Managers of Wealth

Lugano bank ‘seriously breached anti-money laundering regulations’

The breach is in connection with the handling of Venezuelan client relationships.

EU list of non-cooperative jurisdictions for tax purposes: Anguilla and Barbados added, Cayman Islands and Oman removed

The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017.

Walkers Acts on Delta Airline's US$6 Billion Loyalty Programme Financing

The Delta deal follows in the footsteps of a the world's first financing transaction utilising a US airline's loyalty program, on which Walkers also acted as Goldman's Cayman counsel.

FCA Bans the Sale of Crypto-Derivatives to Retail Consumer

These features mean retail consumers might suffer harm from sudden and unexpected losses if they invest in these products.

JFSC warns investors to be cautious in times of crisis

Many islanders won’t consider themselves investors but anyone who has a bit of money put aside and needing to make a decision about what to do with it is an investor.

Former Swiss bankers plead guilty in U.S. tax evasion case

The trio had been indicted in 2012 alongside the bank itself on allegations of shielding $1.2 billion from U.S. taxes, but prosecutors agreed to the lesser charge in March.

PIMFA urges Regulator to work more closely with industry to rebuild levels of trust in fair FSCS outcomes

Results from the survey revealed the extent to which the FSCS is putting firms under increased financial pressure

FCA calls for tougher measures to tackle online scam ads

It is clear there is now mounting pressure on the government to take steps to tackle the promotion of scams through search engines and social media platforms.

FCA extends pause on Mifid 10% rule

The FCA intends to apply the TTP on a broad basis from the end of the transition period until 31 March 2022.

Degroof Petercam and Avaloq ink agreement

This new solution will transform Degroof Petercam’s IT platform and better position the institution for growth and new opportunities.

Landmark decision approving third party litigation funding in the British Virgin Islands

Given the large number of relatively small creditors and the lack of available funding in the estate, the liquidators turned to the commercial third party funding market to meet their anticipated costs and expenses, including the costs of prospective liti

Does dirty money need banking secrecy to thrive?

Recently uncovered suspicious transaction reports, made to the US Financial Crimes Enforcement Network (FinCEN), show Swiss banks moving billions of dollars around the world.

Swiss Bank Ensnared in Venezuelan Graft Probe

The activity has been carried out at the bank’s offices and has been having a significant impact on the overall costs for the year

JP Morgan Chase admits to US market manipulation and agrees to pay $920m

‘Spoofing’ practice illegally affected futures and metals market

Weekly Tax Brief - 29 September 2020

Property sales are on the rise

The Art of Giving: UK tax incentives for owners of art

Generally, these tax incentives apply to assets which are considered pre-eminent.

Trump's reported tax methods would be par for the course for the rich, experts say

It’s not something cooked up in some law firm, it’s something Congress devised,” he said of the tax breaks enjoyed by the real estate sector and investors with capital gains.

Irish Government approves amendments to Investment Limited Partnership Bill 2020

Irish ministers approved legislative plans last week aimed at enhancing Ireland’s regulatory environment in international financial services.

SEC Issues $1.8 Million Whistleblower Award to a Company Outsider

Marks 100th Individual Awarded Under Whistleblower Program

Reg BI and Beyond: Your September Update

Broadridge continues to monitor candidate positions, ensuring we are poised to act in accordance with the rules enacted under the prevailing administration.

Legal,Regulation,Tax & Compliance