Managers of Wealth

Morgan Stanley’s wealth management business handed $5 million fine

MSSB has agreed to pay a $5 million penalty that will be distributed to harmed investors.

LUXEMBOURG UPDATE: CSSF's Weekly IFM Questionnaire

On 9 April 2020, the CSSF advised IFMs that it had launched a new questionnaire that must be completed and submitted to the CSSF on a weekly basis.

‘Everyone is doing badly’, anti-money laundering czar warns

Some countries, Lewis added, were only concerned with making sure they weren’t placed on FATF’s so-called “grey list” of low-scoring countries — a move likely to restrict a country’s access to international financial ma

Prosecution outlines fraud and money-laundering charges against Nirav Modi in London courts

From 2011 until 2018 Nirav obtained "eye-watering sums of money

Singapore bans former Barclays, DBS relationship managers

The court cases involving Mr Chew and Ms Tien were related, while the others were unrelated.

Prince Andrew Charitable Trust to be wound up amid Charity Commission investigation

PACT was unable to comment on the investigation, but confirmed that the trustees were finalising a plan to liquidate the trust and its subsidiaries.

Luxembourg introduces state guarantee scheme for new bank loans for a maximum period of 6 years

The Law also provides for the remuneration of guarantee ranging from 25 basis points for a maturity date of 1 year for small and medium size companies up to 200 basis points for a maturity of six years, for large companies.

Deutsche Bank debuts virtual fair with Frieze partnership

The two parties will also present a virtual event with UK performance artist Tom Pope called “Deutsche Bank Collection Live”.

Syria’s money man falls foul of Basher al-Assad’s ruling family

The billionaire Rami Makhlouf bankrolled his cousin the president’s war, but now the regime is turning on him

UBS seeks China digital bank licence as part of plan to turbocharge growth and slash costs

The Swiss lender is targeting 200,000 wealthy clients within two years after securing a digital bank licence

Cayman: A History of Cooperation and the Building of a World-class IFC

This is due to a variety of factors

EY announces the launch of Physical Return and Work Reimagined framework for organizations post-COVID-19

Two-gear framework integrates "Day 1" transition services with long-term transformation guidance

Britain’s Prince Andrew sued over debt on US$22 million Swiss luxury chalet

Duke of York and ex-wife bought holiday home at Verbier ski resort in 2014, but missed December 2019 deadline for paying off chunk of purchase

Doctrine of mistake and rule in Hastings-Bass

The Court also made plain that it is no part of its function to take steps to improve the taxation position of the applicant.

Appleby Advises on New Recovery Fund Foundation

Appleby acted as Cayman attorneys advising in relation to the establishment of the foundation.

Financial crime systems and controls during coronavirus situation

Discover our expectations on how firms should apply their systems and controls to combat and prevent financial crime during this crisis.

United States Reaches Settlement to Recover More Than $49 Million Involving Malaysian Sovereign Wealth Fund

In 2015, the FBI formed International Corruption Squads across the country to address national and international implications of foreign corruption.

Beneficiary Disputes in Focus

By far the most significant proportion of trust companies surveyed thought that the principal source of beneficiary disputes was disharmony amongst the beneficiary group (64%).

New allegations against Juan Carlos

As part of the administrative assistance, the latter sent its findings about Juan Carlos' secret account to the Spanish national court, which is investigating suspected money laundering, tax evasion and corruption.

Branson offers Necker as collateral

He claimed to have created “hundreds of thousands of jobs and paid hundreds of millions in tax” around the world.

Legal,Regulation,Tax & Compliance