our people have embraced
this new meaning and are now aware ofwhat financial reports are all about.”
WIDENING HORIZONSBlaz says he particularly appreciates UHY’s
personal approach to the relationshipwith Cosylab. He adds that Franci
and the team have a real grasp of thecompany’s vision and the challenges it
encounters as it translates cutting-edge
science into profitable services, and theirservices are tailored to Cosylab’s needs.
For that reason, Blaz was happy to staywithin the UHY network when Cosylab’s
expansion prompted a need for crossborder accountancy services. Whenthe company opened its subsidiary in
Switzerland in 2015, it enlisted the helpof UHY member firm Balmer-Etienne
AG to assist with questions around the
Swiss tax system. The services of UHY
Prostor LLC in the Ukraine were used tohelp with an office closure in 2020 andin the same year, UHY Italy performed
due diligence on an Italian businessCosylab were looking to acquire.
“All the recommendations andconnections for UHY firms came from
Franci,” says Blaz. “It really is worth
a lot to be able to turn to one person
you can trust and not have to searchfor yourself. This saves you a lot of timeand in the end brings better results.”
As Cosylab continues to grow, more UHY
member firms may become involved. For
now, Blaz is delighted with a professional
service provider that knows Cosylab welland understands its unique opportunities
and challenges. “It is reassuring when
you know you have professional help
just one phone call away,” he says. n

The company

has welcomed

60 new people toits workforce inthe last year,

despite the Covid

pandemic, and is still
actively recruiting.

10 UHY GLOBAL January 2022

FEATURE – SHOW ME THE MONEYSHOW ME THE MONEYKEEPING UP WITH EVER-CHANGING ANTI-MONEY LAUNDERINGREGULATIONS CAN BE A CHALLENGE, SO PROFESSIONAL HELP IS CRITICALUHY GLOBAL January 2022 11

T

he United Nations (UN) estimates that between USD
800 billion and USD 2 trillion (between 2% and 5%of global GDP) is laundered globally every year. Moneylaundering entities were also revealed alongside tax evasion
and corruption in the vast array of images and documents
exposed in the Pandora Papers leak. It is endemic.

The fight againstmoney laundering is
not a new one.

these efforts? And how can businesses
navigate jurisdictional regulations
effectively to ensure that they arecompliant? We look at what is being
done to meet the challenge of money
laundering and the essential role that
accountancy providers play in ensuring
appropriate client due diligence.

iStock.com/franckreporter

STRATEGIC ISSUES
The fight against money laundering
is not a new one. Over three decadesago, recognition of its growing menace
prompted the G7 nations to establish
the Financial Action Task Force (FATF) to
examine and develop AML measures.
Today, as an international watchdog, theFATF has a remit to ‘set standards andpromote effective implementation oflegal, regulatory and operational measuresfor combating money laundering, terrorist
financing and other related threats tothe integrity of the international financial
system’. As part of its programme
to identify and monitor high-risk
jurisdictions, it publicly lists countries withweak schemes for combatting AML andterrorist financing (CFT) – a process thathas proven to be effective. Of 80 countries
so far identified, 60 have taken measures
to improve their AML and CFT measures.
In its most recent list of high-risk
jurisdictions, FATF suggests that strategic
difficulties are continuing to affectsome countries in their approaches
to AML, CFT and proliferation
financing. These include Mozambiqueand Cambodia, among others.
Mozambique is currently reeling fromthe recent ‘tuna bonds’ scandal, in which
corruption and money laundering linked
to loans said to be for governmentsponsored investment schemes – including
a state tuna fishery – led to the arranging
bank, Credit Suisse, being found culpableof serious failings in financial crimes
control. Credit Suisse was fined nearly
GBP 350 million (USD 475 million) for
its part in a cover-up that resulted ina financial crisis for the country – theultimate cost to Mozambique wasestimated at USD 11 billion. While
Mozambique enacted AML and CFTin legislation in 2013, many of its
citizens are unbanked, without accessto the documentation needed to carryout ‘know your customer’ processes.
Findings from the Eastern and Southern
Africa Anti-Money Laundering Groupsuggest that the lack of nationally
coordinated efforts to understandmoney-laundering and terrorism
financing undermines any laws in place.
As with many countries identified ashigh risk by the FATF, Cambodia madea commitment in 2019 to work withthe organisation to strengthen theeffectiveness of its AML legislation.
The country passed new AML/CFT
legislation in 2020, requiring reporting

iStock.com/bestdesigns

Against this background, national
governments and internationalorganisations are striving to fight backthrough stricter anti-money laundering(AML) legislation, regulation andmonitoring. But how effective are

FEATURE – SHOW ME THE MONEY

12 UHY GLOBAL January 2022

organisations to perform advanced
due diligence measures to maintaincompliance, with increased penalties
for non-compliance, and has alsoestablished a Financial Intelligence Unitin the Central Bank. But while there havebeen significant technical improvements
in its compliance with FATF standards,
Cambodia remains on the watchdog’shigh risk list. Strategic issues include alargely cash-based, dollarised economy,
porous borders and loose oversight ofcasinos, all of which make both legal
and illicit transactions hard to follow.
ROBUST REGIMES
Elsewhere in the world, international
AML standards such as those outlinedby the FATF are working with national
legislation to good effect. The Global
Coalition to Fight Financial Crime (whose
members include the World Economic
Forum, Europol, Refinitiv, the Atlantic
Council and the Royal United Services
Institute’s Centre for Financial Crime andSecurity Studies) suggests moving awayfrom a ‘tick box’ compliance approachand towards working with non-financial
institutions, to make real change.
The UK has historically done well with
AML efforts, achieving the highest
rating from the FATF in 2018 for a ‘welldeveloped and robust regime’ in whichmoney-laundering and terrorist financeactivities are ‘routinely and aggressively’
investigated and prosecuted. In 2019, theCharteredaccountants

should have zerotolerance of fraud.

Home Office, HM Treasury and UK Financepublished the Economic Crime Plan, layingout additional strategic priority areas in
the national fight against economic crimeand building on previous AML and CFT
commitments and 2018’s Serious andOrganised Crime Strategy. Under the
new regulations, cryptoasset exchange
providers, custodian wallet providers, art
market participants and letting agency
businesses all come under greater scrutiny.
Committed to strengthening its position
as a global financial hub, the UAE
has enhanced its AML/CFT measures
to align with global best practices. In
March 2021, the Ministry of Economy
issued a new resolution listing 26
violations and corresponding fines for
non-compliance. “The UAE periodicallyreleases guidelines to create awarenessaround AML compliance,” says James

Mathew, CEO and managing partner,
UHY James Chartered Accountants, UAE.
“Our team consistently maintains effective
channels of communication with clientsto help them stay on top of regulatorychanges happening across the UAE.”
James and his UHY colleagues around theworld, play a key role in ensuring theirclients comply with AML regulations,compliance and due diligence. Often
identified as ‘designated persons’ inanti-money laundering and criminal
justice legislation, accountants are criticalgatekeepers in the fight against money
laundering. Professional organisations
support this designation, with MichaelIzza, CEO of the Institute of Chartered
Accountants in England and Wales(ICAEW), noting that “Charteredaccountants should have zero toleranceof fraud, money laundering or any typeof economic crime.” Similar to banks andother financial institutions, accountancy
firms are obliged to carry out client due
diligence and obtain all relevant antimoney laundering documentation.
For James and his team, it is importantthat the service they offer covers all bases.
“Our support is flexible and designed toassist our clients to ensure compliancewith the UAE AML/CFT laws – be it
drafting AML compliance policy andprocedures or an internal suspicioustransaction report (STR) form or a risk
assessment form,” says James.

UHY GLOBAL January 2022 13

FEATURE – SHOW ME THE MONEY

Failing to be vigilant
and unwittingly

becoming complicit
in economic crime

can be a risk for“AML experts also work alongside ourclients to help them prepare annual
reports to the board/senior management,
annual business risk assessments (ABRA),
annual AML returns and conducting
mandatory AML training for employees.”
TECHNOLOGY AND EXPERTISE
Technology plays a part intackling AML but is perhaps mosteffective when combined withprofessional expertise in person.
In 2019 the Central Bank of Irelandissued new Anti-Money Laundering andCountering a Financing of Terrorism
Guidelines for the Financial Sector,
setting out its expectations aroundthe identification, assessment andmanagement of AML and CFT risk. Under
the new guidelines, politically exposed
persons (PEP) now include those outsideof Ireland as well as immediate family andknown associates. With this in mind,
UHY member firm in Ireland UHY
Farrelly Dawe White Limited worked
with a software solutions provider todevelop a piece of software, designed
to help the team manage the client
onboarding process. At the pointof initial contact with a potential
new client, the software – known asBlackboard – triggers a staged process
which includes client due diligence.
The pandemic has made AML due
diligence harder, says Michael Bellew,

company director, UHY Farrelly DaweWhite Limited. “Part of the requirements
here are that we must meet the relevant
individuals in person, however Covid
has prevented that. A concession was
granted to meet individuals via online
teleconferencing or video calls. We haverecently been advised that as travel
restrictions are lifted we are now once
again required to meet in person.”

Having a specialised
team is crucial

to identify money
laundering.

He adds, “Clients need to be madeaware of the particular forms ofidentity and proofs of address that are
acceptable and those which are not.
Our onboarding team uses a series ofchecklists which set out the acceptable
forms of ID and proof of address.”
Failing to be vigilant and unwittingly
becoming complicit in economic crime
can be a risk for accountants, withpotentially serious professional
consequences. For this reason, having

specialised AML expertise is essential
to ensure that both clients andprofessional integrity is protected.
“Having a specialised team is crucial toidentify money laundering at an earlystage during the client acceptanceprocess,” says Raquel Hernáez,organisational and HR director, UHY
Fay & Co, Madrid. “Thanks to our AML
procedure we have been able to detect
several potentially risky businesses, which
has reduced the possibility of our firm
being used as a vehicle for financial crimeand avoids a bad reputation,” she says.
It is an ongoing battle. “Moneylaundering threats are dynamic. Criminals
constantly devise new techniquesand exploit the easiest targets so thatthe proceeds appear to come froma legitimate source,” says Raquel.
Strong networks are crucial throughout.
The Global Coalition Against Financial
Crime points to effective information
sharing between public and private
entities on a coordinated, global levelas key to driving real change. And withthe help of professional services firms
with up-to-date, in-depth expertiseand global reach, businesses can feelassured that they are compliant. n
For more information about
UHY’s capabilities, email the
UHY executive office,info@uhy.com, or visit www.uhy.com

iStock.com/bestdesigns

accountants.

