Managers of Wealth

COVID-19 pain kicks in for law firm partners

This is no more keenly felt than in the mergers and acquisitions departments of the biggest firms, which rely on such big-ticket work to boost profits.

Finma finds Anti-Money Laundering Act breaches at over 10 initial coin offerings

Finma has also started enforcement proceedings against a firm for unlawafully receiving public desposits and another for illegal securities trading with tokens.

Arron Banks fails in effort to use European laws to avoid £162,000 tax bill

HMRC says millionaire owes money for inheritance tax liability on Ukip donations

Butterfield shuts its branches over Covid-19

Restrictions, including social distancing, will be in force today.

Federal Council aims to strengthen Swiss debt market through tax reform

This will enable corporate groups to issue their bonds in Switzerland without withholding tax hurdles.

COVID-19 Governance: Proposed changes to English insolvency law

As ever with emergency legislation intended to respond to a particular crisis, the Government will wish to ensure that any legislation does not give rise to unintended consequences

EU regulators issue money laundering warning as criminals adapt to Covid-19

The authority singles out international trade as a potential risk area.

A quarter of bosses have yet to address staff directly on Covid-19 crisis

UK CEOs shun video conference systems and opt for email updates as millions turn to remote working to do their jobs, according to a major new report into how large and medium sized companies are operating during the pandemic

Luxembourg Pulls out the Stops to Battle Coronavirus

The association of CEOs has been mobilized, as well as six banks

Malta FSA hands deVere €23k fine

The company now has thirty days to lodge its appeal.

Ant Financial, Vanguard Group target 900m users with robo adviser

The transactions are done automatically and the robo adviser will also help investors re-balance their portfolios if necessary.

Money Laundering, Lawyers, and Escrow: The Case for Voluntary Due Diligence

The real value in the Committee’s investigation flowed, not from the sanctioning of lawyers, but in the identification of unresolved issues.

EFG to nominate board of directors chair and two members

At this year’s Annual General Meeting, EFG’s Chair of the Board of Directors, John Williamson, has decided not to stand for re-election.

Crown Dependencies’ banking associations write open letter on coronavirus concerns

The banking associations added that they were working with each island government to ensure that support for businesses and individuals is available quickly.

FINMA Guidance: temporary exemptions for banks due to the COVID-19 crisis

For banks whose shareholders approved after 25 March 2020 dividends or other similar distributions relating to 2019, or who plan to seek such shareholder approval, the capital relief will be reduced by the amount of the said distributions.

Dividends: UBS unaffected by tightened Finma measures

UBS pursues the declared goal of distributing at least half of its profits to shareholders each year.

Luxembourg regulator suspends Rothschild ex-CEO for ten years

The bank said in its 2017 annual report that it had paid the fine after the CSSF had notified it of a possible fraud involving former Malaysia Prime Minister Najib Razak’s 1MDB investment fund.

Am Law 100 Firm Cuts Partner Pay Entirely, Reduces Associate Salaries By 25 Percent

Another Biglaw firm is tightening its belt because of COVID-19.

United States' progress in strengthening measures to tackle money laundering and terrorist financing

The United States is now compliant on 9 of the 40 Recommendations and largely compliant on 22 of them.

Guernsey legal and regulatory update

Guernsey's Revenue Service has introduced an online service for companies completing and submitting their corporate tax returns.

Legal,Regulation,Tax & Compliance