14 UHY GLOBAL January 2022

UHY SERVICESSERVING CLIENTS TODAY AND TOMORROW
Our clients appreciate how UHY’s cultureof working together makes a significant
difference to seamless international
engagements. We deliver because ourmember firms know each other well, wemeet and connect regularly, and we share
current thinking, specialist skills, andindustry knowledge across the world.
We also share a common set of standards –not only the international quality standards
demanded of our profession, but also thevalues by which every UHY member firm holds
itself accountable to its clients including
integrity, innovation, and international
thinking.
UHY member firms offer thefollowing services:• CORPORATEGOVERNANCE & RISKMANAGEMENT, including: corporate
governance, risk management andconsulting including Sarbanes-Oxley
compliance services.
•C ORPORATE RECOVERY & INSOLVENCY,
including: debt collection, corporate
turnaround, asset protection or repossession,or implementing good management
practices, refinancing, valuations, debt
management, insolvency planning, personal
liability protection.
•C ORPORATE TAX, including: direct taxationand indirect taxation, international tax suchas tax-efficient structures for international
expansion and cross-border ventures,

CORPORATE SERVICES
Note: Not all of the services described in this publication
are provided by every UHY member firm. The provisionof some services may be restricted in some areas
depending on local legislation.

transnational group structuring,
VAT returns and advice, tax
consultancy and transfer pricing.
• FORENSIC ACCOUNTING & LITIGATIONSUPPORT, including: litigation support,• AUDIT & ASSURANCE, including: statutory
audit, internal reviews, compilation andreview of financial statements including
compliance with International Financial
Reporting Standards (IFRS), special purpose
and international audits.
• BUSINESS ADVISORY & ACCOUNTING,
including: accounting and bookkeeping,outsourcing, business plans and independent
business reviews, business valuations,financial planning and control, reviewing
management reporting systems, company
formations and company secretarial services
including appropriate commercial andtax-efficient structures for international
expansion and cross-border ventures, trusts
and foundations, pension funds, charitableand philanthropic structures, interim finance& management, payroll administration,
employee benefits and business systems.
• CORPORATE FINANCE, including: strategic
business advisory services, businessvaluations, due diligence, transactional
services (acquisitions, mergers, disposals,
MBOs, IPOs) across all industry sectors andgeographies, restructuring, exit strategies
and startups.

valuations, economic damages, fraud
evaluations, criminal proceedings and money
laundering issues.

• FUND SERVICES, including: fundestablishment and administration.
• LEGAL, including: tax law,labour law, etc.
• INTERNATIONALISATION, including:business contact introductions, local
regulatory requirements and businessetiquette, local business tax environment,
business structuring and compliance,
personal taxation, recruitment and labour
law consultancy, transfer pricing, customs
and other fiscal areas.
• MANAGEMENT CONSULTING& SOLUTIONS, including:internationalisation of businesses,
human resources and recruitment
services, information technology
and software solutions.
PRIVATE CLIENT SERVICES
Key services include: wealth management forindividuals and families, income tax and capitalgains tax planning, international tax planningfor expatriates and migrants, non-domicile
status, trust services and management,
inheritance planning.

OUR COMMITMENT TO QUALITY
Quality is one of UHY’s main
values – because it is so important to us
we strive to achieve this in everything
we do. Each of our independent
member firms has signed a Quality
Charter committing to the adoption
and achievement of performance andservice objectives considered essential todelivering this quality promise to clients.
The expectations we have of our member
firms are benchmarked to recognised
international professional standards. We
set specific quality goals and expectations
for our independent member firms tomeet, covering areas such as client service
efficiency and relationship management,
professional work standards, depth
and breadth of products, services andgeographical coverage. Collectively,
they represent our aim to provide clientswith consistent, seamless, professional
and timely cross-border services.

Our member firms are evaluated annually
against UHY’s quality expectations, allowing
us to assess our performance and outcomes,
and look for new ways to improvefurther. We focus on quality through:• Leadership• Client acceptance procedures• Full membership of the Forum of Firms• Compliance with ethical obligations
set out by the International
Federation of Accountants in its
global standard, Code of Ethics
for Professional Accountants• Human resources policies and procedures,such as education and training• And, of course, quality control
procedures in accordance withinternationally-recognised standards.
It is our belief in quality as a value andthe successful implementation of thatvalue across all our service areas thatmake our network more dedicated toquality than many other networks.

GLOBAL NEWSUHY GLOBAL January 2022 15

COVID HAMPERS RECOVERY

The latest IMF World Economic Outlook(WEO) projected global economic growthat 5.9% in 2021, citing pandemic

IMF managing director Kristalina
Georgieva described economic recovery
being ‘hobbled’ by the pandemic,
and highlighted divergence between
advanced economies – which are set
to regain a pre-pandemic trend pathby 2022 – and emerging markets anddeveloping economies. Speeding up
Covid vaccinations is recommended asa top policy priority, laying out steps

for vaccinating at least 70% of the
population of all countries by 2022.
Resolving trade tensions, strengthening
rules-based multilateral trading, andfinalising a global minimum tax rate
for multinational companies are also
identified in the WEO as key to recovery.
Looking forward, the report points tothe importance of preparing for the
post-pandemic economy, with green
technology and digitalisation presenting
new growth opportunities. Global
growth of 4.9% is projected for 2022.

AUDIT EXPECTATIONSTRADE FORTOMORROW

Global accountancy organisation the
Association of Certified Chartered
Accountants (ACCA), in collaboration
with national organisations inAustralia, New Zealand andCanada, has issued a new reporton narrowing the gap between
expectations versus the reality ofaudit, with a focus on tackling fraud
and issues around going concerns.

Thirty CEOs and chairpersons representing
some of the world’s largest companies
have called on governments to re-engage
in trade reform and reject protectionism.
In an open letter to world leaders, themulti-sector signatories say trade andinvestment support human development andthat a trade recovery can form the basis of
post-pandemic economic recovery. Callingfor a resilient, sustainable and inclusive
international trade system, they outline sevenkey areas for action: strengthening healthcare
access, concluding meaningful agreements
on electronic commerce and investment
facilitation for development, advancing
meaningful environmental agreements,
effectively implementing and monitoring
private-public cooperation, engaging in
dialogue on trade system reforms, andresolving level-playing-field concerns.

Building on 2019’s Closing the
Expectation Gap in Audit, the reportaims to ensure that audit meetsthe demands of public interest,
calling for a holistic, multistakeholder audit system where
all roles are clearly understood.
Recommendations include involving
forensic specialists in risk
assessment while allowing
auditors to apply professional
judgement to identified risks,and going concern disclosures
additional to those outlined bycurrent international standards.

TWO-PILLAR TAX FOR 2023

iStock.com/pigphoto

A landmark deal has been signedby 136 countries and jurisdictions
and formally endorsed at the recent
G20 summit in Rome, Italy, bringing
the OECD’s two-pillar solution toaddressing tax challenges in thedigital economy a step closer.
Under Pillar One, the taxation ofMultinational Enterprises (MNEs)
wherever they operate and generate
profits is expected to reallocate over
USD 125 billion annually to market
jurisdictions. Pillar Two introduces a
global minimum corporate tax rateof 15% which is expected to raisearound USD 150 billion per year intax revenue. Proportional revenue
gains are expected to be greatest in
developing economies. Signatories tothe agreement are aiming to sign amultilateral convention in 2022, witheffective implementation set for 2023.
OECD Secretary-General Mathias
Cormann said: “This is a major
victory for effective and balanced
multilateralism. It is a far-reaching
agreement which ensures ourinternational tax system is fit
for purpose in a digitalised andglobalised world economy.”

shutterstock.com/rafapress

shutterstock.com/Maxx-Studio

dynamics, supply disruptions, highcommodity prices and consumer inflation
as the reasons for a slight downgrade.

16 UHY GLOBAL January 2022

PERSONAL PROFILET

HOPEFULHORIZONSAS INTERNATIONAL BUSINESS FACES AN UNCERTAIN
FUTURE, UHY WELCOMES A CHAIRMAN WITH
POSITIVITY, HUMOUR AND COMPASSION.

here could scarcely be amore daunting time totake the reins of one of theworld’s leading accounting andconsultancy networks – theongoing pandemic threat tohuman and economic health,commercial and market
uncertainties, the fallout of
Brexit and the global scramble
to offset, contain and reverse
climate damage. But if UHY’s
new chairman Subarna Banerjee
is concerned he isn’t showing it.

Subarna’s positivity partly seems to comefrom a certainty that human beings aremeant to connect – to live, to meet, tocare for each other and to do business
together. “Becoming chairman at a time
when the globalisation of business isbouncing back so strongly after Covid
is a really exciting prospect,” he says.

Subarna with his wife Olga,daughter Itziar and younger
sons Nicolas and Lucas

Many of the current
challenges forbusinesses can besolved by investing
more in the global

expansion of thosebusinesses.

GLOBAL PARTNERSHIPS“Many of the current challenges forbusinesses, such as inflation, supply chain
disruption and staff shortages can besolved by investing more in the global
expansion of those businesses. Our clientswant us to work with them on that,partnering with them in more countries.”
One of Subarna’s priorities will be to keep
improving the way UHY’s international
teams work together. “Lockdown has
given us all a lesson in how easy andefficient it is to collaborate across multiple
offices and time zones. Our members
now have an even greater appetite to do
more cross border work, collaboratingwith offices in different jurisdictions.”
We spoke to Subarna shortly after hehad made his first appearance at UHY’s
annual meeting as chairman, and his
enthusiasm extended to celebrating
the first face to face gathering since2019. “I didn’t think it would be so
successful, we were livestreaming theevent to accommodate everyone, but
we had over 75 delegates in the venue
and there was a great atmosphere after
so many months of online meetings.”
Taking the reins from Dennis Petri,partner at UHY LLP, USA, Subarna –who already had a seat on the Board
since January 2020 when he became
managing partner at UHY Hacker Young(London & Nottingham), UK – thanked

PERSONAL PROFILEUHY GLOBAL January 2022 17

and Lucas, who are both still at school.

his predecessor for his service. “He faceda phenomenally tough job, steering the
network through unknown territory withthe challenges of multiple lockdowns,
member firms working from home, client
unease and market jitters. He was avery reassuring presence. Thanks to him
I’ve inherited a far less fraught task.”

His home life is as busy as you might
expect in a large family but travel, playing
tennis and favourite TV treats ensure hegets some downtime. “I enjoy watching
Formula 1 with my son, who is fanatical
about it – and I absolutely adore HBO’s
Succession and await each new episodeeagerly. It really is the best thing on TV.”

MAKING CONNECTIONS
And for that task, Subarna is clear about
his own priorities. “To get out there andmeet member firms, support them as they
develop their practices and expand what
they offer. We also have our five year
growth strategy to progress, which willallow us to serve our clients better in termsof service, sectors, quality and offering.”
Not to mention the hefty job of continuing
to look after clients in his role at UHY
Hacker Young, many of which are incharity and not-for-profit (NFP), sectors
he has taken a lead in developing since
he joined UHY Hacker Young alongsideproperty, education and publishing. “Wehave also recently launched the UHY
Hacker Young London/Nottingham strategy
which includes some ambitious growthtargets such as encouraging smaller scale
merger and acquisitions (M&A) activity.”
If that all seems like a lot for one person,
the context is that Subarna gets things
done. His rise through UHY HY has
been swift – joining as an audit partnerin 2014, he was appointed national
head of charities and not for profit in
the same year, senior partner and thefirm’s ethics partner in 2016, joined theexecutive committee in 2017, became
managing partner in 2019 (effective in2020) and then took his Board position.
INTERNATIONAL MINDSET
Born in Finsbury Park, London, Subarna
came along five years after his parents
Ranendra and Krishna moved to the
UK from Kolkata (then Calcutta) in
West Bengal, India to run their property
portfolio. “They had lots of friends andbusiness associates in the UK and loved
living here – apart from the weather ofcourse! I had a great childhood. I loved
hanging out with my friends on bikes.”
Studying at an international school anddoing Baccalaureate exams is one of thefactors in giving Subarna his international
mindset. “That has been important all

Subarna’s three sons, Nicolas,
Lucas and Guillermo

the way and of course reflects greatly
in my UHY role. Academically though,I didn’t really come to life until I went
to University College London (UCL) to
study economics and geography
in 1990. I loved my time at university.”

Our growth strategy
will allow us toserve our clients

better in terms ofservice, sectors,

quality and offering.

After graduating in 1993 Subarna
took a job with an eight-partner
practice and qualified three years
later. He then worked with various
accountancy businesses including a
Big 4 firm before moving to UHY.
FAMILY VALUES
Subarna married his Spanish wife Olga
25 years ago in Madrid, Spain andthey have four children – daughter
Itziar, who is studying a masters inmedical law after graduating from
Oxford, sons Guillermo, who works
in Copenhagen for a medical devices
company as an engineer, and Nicolas

THOUGHTFUL LEADERSHIP
Thankfully Subarna has nothing in common
with brutal patriarch Logan Roy. Indeed heis deeply committed to his NFP portfolio andis also driving UHY’s diversity and inclusion
values. “The current UHY Board is in avery good place and we all get along reallywell – but I am all too aware that it is all
male and I’m very committed to changing
that.” This is clearly not a soundbite or justsomething he feels he ought to do – “I feelstrongly that we’re missing out,” he adds.
Asked about his NFP capability Subarna
mentions the Elton John AIDSFoundation (EJAF) as among those heis most proud to be associated with.
“It is a remarkable organisation, and amuch bigger enterprise than Elton’smusic. It has raised hundreds of millionsof pounds for programmes aroundthe world and is among the top ten
philanthropic funders of HIV/Aids
grants worldwide (number one in
Eastern Europe and Central Asia)*.”“Not many people know that Elton
John is so actively involved with thefoundation. The audit takes place at
his office in Shepherd’s Bush. I haven’t
seen him yet. Just his chair…”
BRIGHT FUTURE
With his three years of tenure stretching
into some of the most interesting times wehave seen in the world so far this century,
Subarna believes better times are ahead –and UHY, with its culture of communicationand connection is well equipped to makethe most of them. “Membership of UHY
allows our firms to build large teams ofexperts across borders and to compete
for ever bigger international mandates,
and that can only be a positive thing forour network. My role will be to help thatprocess and to accelerate growth in key
global business centres. There is somuch to feel hopeful about.” n*Source: The Elton John Aids Foundation

CLIENT STORYBUILDING FIRM FOUNDATIONSUHY IS PROVIDING SERVICES TO THE JOINT VENTURE BEHIND A DEVELOPMENTOF LUXURY VILLAS NEAR MARBELLA IN SOUTHERN SPAIN
Altavista Property is a highly regarded
real estate business on the Costa del Sol,
Spain’s sun-drenched tourist hotspot. It isthe central hub of a group of companies
that, together, develop, commercialise
and service prestige properties in thegreater Marbella region. The company
also markets third party developments.
UHY Fay & Co, meanwhile, is the UHY
member firm with offices in Marbella.
The two businesses know each other
well. When a long-term client came
to Bernard Fay and his team with avision to develop a real estate project in
the area, Altavista was the suggested
choice of development partner.
UHY Fay & Co’s client, renowned Dutch
entrepreneur Ronny Rosenbaum,
had an interest in the Costa del Sol’s
buoyant property market. The project
he envisioned would come to be
known as La Finca de Jasmine.
The ambitious development is locatedsouth of Benahavis, a mountain village
overlooking the coast. The gateddevelopment of luxury villas will be

UHY IN THE CONSTRUCTION& REAL ESTATE SECTOR
From local building companies tointernational consultancy groups,
member firms across the UHY network
have extensive experience in offering
tailored services to the constructionindustry supply chain and real estate
sector. Services include tax and corporate
services, maximising capital allowanceson commercial property, advising on
the most efficient corporate structure,project finance advice and deal structuring
and transfers of going concerns.

UHY Fay & Co has

the ability to workon complex projects
that involve many

parties without losing
sight of the small

day to day tasks.

unlike anything seen in the area. “Itis great that UHY Fay & Co was in the
project from its inception as for the sizeof this project and its importance to ourcompany we needed the best partner
to handle all professional services”
says Altavista CEO Michael Liggan.
A CHALLENGING ENVIRONMENT
The first task was to create a joint
venture between the two parties. The
obvious choice for the job was UHY
Fay & Co. Michael says: “UHY Fay &Co was an obvious choice because of
its local and specialist expertise”.
“UHY Fay & Co has a great reputation andtrack record in Marbella,” says Michael.
“It is a firm that covers all the specialties
a company like ours may need and they
are well located for us and our clients.
From the beginning, when first talks
took place, we knew La Finca de Jasmine
project would not find a better company
to team up with in the south of Spain.”
Certainly, the project required a
professional services partner with local
expertise. Spain has a “challenging
regulatory environment”, says Michael,

and with most of the interest in La Finca
de Jasmine likely to come from abroad,the project has quite onerous reportingand internal auditing obligations.
“That’s why we feel it is important tohave the right support from a specialist
professional service company,” he adds.
SEAMLESS SERVICE
Bernard Fay and his team at UHY
Fay & Co provide a wide range ofservices for the joint venture and thedevelopment of the project, from simple
tax returns and labour contracts tointernal audits and legal and advisory
services - and everything in between.
UHY Fay & Co is a multidisciplinary
firm able to provide a holistic service.
“UHY Fay & Co is well known andrespected in the area and works seamlessly
with other professional service firms,
and also with the consultants of ourclients,” says Michael. “Most importantfor us is the fact that a large chunk ofwhat otherwise would have been ourworkload rests safely in their hands. This isquicker and more cost effective for us.”
Altavista values the close relationship it haswith UHY Fay & Co that means someone isalways available to answer a question, evenout of hours. That is alongside the firm’s
business-enhancing insight and attention
to detail. “UHY Fay & Co has the ability
to work on complex projects that involve
many parties without losing sight of thesmall day to day tasks,” says Michael.
As visitors return to the Costa del Sol in thewake of the Covid pandemic, La Finca deJasmine feels like the right project at theright time. Prestigious projects like La Finca
de Jasmine are evidence of the ambition ofboth parties in the joint venture. The local
and specialist knowledge of UHY Fay & Co
will help ensure that ambition is fulfilled. n

SERVICE FEATURE – LOCAL KNOWLEDGE, GLOBAL EXPERTISE

UHY GLOBAL January 2022 19

LOCAL KNOWLEDGE,GLOBAL EXPERTISE
The rapid globalisation of companies
and countries over the last decadeswith the attendant movement of capitaland people meant that decisions on
investment, establishment and relocation
have been matters of the highest
concern for governments and business.
Now, the pandemic has posed further
questions on international movement
and accented a geopolitical trend
towards protectionism. So as economies
begin to emerge from lockdown withcaution, businesses are reconsidering
their best strategic options. Trusted
advice from a worldwide network of tax
professionals who provide both detailed
local knowledge and who work together
supporting multinational clients – is a
must-have for any business operating (orplanning to operate) across borders.
UNDERSTANDING
UHY has independent member firmsin over 100 countries and detailed
access to tax legislation in many more.
UHY member firms share working
knowledge and communicate witheach other regularly – this is part ofthe international service culture that
the UHY network represents, and you
can read more about this in our Cogs
and Wheels feature on page 28.
Understanding clients’ business aims,
and understanding not only local laws

but regional and international bestpractice too, is at the heart of UHY’s
international tax services. A UHY global
tax special interest group ensures all
tax-certified member firms have accessto the latest and upcoming changes
in international taxation as well as theopportunity, through regular face-toface or online meetings, to discuss
the technicalities, case examples andimplications for client businesses. It
means that UHY member firms areable to offer best practice solutions
to meet clients’ strategic needs, forexample keeping them operationallycompliant with what can be adauntingly complex set of regulatory
and commercial requirements.
TRUSTED ADVICE ACROSS THE BOARD
Multinational client operations come withmany challenges. Workforce mobility or
expatriate management, for example,
requires expertise in different tax andlabour laws, definitions of citizenship,
residency and non-residency, keeping
relocating staff happy and managing
payroll. Corporate, domestic andforeign income tax requires businesses
to navigate complex issues oftransparency, country-by-country
reporting, profit repatriation, foreign
tax credit systems or internal trading
compliance and transfer pricing.
It is perhaps easy to see why tax can
become a barrier to international
growth or ambition. This is why having
a joined-up global team of trusted tax
professionals to call on is so important. niStock.com/Drazen ZigicT

he challenges of international
taxation have never been
more keenly felt than today.

UHY INTERNATIONAL TAX SERVICESCORPORATE TAX
Preparing and submitting accounts
Taking advantage of capital allowances
Buying or selling a business
Loss relief planning
Capital gains tax
Relief for expenditure on
intangible assets
International tax planning
Mergers and acquisitions tax issues
Indirect taxation - VAT, GST
and customs planning
Tax planning for ex-pat executives
TRANSFER PRICING
Documentation and compliance
Design and implementation of TP policies
Creating models and policies forcharging services to global affiliates
Design of internal TP policies
Benchmarking services
Arm’s-length intercompany pricing fortangibles, intangibles, services, royalties
and financial transactions including
preparation of benchmarking memos
Preparation of defence files tomitigate risk from tax authority
audits and enquiries
Assisting clients with TP
disputes and controversies
Valuation services for tax
and TP purposes
TP analysis for highly
leveraged companies.
GLOBAL MOBILITY & EXPAT SERVICES
International payroll
Personal tax for employees
Advice on employee remuneration
and benefit packages
Tax equalisation
Tax rulings
Double taxation treaties
Social security and labour
law implications
Tax and immigration
registration requirements
Deploying staff overseas in startups, or established operations
Overseas staff integration
Risk assessment relating to PE(permanent establishment)
First assignee management (as partof an international expansion)
People-related advisory forfirst time expansions
International assignment
programme evaluation
Short-term business traveller advisory
PRIVATE CLIENT
Income tax and capital gains tax planning
International tax planningNon-domicile status advisory
Trust services and management
Inheritance planning
For more information on UHY’s
international tax services contact
Andrew Snowdon, head of UHY Global
Tax Group a.snowdon@uhy-uk.com

20 UHY GLOBAL January 2022

FEATURE - CRYPTO AT THE CROSSROADSCRYPTO AT THE
CROSSROADSCRYPTOCURRENCIES HAVE HAD A REMARKABLE YEAR, BUT MAINSTREAMADOPTION IS STILL ELUSIVE. CAN THEY CLOSE THE CREDIBILITY GAP?

What to make of the topsy turvy
world of cryptocurrency?
A snapshot of that world in 2021 goessomething like this. In March the priceof bitcoin hit an all time high of USD
60,000. By July its value had more thanhalved. At the time of writing one bitcoin
is priced at below USD 50,000, days after
reaching a new peak of USD 68,000.
In June El Salvador became thefirst country to pass laws accepting
bitcoin as a bona fide legal tender.
In September, China outlawed
cryptocurrency mining and declared all
cryptocurrency transactions illegal.
If all this sounds confusing, we’ve barely
scratched the surface. Governments andcentral banks around the world regularly
warn their citizens about the lawlessnature of decentralised cryptocurrencies
like bitcoin and ethereum, and at thesame time draw up plans for statebacked alternatives (China is currently
piloting a Digital Chinese Yuan andother nations developing the idea
include Sweden, Russia and Thailand).
Beneath it all, the usual arguments rage.
Cryptocurrency is unstable, volatile, and acover for criminal activity. It is still highly
unsuited to everyday transactions.
On the other hand, some investors are
happy to ride the bitcoin rollercoasterbecause that is where big profits
potentially lie. Others argue that theoriginal reasons for bitcoin’s creation
still stand. Fiat currencies are controlled
by authorities that can - should theywish - devalue them with the stroke of apen, or deny citizens access to their bankaccounts. By cutting out the middlemen,
cryptocurrencies avoid these risks, and canalso reduce the cost of some transactions.
IMPOSSIBLE TO CONTAIN
That is a very basic summary of ahighly complex situation, but it hints
at the competing forces at work.
Authorities are highly suspicious of
cryptocurrencies, because they are

By cutting out
the middlemen,

cryptocurrencies

avoid these risks,and can also reducethe cost of sometransactions.

impossible to control, difficult to regulate
and make financial markets moreturbulent. A majority of the public inmany countries thinks the same way.
At the same time, there is a momentum
behind cryptocurrencies that isproving impossible to contain. The
popularity of bitcoin, ethereum andthe rest explain the emergence ofstablecoins (cryptocurrencies pegged
to fiat currencies, usually the US
dollar, or a commodity like gold) andstate-backed digital currencies.
And their popularity is rocketing, despite
the warnings of central banks. Recent

research revealed that global adoptionof cryptocurrency grew by 881% in theyear to August 2021, with Vietnam,
India and Pakistan leading the way.
The research, by blockchain data firm
Chainanalysis, is designed to capture
cryptocurrency adoption by ordinary
people rather than investment funds.
Chainanalysis puts the popularity ofcryptocurrencies in Vietnam partly down toa young, tech-savvy population with few
options around traditional Exchange Traded
Funds (EFTs). Thanh Nguyen, partner at
UHY’s Vietnamese member firm UHY
Auditing & Consulting Co Ltd, agrees.
“The crystal clear reason for crypto’s
popularity in Vietnam is the perceived
return on investment,” he says. “Ifyou look at bitcoin’s remarkable recent
recovery, it is easy to see how lucrative
an investment could be, despite no legal
protection under current local laws.”
Ukraine comes fourth in the Chainanalysis
survey, dropping from first place in 2020.
Again, cryptocurrency adoption is led
by a tech-native population, in this casealongside a vibrant start-up environment.
Ukrainian companies regularly use
cryptocurrency for business-to-businessand cross-border transactions, sidestepping cumbersome banking processes.
But there are also more opaquereasons for preferring cryptocurrency
over legal tender. “I agree that using
cryptocurrencies opens huge opportunities
for business, for making payments, aswell as for market speculation,” says
Olha Irzhytskaya, business development
manager at Ukrainian UHY member
firm LLC AC UHY Prostor Ltd.

UHY GLOBAL January 2022 21

Cryptocurrency is
unstable, volatile,
and a cover for

criminal activity.
It is still highly

unsuited to everyday
transactions.

“But I think it is also a convenient
way to legalise income. Over 46,000
bitcoins were recently discovered as
intangible assets in the declarationsof civil servants in Ukraine. Such alarge amount may be explained by thefact that it is practically impossible to
track the origins of cryptocurrency.”
A DRIVER OF CRIME?
Proponents have no problem with that,considering the lack of traceability aroundtransactions is one of cryptocurrency’s
benefits. Inevitably, authorities takea different view. Cryptocurrency is
struggling to shake off its reputation asa driver of nefarious online activity.
“Cryptocurrencies are by their nature
extremely difficult to regulate and thereinlies the problem,” says Andrew Hulse, apartner at UK member firm UHY Hacker
Young. “For this reason they are thecurrency of choice for illegal activities.
With this in mind, would any national
government really want to be engagedin activity that supports drug dealing,
modern slavery and terrorism whilst at thesame time damaging the environment?”
That concern partly explains why El
Salvador is currently the first and only
country to make cryptocurrency legal
tender. Another reason, according
to Andrew, is that it remains
difficult to report - and therefore
tax - transactions that do not passthrough financial intermediaries.
“At a time when governments areat last working together towards a
minimum corporate tax rate, it is no
surprise that crypto has not beenrecognised as legal tender,” he says.

iStock.com/primeimages

22 UHY GLOBAL January 2022

FEATURE - CRYPTO AT THE CROSSROADS

Andrew hints at another reason whichmight dissuade national governmentsfrom legitimising cryptocurrency.
Mining cryptocurrencies like bitcoin
requires massive computing power andtherefore consumes huge amountsof energy, potentially damaging
efforts to reduce carbon emissions.
CRYPTOCURRENCY AND CREDIBILITY
But while there is no queue forming tofollow El Salvador’s lead, and indeed
the decision has caused unrest in the
country, very few governments haveoutlawed cryptocurrency entirely.
At the same time, bitcoin especiallyis gaining credibility as an investment
vehicle, despite its inherent volatility.
The first bitcoin electronic funds transfer(EFT) recently made its debut on the
New York Stock Exchange, creating
a more conventional way to invest in
cryptocurrencies. Fintech companies
not directly linked to cryptocurrency
trading, like PayPal, Venmo, Square andRobinhood, now offer the option to buy
and trade bitcoin within their apps.

iStock.com/hocus-focus

There is no legal
definition of

cryptocurrency

in Ukraine and thecryptomarket
is, in fact, ashadow market.

There are also suggestions thatcryptocurrencies could soon gain more
real world applications. A few major
companies - Microsoft and Starbucks
are two - now accept bitcoin payments(though in Starbucks’ case only throughtheir app). Considerable excitement
was recently generated by an Amazon

job listing for a “digital currency andblockchain product lead”. Experts say that
Amazon’s acceptance of cryptocurrencies
as payment could trigger a domino effectthat pushes bitcoin into the mainstream.

There are

In Vietnam, Thanh says thatcryptocurrency is at the crossroads. “In
the short run, it is still a great investment
channel. In the longer run, it depends
on how the Government shapes policy
around cryptocurrency. My view is that
if the Government further legalises
cryptocurrency, it will become mainstream.
There are hints that the Government
may consider regulating cryptocurrency
in the not too distant future.”

hints that theGovernment may

consider regulating
cryptocurrency
in the not too

distant future.

In other words, away from China
and a few other notable exceptions,
government efforts to contain the bitcoin
storm look to be in vain. Instead, there
are increasing calls for regulation, which
could make cryptocurrencies safer forinvestors and less appealing to criminals.

The same may be true of Ukraine, wherewidespread adoption of cryptocurrency

may force the Government’s hand.
“There is no legal definition of
cryptocurrency in Ukraine and thecryptomarket is, in fact, a shadow
market,” says Olha, but adds thatnew regulations are in the pipeline.
“The law has not come into force
yet, but we expect that in the near
future the issue of cryptocurrency
recognition and cryptomarket
regulation will be guided by law.”
OBSTACLES TO OVERCOME
Despite this activity, it is too early to tell
if we are on the cusp of widespreadmainstream adoption of cryptocurrency.
There are still obstacles to overcome.
Despite bitcoin’s apparent popularity, theUkrainian central bank currently refuses
to recognise cryptocurrency as anythingother than a store of value. It cannot be
exchanged for property, goods, works orservices. The same is true elsewhere.
But regulation provides credibility and,around the world, authorities havestarted to recognise that they have aduty of care towards cryptocurrency
investors. A recent US Government
report outlines legislation that would bringmore regulation to the cryptocurrency
market. US lawmakers have repeatedly
expressed concern over the lack ofregulation of bitcoin, ethereum and others.
If laws governing the use of cryptocurrency
are enacted, the only thing stopping
mainstream adoption - at least by theinvestment community - may be bitcoin’s
own remarkable rise, and the suspicion
that creates. “History is full of examples of
bubbles – from tulips to trains to dotcom
startups – and crypto has all the same
hallmarks,” says Andrew. “Will they go
the same way? Only time will tell.” nSERVING CLIENTS, SERVING COMMUNITIESUHY GLOBAL January 2022 23

DAN’S CAPITAL TRIUMPH
Congratulations to Daniel Hutson,
partner at UHY Hacker Young’s London
office who joined 40,000 runners fromacross the world to complete the London
Marathon in October 2021 (a further
40,000 competed virtually). Daniel, who
as well as running also enjoys football,cricket and rugby, was competing
to raise money for the UK team’s
national charity, Children with Cancer
UK – he completed the run in fourhours and 29 minutes and has raisedover £4,500 for the charity in total.

HONOURFOR HELENA“It was fantastic to complete themarathon, it was an incredible day withso many people lining the streets cheering
the runners on and being a part of it wasa humbling experience,” said Daniel.
“I’m so proud of the whole UHY Hacker
Young team for the fundraising so far forChildren with Cancer UK and it is such a
wonderful charity to be involved with.”

The success of UHY HB EKONOM’s
CEO and managing partner Helena
Budiša is well known to her
member firm colleagues and many
professionals across the UHY network
so none will be surprised to see her
win one of the Croatia business
community’s biggest accolades.

OVER THE EDGE
Going over the edge may not
be something most of us aspireto but that is exactly what UHY
Consulting’s managing director Amy
Gallagher (pictured left) and accountexecutive Ashley LaGrow did in adaredevil fundraiser for children
with critical illnesses in Atlanta,
Georgia – abseiling 22 storeys down
the city’s Intercontinental Hotel.
Amy and Ashley were among the first
fundraisers to raise USD 1,000 or moreto earn themselves a chance to go
Over The Edge for the Make-A-Wish
Georgia charity in August 2021. The
event, which raised USD 3,200 is one ofnumerous fundraisers the team at UHY
Consulting – part of UHY Advisors, Inc.,
US - has taken part in since it teamed up
with Make-A-Wish and other charities.
“Covid has really affected children
with critical illnesses who have had
to take even more precautions thanusual, leading to greater isolation
during extremely fragile times,”
says Amy. “The UHY team joined
forces with Make-A-Wish Georgia

to help creatively solve how to safely
accomplish wishes for those children.
“This was a life changing experience
for me and Ashley. It is a really greatcause, and it is a fun way to give backand support children, families andcommunities in the Atlanta area.”

Helena has been named Inspirational
Entrepreneur of the Year by Womenin Adria, an organisation that‘inspires, informs and connects
business women in the region’. Their
finalists are ‘ambitious, successful
and dedicated women who havebeen taken in different directions
by their entrepreneurial spirit’.
Helena was nominated alongsidebusinesswomen in the fields of beautyand health, tourism and service.
The award citation described Helena
as having ‘ruled the Dalmatian
metropolis for more than 20 years’.
It continues: ‘Over the course ofher decades-long career, she hasachieved as much as many can only
dream of. Her work is always focusedon business development and thewellbeing of entrepreneurs.’
Helena says: “To win this award
is a great honour. I only need tolook at the calibre of my three
exceptional co-nominees to see
that. I am very fortunate to love
what I do and my aim is always toachieve the very best for my clientsand the business community.”

24 UHY GLOBAL January 2022

PERSPECTIVES - SUN, SEA AND STASIS?

SUN, SEA AND STASIS?

DRIVEN BY TOURISM FOR DECADES, COVID WAS CALAMITOUS FOR THE
MEDITERRANEAN ECONOMY. A PANEL OF UHY EXPERTS DISCUSSES WHETHERIT IS TIME FOR A CHANGE IN DIRECTION

iStock.com/FreeartistIt is hard to overstate theimportance of tourism
to the countries bordering
the Mediterranean Sea.
The 29 countries thatmake up the region share
46,000km of often sandy
coastline and a climate that is
generally mild in winter andwarm for the rest of the year.

History has favoured the area, gracing
it with a wealth of architectural andcultural gems. In addition, technologicaldevelopment and happy accident
have placed it within easy reachof millions of people for whom anannual migration to ‘the Med’ has
become part of the summer routine.
The result is that, in normal times, a quarterof global tourism receipts are generated
in the Mediterranean. But these are notnormal times. As the world’s premier

tourist destination before Covid-19, it islikely to retain that title in the pandemic’s
aftermath. But visitors to Southern andMediterranean Europe nosedived from
304 to 88 million in 2020, and other
Mediterranean regions were hit harder still.
How will the area react to this calamity?
Waiting it out is one option, because
the tourists will return eventually. But
tourism is in Covid’s frontline, and a
fragile recovery in 2021 could be derailed
by new variants and new lockdowns

UHY GLOBAL January 2022 25

PERSPECTIVES - SUN, SEA AND STASIS?

WAKE-UP CALL
The historic sites, sandy beaches andidyllic islands of Greece welcomed over
31 million tourists in 2019, contributing
around a quarter of the country’s GDP.
But Covid has been a wake-up call.
Total tourist receipts for the first quarterof 2021 amounted to one sixth of thosefrom the same period in 2020, says
Christos Antonopoulos, partner at UHY
Axon Certified Auditors S.A in Athens,
Greece. A short, sharp shock was tobe expected, but Christos worries that
tourism’s recovery in the region could be
slow, even if current indicators are positive.
“Given that the recovery from a recession
primarily related to the services sector isusually slower than a recession mainly
affecting the goods sector, the continuationof the situation could push the Greek
economy into stagnation,” he says.

Total tourist

receipts for the

first quarter of2021 amounted to

one sixth of thosefrom the same

period in 2020.

in 2022, as well as a sluggish global
economy. Beyond Covid, the sector
faces longer term threats from bothclimate change and its potential fixes,
including increased taxation on air travel.
With that in mind, Mediterranean
tourism appears to be a sector in flux. We
asked UHY member firms in the region
for their analysis of the situation, andtheir expert opinions on what tourismdependent economies can do to meetthe challenges of the post-Covid world.

The situation is mirrored across the region.
Cyprus attracted just under four million
tourists in 2018, a historic high. But“the pandemic hit the tourism industry
very severely,” says Antonis Kassapis,
director of Cypriot member firm UHY
Antonis Kassapis Limited. “The economy
of Cyprus has for many years been
based on services, with tourism being
one of, if not the most important.”
GOVERNMENTS STEP IN
Unsurprisingly, governments across theMediterranean region were forced tostep in to protect an industry that will
be vital to post-pandemic growth.
In Morocco, as elsewhere, the government
prioritised tourist industry jobs. “A natural
selection led to technical unemployment
and layoffs, because so many establishments
remained closed in the tourist seasonsof 2020 and 2021,” says Najlaa Ben
Mokhtar, partner and audit manager at
UHY Ben Mokhtar & Co, Morocco.
“The government provided amonthly allowance to workers in the
sector for almost a year, to ensurecompanies could get back on theirfeet when visitors return.”
Miriam López Jadraque is national
marketing manager at Spanish member

They say thatthe pandemic
showed thevulnerability of

economies overly
dependent on

traditional tourism.

firm UHY Fay & Co, which has one of
their offices based in the tourist hotspotof Marbella. She says the industry ispressing the government to extend
the ERTE, an extraordinary Covidrelated job protection scheme,
until at least Easter 2022.
Spain is the world’s second most popular
tourist destination, and the sector’s
importance to the national economy
is undeniable. Tourism’s contribution
to national GDP fell from 12.4% in2019 to 5.5% in 2020, according
to the Spanish Tourist Board.
The Spanish National Statistics Institute(INE) announced that during the firsthalf of 2021, 5.4m international
visitors travelled to Spain compared
to 10.8m before the pandemic.
The summer season has been positive
thanks to the vaccine rollout and a risein domestic tourism. “Nevertheless, theoccupancy figures for autumn are notlooking good and the sector is alreadyasking the government to articulate
measures in advance that allow employers
to make plans,” Miriam adds.
DOING IT DIFFERENTLY
So how should the region react tosuch a unique circumstance?
There is confidence that tourists
will return, and the first truly
Covid-clear summer (at least in termsof travel restrictions) may see record
numbers as sun-starved consumers
spend their lockdown savings.

26 UHY GLOBAL January 2022

Despite this, experts in the region are
arguing the need for change. Theysay that the pandemic showed thevulnerability of economies overly
dependent on traditional tourism. In
the near future, global warming – andmeasures to keep it under control– may impact international tourist
numbers more permanently. Theyurge governments and businesses tograsp the opportunity to diversify.
In Spain, diversification is starting withthe tourism industry itself. “Tourism
companies know they need to becomemuch more efficient in their operations by
paying more attention to productivity andcompetitiveness. They need to become
more agile and able to react faster tochanges in demand,” says Miriam.
The digitisation of the industry has been
predicted for years. In 2020 tourism
businesses were forced to act, withdigitisation efforts in Spain advancing
more in that year than the previous five.
In Cyprus, too, there is recognition that
tourism cannot return to “business as
usual”, and that measures must be
put in place to create a more resilientindustry. “Diversification is needed not
iStock.com/ ImgorthandPERSPECTIVES - SUN, SEA AND STASIS?

New initiatives to encourage more domestic
and year-round, activity-based tourism

will help to create a more robust sector.

only from tourism to other industries, butalso within tourism,” says Antonis. “Forexample, trying to attract tourists fromnew markets, or trying to spread tourism
as much as possible over the whole year.”
Najlaa says that in Morocco the immediate
response to the pandemic was to try
and encourage more domestic tourism.
“Our clients in the tourism sector –hotels, catering, event agencies - turnedto the local market to capture morenational customers,” she adds.
This has been partially successful, but
Moroccan tourism receipts are unlikely
to exceed USD 4 billion in 2021,
compared to USD 8.6 billion in 2019.
Greater efficiency and agility areclearly welcome. New initiatives toencourage more domestic and yearround, activity-based tourism will help
to create a more robust sector. But
is it enough? After the experience ofCovid, do countries in the region needto think beyond the tourist dollar?
AN OVER-RELIANCE?
Of course, many already do. For all theirreliance on tourism, Spain, Greece andMorocco are mixed modern economies
with strengths in a number of areas.
Despite its relatively small size, Cyprus
has well developed specialisms infinancial services and shipping.
But local non-Mediterranean comparisonsshow how dependent the region is on

iStock.com/Starcevic

its beaches, climate and ancient history.
Germany is the eighth most visitedcountry in the world, but in a normal year
tourism accounts for around 4.5% of thecountry’s GDP, a third as much as Spainand less than a fifth as much as Greece.

years is to retain tourism as a significant
part of Greece’s economic activity, butalso expand the country’s production
base, boost manufacturing activity
and incorporate new technologies inagricultural production,” he adds.

Is there an over-reliance on tourism?
Countries are bound to make themost of their natural advantages,
whether that’s the sandy beaches ofAndalusia or the ancient wonders ofAthens and Marrakesh. But Covid hasemphasised the fragility of tourism as
the foundation of economic stability.

Christos thinks the country is facing
a one-off opportunity to diversify its
economy on the basis of new green
and digital industries, and that the
pandemic has created the conditions
for lasting change. He believes
Greece will become a more attractive
destination for conducting business,other than tourism, post-pandemic.

For that reason, Antonis says that“diversification has been a very important
target for a long time in Cyprus, but it is
not so easy to do.” The country’s focus at
the moment is on strengthening its position
as an international and regional businesscentre, as well as exploiting significant
quantities of offshore natural gas.
In Greece, Christos says that many
tourist businesses are modifying theiroffer to attract a new breed of digital
nomads - freelancers who can work fromanywhere with an internet connection.
Thanks to Covid, there are more of themthan ever. But Greece has been badly
hit by tourism downturns before, andChristos believes that for the country’slong term economic prosperity, Covid
may be ‘a blessing in disguise’.
“The government’s goal over the next six

In Morocco, too, the pandemic has been
seen as an opportunity to widen theeconomic mix. In October, the country
officially launched Morocco Now, an
initiative designed to position Morocco
as a world-class industrial and export
platform and to maximise foreign
investments. “This is a new economic
and territorial signature of the ambitionsof the Kingdom of Morocco in terms ofinternational investments,” says Najlaa.
Morocco is already the second
most attractive economy forinvestment in Africa, with wellregarded specialisms in automotive,
aeronautical and textile manufacturing
alongside outsourcing services.
And that enthusiasm to embrace change

Total tourist

receipts for the

first quarter of2021 amounted to

one sixth of thosefrom the same

period in 2020.

is evident throughout the region, where
the cataclysm of Covid has been met witha new focus on efficiency and economic
diversity. Tourists will eventually flood
back, to be met by a leaner, more creative
sector in which traditional seasonal beachholidays are just one part of a wider offer.
In addition, national and regional
governments appear to have recognised
the need to widen the area’s economic
mix. The strength of their support overthe next few years will be crucial indetermining how the Mediterranean
region rebounds from the next crisis,
whether that arrives in the form of afinancial crash, an extreme weather
event or a global pandemic. n

28 UHY GLOBAL January 2022

COGS AND WHEELS

iStock.com/PeopleImages

PEOPLE FIRSTI

n this Cogs and Wheels feature, we look behind thescenes at how the UHY international network’s values
and focus on people – staff and clients alike – has helped
to create a successful and resilient service culture.
Much has been written about wellbeing
and resilience throughout the pandemic,
but it is an unassailable truth that it
has been the care, friendship, support,
determination and selflessness ofpeople in communities and businesses
that helped us weather the storm.
Covid constraints continue to affectcountries around the world in 2022,
so to the list of attributes we must add
fortitude, perseverance and optimism.
The other side of the equation is themore mechanical side of things: adapting
policies and processes, adopting newtechnology for delivering work andstaying in touch, taking more risks, being
more innovative, finding ways for ourbusinesses to survive and even thrive,
seemingly against the odds. But all of these
activities come down to the same thing –people. Without considerate, determined,skilled and engaged employees andcitizens, life would be a lot worse.
CULTUREUHY is an international network of
independent member firms which range
in size from a few staff to many. Between
them, they employ over 8,500 people
worldwide. This year also marks the35th anniversary of UHY’s beginnings
in the US and the UK, a transatlantic
partnership that has grown to become
a global service provider in over 100
countries today. The culture envisioned

by UHY’s founding firms back then,and the values they brought, have been
embraced across the network and thedecades. Have fun, work hard and work
together, think outside the box and put
people first – your clients and colleagues.
The result is a global, collaborative culturethat has given the network and its member
firms a way of working built aroundpeople. For our clients, that means building
long term relationships and helping themachieve their goals through results andtrusted advice. Partners from UHY member
firms around the world know each other
well, professionally and personally, so they
are able to provide consistent and seamlessservice to clients with international needs.
At a local level, firms also follow their own
set of values, reflecting the commercial
and social cultures they work in andtheir own heritage – many UHY member
firms have been looking after clients andcommunities for a lot longer than 35 years,
while others were founded more recently.
But they share the same international
outlook and collaborative approachthat the UHY network represents.
CONNECTION
During the early months of the pandemic,
UHY International board members
made it their mission to contact
member firms individually or in groups
via videocall, to listen, understandand encourage, so firms could shareexperiences, impacts and ideas.
A Covid-19 information channel was
set up on the network’s intranet, andUHY’s schedule of annual regional
meetings – an invaluable platform forinter-firm networking and knowledge
sharing – went ahead as interactive
online meetings, as did the annual global
meeting with everyone involved. The
programme of training and development
webinars available for 8,500 professional
staff was adapted to home working.
The sense of connection flourished.
Member firms aimed to be as proactive
as ever. Clients were contacted withreassurance and practical support,
while firms switched rapidly to online
communication and remote working. Many
were able to help their clients establish
different ways of working. Together
they accelerated digitalisation plans andupskilled quickly to maintain business
continuity. Remote teams learned how
to work together online; leaders learned
new ways to motivate and support froma distance. Neither client nor employee
would be left to fend for themselves.
UHY member firms were already proudthat their culture, values and work haveoften been persuasive factors in the clients’choice versus firms of other less joined
up or less personally driven networks.
During Covid, that same culture has
proved also to be a rock and has helped toshape the resilience and success of many
UHY member firms and their clients.
It is no surprise then, that in a rapidlychanging world, UHY’s ‘people
first’ is one thing that is not going
to change anytime soon. n

THE NETWORK FOR DOING BUSINESS - DIRECTORY

UHY GLOBAL January 2022 29

GLOBAL MEMBERS DIRECTORY
We are a Top 20 global accountancy
network* and our success is built on
attentive, personal service. You will find UHY
member firms ready to advise you in morethan 100 countries, covering nearly 330
major business centres. We have over 8,500
professionals delivering world class solutions
across all types of industry. And ourconnectedness means we can find solutions
for you and your business, by calling on thevast experience of UHY colleagues
worldwide. Our UHY Global member firm
directory pages will show you where we are.
*International Accounting Bulletin World Survey 2021.
UHY International ranks 18th largest accountancy
network by fee income.
AFGHANISTANUHY Shafiq Umar Daraz & Co Chartered
Accountants, Kabul
Contact: Muhammad Shafiq
Email: mshafiq@uhy-af.com
Website: www.uhy-af.com
ALBANIAUHY Elite sh.p.k, Tirana
Contact: Artan Xhiani
Email: info@uhy-elite.com
Website: www.uhy-elite.com
ANGOLA
UHY A Paredes e Associados-Angola
Auditores e Consultores, S.A., Luanda
Contact: Armando Paredes
Email: aparedes@uhyangola.com
Website: www.uhyangola.com
ARGENTINA
UHY Macho & Asociados,* Buenos Aires
Contact: Roberto Macho
Email: rmacho@uhy-macho.com
Website: www.uhy-macho.com
AUSTRALIAUHY Haines Norton
Contact: Michael Coughtrey
Email: mcoughtrey@uhyhnsyd.com.au
Website: www.uhyhn.com
Offices in: Adelaide, Brisbane*, Busselton, Dunsborough,Gladstone, Melbourne, Perth, Sydney*
AUSTRIAUHY-Tax Wirtschaftstreuhand GmbH, Linz
Contact: Stephan Schlager
Email: office@uhy.at
Website: www.uhy.at
Also in: Horn, Salzburg, Vienna, Villach
AZERBAIJAN
UHY Audit LLC, Baku
Contact: Hashim Aliyev
Email: office@uhy-az.com
Website: www.uhy-az.com
BAHAMAS
UHY Bain & Associates, Nassau
Contact: Dr. John S. Bain
Email: john@uhy-bs.com
Website: www.uhy-bs.com
BAHRAINUHY El Sayed El Ayouty & Co,
Certified Public Accountants, Bahrain
Contact: Mohamed Alshayeb
Email: info@uhy-elayouty.com
Website: www.uhy-elayouty.com
BANGLADESHUHY Syful Shamsul Alam & Co, Dhaka
Contact: Syful Islam
Email: syful@ssacbd.com
Website: www.ssacbd.com
Also in: Chittagong

BELARUSUHY BusinessCollegia LLC, Minsk
Contact: Denis Kastsian
Email: audit@collegia.by
Website: www.uhy-bc.by
BELGIUM
UHY-CDP Partners, Brussels
Contact: Chantal Bollen
Email: c.bollen@cdp-partners.be
Website: www.cdp-partners.be
Also in: Liège
BOLIVIA
Berthin Amengual Y Asociados Srl, La Paz
Contact: Wilton Aleman
Email: berthinlp@berthinamengual.com
Website: www.berthinamengual.com
Also in: Santa CruzBOSNIA AND HERZEGOVINARevident d.o.o., Mostar
Contact: Matko Knezevic
Email: matko.knezevic@uhy-ba.com
Website: www.uhy-ba.com
Also in: Grude, Sarajevo

CYPRUSUHY Antonis Kassapis Limited, Nicosia
Contact: Antonis Kassapis
Email: uhy@uhy.com.cy
Website: www.uhy.com.cy
CZECH REPUBLIC
AUDITOR, spol. s r.o., Prague
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu
Also in: Brno, Pelhrimov
DENMARK
inforevision, Copenhagen
Contact: Vibeke Düring Reyes Jensen
Email: vd@inforevision.dk
Website: www.inforevision.dk
DOMINICAN REPUBLICUHY Calderon Gonzalez & Asociados,
Santo Domingo
Contact: Arabellis Calderón González
Email: arabellis.calderon@uhy.com.do
Website: www.uhy.com.do

BRAZILUHY Bendoraytes & Cia – Auditores Independentes*,São Paulo
Contact: Franklin Bendoraytes
Email: franklin.bendoraytes@uhy-br.com
Website: www.bendoraytes.com
Also in: Londrina, Rio de Janeiro

ECUADORUHY Assurance & Services Cia. Ltda., Quito
Contact: Freddy Cevallos Bustamante
Email: f.cevallos@uhyecuador.ec
Website: www.uhyecuador.ec

CANADAUHY Victor LLP, Montreal
Contact: Ken Shemie
Email: kshemie@uhyvictor.com
Website: www.uhyvictor.com

EGYPT
UHY United For Auditing, Tax, Advisory& Financial Services, Cairo
Contact: Ahmed Hegazy
Email: info@uhy-united.com
Website: www.uhy-egypt.com

UHY Forbes Andersen LLP, Toronto
Contact: Paul Andersen
Email: paul@fa.ca
Website: www.forbesandersen.com
Also in: Milton
CHILE
UHY Guiñazú & Asociados SpA.,* Santiago
Contact: Ximena Guiñazú.
Email: xguinazu@uhy-cl.com
Website: www.guinazuasociados.cl
CHINA
ZhongHua Certified Public Accountants LLP,* Shanghai
Contact: Liqian Sun
Email: info@zhonghuacpa.com
Website: www.zhonghuacpa.com
Also in: Anhui, Beijing, Guangdong, Hangzhou, Henan,
Jiangsu, Shenzhen, Sichuan, Yunnan
COLOMBIAUHY Consultores S.A.S.
Contact: Diego Charry
Email: diego.charry@uhy-co.com
COSTA RICA
UHY Auditores y Consultores, S.A., San José
Contact: Omar Pérez Rosales
Email: operez@uhy-cr.com
Website: www.uhy-cr.com
CROATIAUHY HB EKONOM d.o.o., Split
Contact: Helena Budisa
Email: split@uhy.hr
Website: www.uhyincroatia.com
UHY RUDAN d.o.o., Zagreb
Contact: Vedrana Miletić
Email: info@uhy.rudan.hr
Website: www.uhyincroatia.com

UHY Waled Mounir and Muhammad
Arafa, Alexandria
Contact: Waled Mounir
Email: info@uhy-eg-alex.com
Website: www.uhy-egypt.com
EL SALVADORUHY Asesores Y Consultores, S.A De CV., San Salvador
Contact: Bryan Pérez
Email: bperez@uhy-sv.com
Website: www.uhy-sv.com
FRANCEUHY GVA,* Paris
Contact: Emmanuel Gayte
Email: emmanuel.gayte@uhygva.com
Website: www.uhygva.com
Also in: Lille, Lyon, Marseille, Montpellier, Saint-Denis De La
Réunion, Toulouse
GEORGIAUHY LLC, Tbilisi
Contact: Guka Ubiria
Email: gubiria@uhy-ge.com
Website: www.uhy.ge
GERMANYUHY Deutschland AG*
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-deutschland.de
Clostermann & Jasper Partnerschaft mbB, Bremen
Contact: Tobias Stuber
Email: info@clostermann-jasper.de
Website: www.clostermann-jasper.de
Also in: Hamburg

THE NETWORK FOR DOING BUSINESS - DIRECTORY

30 UHY GLOBAL January 2022

Dr. Langenmayr GmbH
Wirtschaftsprüfungsgesellschaft, MunichContact: Johannes Bitzer
Email: munich@uhy-deutschland.de
Website: www.dr-langenmayr.de

IRAN, ISLAMIC REPUBLIC OF
Hadi Hesab Tehran, Tehran
Contact: Hamid Reza Keyhani
Email: keyhani@hadihesab.com
Website: www.uhy-ir.com

Dr. Leyh, Dr. Kossow & Dr. Ott KG, Cologne
Contact: Thomas Wahlen
Email: koeln@lko.de
Website: www.lko.de

IRELANDUHY Farrelly Dawe White Limited, Dundalk
Contact: Alan Farrelly
Email: alanfarrelly@fdw.ie
Website: www.fdw.ie
Also in: Balbriggan, Dublin, NewryMALTA
UHY Pace, Galea Musù & Co, Lija
Contact: David Pace
Email: djpace@uhymalta.com
Website: www.uhymalta.com

ISLE OF MAN
UHY Crossleys LLC, Ballasalla
Contact: Andrew Pennington
Email: apennington@crossleys.com
Website: www.crossleys.com

MAURITIUS
UHY & Co., Moka
Contact: Dominique Samouilhan
Email: dsamouilhan@uhy.co.mu
Website: www.uhy.co.mu

ISRAELUHY Shtainmetz Aminoach & Co.,* Tel Aviv
Contact: Kobi Shtainmetz
Email: k@cpa.co.il
Website: www.cpa.co.il

MEXICOUHY Glassman Esquivel y Cía S.C.,* Mexico City
Contact: Oscar Gutiérrez Esquivel
Email: oge@uhy-mx.com
Website: www.uhy-mx.com
Also in: Monterrey, Querétaro, VillahermosaITALY
UHY Audinet Srl, RomeContact: Andrea D’Amico
Email: a.damico@uhyaudinet.com
Website: www.uhyaudinet.com
Also in: Florence, Padua

MOROCCOUHY Ben Mokhtar & Co, TangierContact: Mohamed Ben Mokhtar
Email: contact@uhy-benmokhtar.ma
Website: www.uhy-benmokhtar.ma

UHY Lauer & Dr. Peters KG*, Berlin
Contact: Dr Ulla Peters
Email: berlin@uhy-berlin.de
Website: www.uhy-berlin.deAlso in: Rostock
UHY Wahlen & Mannsky, Frankfurt
Contact: Stephanie Mannsky
Email: stephanie.mannsky@uhy-ffm.com
Website: www.uhy-wahlen.de
GHANA
UHY Voscon Chartered Accountants, Accra
Contact: Henry Djangmah
Email: info@uhyvoscon-gh.com
Website: www.uhyvoscon-gh.com
UHY Godwinson (Chartered Accountants), Accra
Contact: Godwin Azasu
Email: info@uhygodwinson-gh.com
Website: www.uhygodwinson-gh.com
GREECEUHY Axon Certified Auditors S.A., Athens
Contact: Chris Antonopoulos
Email: info@axonaudit.gr
Website: www.axonaudit.gr
Also in: Crete
GUATEMALAUHY Pérez & Co,* Guatemala City
Contact: Omar Pérez Rosales
Email: operez@uhy-perez.com
Website: www.uhy-perez.com
HONDURASUHY Auditores y Consultores, S.A., Tegucigalpa
Contact: Omar Pérez Rosales
Email: operez@uhy-hn.com
Website: www.uhy-hn.com
HONG KONG
Tai Kong CPA Limited,* Hong Kong
Contact: Robert Kong
Email: robertkong@tkcpa.com.hk
Website: www.tkcpa.com.hk
UHY-Advisory and Secretarial Knowledge Limited
Contact: Allan Kong
Email: allankong@uhy-ask.com
Website: www.uhy-ask.com
UHY Prime HK CPA Limited,* Hong Kong
Contact: Michael Tsang
Email: michaeltsang@uhy-hk.com
Website: www.uhy-hk.com
HUNGARY
Bergmann Accounting & Auditing, Budapest
Contact: László Hegedus
Email: laszlo.hegedus@bergmann.hu
Website: www.bergmann.hu
Also in: Szeged
INDIA
Chandabhoy & Jassoobhoy, Mumbai
Contact: Sunil Hansraj
Email: sunil@cnj.in
Website: www.cnj.in
Lodha & Co,* Kolkata
Contact: R.P. Singh
Email: rpsingh@lodhaco.com
Website: www.lodhaco.com
Also in: Chennai, Hyderabad, Jaipur, Mumbai, New Delhi
INDONESIAKAP Hananta Budianto & Rekan, Jakarta
Contact: Venancia Wijono
Email: venancia@hananta.com
Website: www.hananta.com
Also in: Semarang, Surabaya

UHY Associati S.t.p.r.l. (Accounting, Payroll & Tax), Milan
Contact: Sabino Dente
Email: s.dente@uhyassociati.com
Website: www.uhyassociati.com
FiderConsult Srl (Tax & Accounting), Florence
Contact: Simone Biagiotti
Email: s.biagiotti@uhyitaly.com
Website: www.uhyitaly.com
Also in: Milan, RomeJAPANUHY Tokyo & Co., Tokyo
Contact: Nobuyuki Hara
Email: info@uhy-tokyo.or.jp
Website: www.uhy-tokyo.or.jp
Also in: Kyoto, Nagoya
JORDANUHY Arab Auditors, Amman
Contact: Nabil Haddad
Email: nih@arabauditors.jo
Website: www.arabauditors.jo
KAZAKHSTANUHY SAPA-Consulting LLP, Almaty
Contact: Torebek Kurmanov
Email: office@uhy-kz.com
Website: www.uhy-kz.com
Also in: Aktobe, Astana, Atyrau, Shymkent, Ural’sk
KENYA
UHY Kenya, Nairobi
Contact: Daniel Kabiru
Email: dkabiru@uhy-ke.com
Website: www.uhy-ke.com
KOREA, REPUBLIC OFUHY Daeyoung Accounting Corp., Seoul
Contact: Sam Shin
Email: skshin@daeyoungcpa.com
Website: www.daeyoungcpa.co.kr
Also in: Incheon
KUWAIT
UHY Pillars Advisory, Kuwait City
Contact: Wael Arafa
Email: wael@uhypillars.com
Website: www.uhypillars.com

MALAYSIA
UHY,* Kuala Lumpur
Contact: Alvin Tee Guan Pian
Email: uhy-kl@uhy-my.com
Website: www.uhy.com.my
Also in: Johor Bahru, Penang

MOZAMBIQUE
UHY Auditores e Contabilistas Certificados,
Limitada, Maputo
Contact: Carlos Sitoe
Email: director.geral@uhy-mz.com
Website: www.uhy-mz.com
NEPAL
UHY Suvod Associates Chartered Accountants,
Kathmandu
Contact: Akash Suman
Email: akash@suvodassociates.com.np
Website: www.suvodassociates.com.np
Also in: Itahari
NETHERLANDS
Govers Accountants/Consultants,* Eindhoven
Contact: Paul Mencke
Email: mencke@govers.nl
Website: www.govers.nl
NEW ZEALAND
UHY Haines Norton (Auckland) Ltd,* Auckland
Contact: Grant Brownlee
Email: grantb@uhyhn.co.nz
Website: www.uhyhn.co.nz
Also in: Helensville, Kumeu
NICARAGUA
UHY Auditores y Consultores S.A, Managua
Contact: Bryan Pérez
Email: bperez@uhy-ni.com
Website: www.uhy-ni.com
NIGERIAUHY Maaji & Co, Lagos
Contact: Gabriel Idahosa
Email: info@uhy-ng-maaji.com
Website: www.uhy-ng-maaji.com
Also in: Abuja, Benin City, Ebutte Metta, Ejigbo, Garki, Kaduna,Kano, Lokoja, Maiduguri, Owerri, Port Harcourt, Wuse, Yola
NORWAY
Revisorgruppen AS, Oslo
Contact: Kirsti Armann
Email: post@rg.no
Website: www.rg.no
Also in: Akershus, Åndalsnes, Arendal, Bergen, Drammen,
Førde, Kristiansand, Kvam/Norheimsund, Sarpsborg

LEBANON
UHY Andy Bryan, Beirut
Contact: Elie Abboud
Email: beirut@uhy-lb.com
Website: www.uhy-lb.com

PAKISTAN
UHY Hassan Naeem & Co, Lahore
Contact: Ibne Hassan
Email: ibnehassan@uhy-hnco.com
Website: www.uhy-hnco.com
Also in: Islamabad, Karachi

LUXEMBOURG
UHY Finova S.àr.l., Luxembourg
Contact: Jürgen Fischer
Email: j.fischer@finova.lu
Website: www.uhyfinova.lu

PANAMAUHY Botello & Marquez, Panama City
Contact: Diógenes Botello V.
Email: dbotello@uhy-pa.com
Website: www.uhy-pa.com

THE NETWORK FOR DOING BUSINESS - DIRECTORYPARAGUAYUHY Consultoria Integral Del Mercosur, Coronel Oviedo
Contact: Miguel Vera
Email: cime@cime.com.py
Website: www.cime.com.py
Also in: Asunción, Ciudad del EstePERU
UHY Blancas Sandoval & Asociados, SAC,* Lima
Contact: Carlos Hugo Sandoval Zapata
Email: carlos.sandoval@uhy-bsa.com
Website: www.uhy-bsa.com
Also in: Miraflores (Lima), San Borja (Lima), Surco (Lima)
PHILIPPINESUHY M.L. Aguirre & Co. CPAs,* Makati City
Contact: Michael Aguirre
Email: ask@mlaguirre.org
Website: www.mlaguirre.org
POLANDUHY ECA Group, Kraków’
Contact: Roman Seredynski
Email: roman.seredynski@uhy-pl.com
Website: www.uhy-pl.com’
Warsaw, Wroclaw, Zabrze
Also in: Poznan,
PORTUGAL
UHY & Associados SROC Lda, Lisbon
Contact: António Oliveira
Email: geral.lisboa@uhy-portugal.pt
Website: www.uhy-portugal.pt
Also in: Azores, Funchal, Porto
PUERTO RICOUHY Del Valle & Nieves PSC,* San Juan
Contact: Rafael Del Valle-Vega
Email: info@uhy-pr.com
Website: www.uhy-pr.com
QATAR
UHY Ammo & Co, DohaContact: Moomen Elsalawy
Email: inquiry@uhy-qa.com
Website: www.uhy-qa.com
ROMANIAUHY Audit CD S.r.l., Bucharest
Contact: Camelia Dobre
Email: camelia.dobre@uhy-ro.com
Website: www.uhy-ro.com
RUSSIAN FEDERATIONUHY Yans-Audit LLC,* Moscow
Contact: Nikolay Litvinov
Email: yans@uhy-yans.ru
Website: www.uhy-yans.ru
SAINT LUCIA
UHY A.P. Walcott and Associates, Castries
Contact: Anthony Walcott
Email: awalcott@uhy-lc.com
Website: www.uhy-lc.com
SAUDI ARABIAUHY Abdul Jabbar Certified Accountants
and Consultants Office, Jeddah
Contact: Elsayed Elboussery
Email: elboussery@uhy-sa.com
Website: www.uhy-sa.com
Also in: Riyadh
SERBIAUHY REVIZIJA d.o.o., BelgradeContact: Jasmina Macura
Email: ekirevizija@uhy-ekirevizija.rs
Website: www.uhy-ekirevizija.rs
SEYCHELLES
UHY Premier Financial Services Limited, Mahé
Contact: Vimal Damry
Email: vimal@premier-seychelles.com
Website: www.premier-seychelles.com
SINGAPORE
UHY Lee Seng Chan & Co,* Singapore
Contact: Sen Choon Lee
Email: info@uhylsc.com.sg
Website: www.uhylsc.com.sg

SLOVAK REPUBLIC
AUDITOR SK s.r.o., Bratislava
Contact: Georg Stöger
Email: georg.stoeger@auditor.eu
Website: www.auditor.eu
SLOVENIA
UHY d.o.o., Ljubljana
Contact: Franci Žgajnar
Email: uhy@uhy.si
Website: www.uhy.si
SOUTH AFRICA
UHY Hellmann (SA), Johannesburg
Contact: Carlos Pedregal
Email: carlosp@uhy.co.za
Website: www.uhy.co.za
SPAIN
UHY Fay & Co,* Marbella
Contact: Bernard Fay
Email: bfay@uhy-fay.com
Website: www.uhy-fay.com
Also in: Barcelona, Madrid*, Malaga, Santa Cruz Tenerife,
Santander, Santiago de Compostela
SRI LANKA
UHY Centra Management Associates, Colombo
Contact: Ismath Abdul Sathar Mohamed
Email: asmismath@uhycentra.com
Website: www.uhycentra.com
Also in: Kandy
SWEDEN
Revisorerna Syd, Malmö
Contact: Mattias Nilsson
Email: info@revisorernasyd.se
Website: www.revisorernasyd.se
Winthers Revisionsbyrå AB, Stockholm
Contact: Ragnar Santesson
Email: info@winthers.se
Website: www.winthers.se
SWITZERLAND
Balmer-Etienne AG, Luzern
Contact: Stefan Wigger
Email: info@balmer-etienne.ch
Website: www.balmer-etienne.ch
Also in: Stans, ZürichTAIWANUHY L&C Company, CPAs, Taipei
Contact: Lawrence Lin
Email: lawrencelin@uhy-taiwan.com.tw
Website: www.uhy-taiwan.com.tw
THAILANDUHY Yongyuth Accounting
and Son Co., Ltd., Bangkok
Contact: Panit Mokarakorn
Email: panityas@uhy-th.com
Website: www.uhy-th.com
TUNISIAUHY CNBA, Tunis
Contact: Raoudha Ben Abdelkrim
Email: r.trojet@uhy-cnba.com
Website: www.uhy-cnba.com
TURKEYUHY UZMAN Sworn in CPA andIndependent Auditing Inc., Istanbul
Contact: Şenol Çudin
Email: uzman@uhy-uzman.com.tr
Website: www.uhy-uzman.com.tr
Also in: Ankara, Istanbul, Izmir
UGANDAUHY Thakkar & Associates, Certified Public
Accountants, Kampala
Contact: Sam Thakkar
Email: sam@uhy-ug.com
Website: www.uhy-ug.com

UHY GLOBAL January 2022 31

UKRAINE
UHY Prostor Ltd, Kiev
Contact: Alexander Koinov
Email: a.koinov@uhy-prostor.com
Website: www.uhy-prostor.com
UNITED ARAB EMIRATESUHY James Chartered Accountants, Dubai
Contact: James Mathew
Email: james.mathew@uhy-ae.com
Website: www.uhy-ae.com
Also in: Fujairah, Sharjah
UNITED KINGDOMUHY Hacker Young,* London
Contact: Subarna Banerjee
Email: london@uhy-uk.com
Website: www.uhy-uk.com
Also in: Abergavenny, Abingdon, Ashford, Belfast,
Birmingham*, Brighton & Hove, Bristol, Broadstairs,
Cambridge, Chester, Hungerford, Huntingdon, Letchworth,
Manchester*, Newbury, Newport, Nottingham, Sheffield,
Sittingbourne, Swindon, Winchester, YorkUNITED STATESUHY Advisors, Inc., Farmington Hills, Michigan
UHY LLP,* New York
Contact: Michael Mahoney
Email: mmahoney@uhy-us.com
Website: www.uhy-us.com
Also in: Albany (New York), Ann Arbor (Michigan), Atlanta(Georgia), Catskill (New York), Columbia (Maryland), Detroit(Michigan), Farmington (Connecticut), Farmington Hills(Michigan), Houston (Texas), Hudson (New York), Kansas
City (Missouri), Kingston (New York), Long Island (New
York), Miami (Florida), New York City (New York), Orange
County (California), Port Huron (Michigan), Rye Brook (New
York), Saratoga Springs (New York), St Louis (Missouri),
Sterling Heights (Michigan), Woodland Hills (California).
UHY LLP is a licensed independent CPA firm that performs
attest services through an alternative practice structure with
UHY Advisors, Inc. and its subsidiary entities. UHY Advisors,
Inc. provides tax and business consulting services throughwholly owned subsidiary entities that operate under thename of “UHY Advisors”.
URUGUAYUHY Gubba & Asociados,* Montevideo
Contact: Hugo Gubba
Email: info@uhygubba.uy
Website: www.uhygubba.uy
UZBEKISTANUHY Tashkent LLC, Tashkent
Contact: Sarvarkhon Karimov
Email: s.karimov@uhy-uz.com
Website: www.uhy-uz.com
Also in: Khorezm, Navoi
VENEZUELAUHY Servicios Legales & Tributarios, S.C., Caracas
Contact: Luis Sotillo
Email: l.sotillo@uhy-ve.com
Website: www.uhy-ve.com
Also in: Puerto Ordaz, Valencia*
VIETNAMUHY Auditing & Consulting Co. Ltd., Hanoi
Contact: Thanh Nguyen
Email: thanhnt@uhyvietnam.com.vn
Website: www.uhy.vn
Also in: Ho Chi Minh CityZAMBIA
UHY AMO Certified Public Accountants, Lusaka
Contact: Dion Banda Dault
Email: d.banda@uhy-amocpa.com
Website: www.uhy-amocpa.com* UHY firms asterisked signifies that they are registered with the Public Company Accounting Oversight Board (PCAOB). They are enabled under section 102 of the US Sarbanes-Oxley Act 2002 to
prepare or issue audit reports on US public companies and their subsidiaries abroad. Under section 103 of the Act, the PCAOB has established auditing and related attestation quality control, ethics
and independence standards, and rules to be used by registered public accounting firms, in the preparation and issuance of audit reports.

LET US HELP YOU ACHIEVEFURTHER BUSINESS SUCCESS
To find out how UHY can assist yourbusiness, contact any of our member
firms. You can visit us online atwww.uhy.com to find contact details
for all of our offices, or email us at
info@uhy.com for further information.

UHY is an international network of legally independentaccounting and consultancy firms whose administrative
entity is Urbach Hacker Young International Limited,a UK company. UHY is the brand name for the UHYinternational network. Services to clients are provided
by member firms and not by Urbach Hacker Young
International Limited. Neither Urbach Hacker Young
International Limited, the UHY network, nor any
member of UHY has any liability for services provided
by other members. © 2022 UHY International Ltd.
The editorial opinions expressed in the magazine may
not necessarily be those of UHY International Ltd
or its member firms. Every effort is made to ensure
accuracy but the publishers cannot be held responsible
for errors or omissions. No part of this magazine may
be reproduced in any form without prior permissionof UHY International Ltd. We thank all contributors.
Design: Flex with UHY International. Editorial:
Flex with UHY International. Photography supplied by
UHY member firms, their clients and from stock.

iStock.com/Artranq