Managers of Wealth

Warning of legal risks in serving insistent clients

Ms Rhodes gave the example of a client requesting a £100,000 transfer into what they deem to be a good investment opportunity, but which a wealth manager can identify as a scam.

Superyacht Industry is Falling Behind on Cyber Security

Wills agreed that the industry needs to do more and called on designers and builders to implement cyber security into yachts right from the concept stage.

Regulatory Challenges of Wealth Management in Asia

In Hong Kong, the Securities and Futures Commission has set out a product due-diligence regime that requires distributors to have a clear understanding of an investment’s features before marketing and distributing it to a client.

SIX’s fine against GAM becomes legally binding

This was in connection with GAM’s purchase of Cantab Capital Partners in October 2016.

Mindful Wealth Successfully Completes VCC Pilot Programme With MAS

After MAS launched VCC framework, it has been running a pilot programme for selected Permissible Fund Managers who wished to register a new investment fund as VCC or re-domicile a foreign corporate entity as a VCC.

‘No surprise visits’ to Pilatus bank

Reasonable suspicion of money laundering in Enemalta deal

Denmark seizes Sanjay Shah’s mansion over £1.5bn fraud claim

He is alleged to have created a complex scheme using fake documents to fraudulently claim tax relief on share dividends in Denmark.

High net-worth Spaniards looking to transfer to Portugal to escape new Socialist regime

This is despite the fact that Portugal is tweaking its non-habitual residency regime – previously representing a 10-year tax amnesty for pensioners – so that subscribers pay a minimal tax on the income from their pensions.

UBS Group Unit Under Investigation By Italy's Prosecutors

Per the Italian law, the companies involved can be held responsible for the actions of their employees.

OECD endorses international tax rewrite efforts, punts on ‘safe harbor’ proposal

The safe harbor proposal came as a surprise and many stakeholders have understood it to mean that the new allocation rules would be optional for companies.

Asset managers advised to review governance

Alice Bell of Pinsent Masons said firms need to go beyond boilerplate compliance manuals and documentation to meet the FCA's requirements on governance.

UBS Europe probed in Italy in asset manager fraud investigation: sources

Prosecutors have looked in to whether Sofia committed fraud by applying higher-than-average fees to 117 clients

Carey Olsen's Russell Clark named Crown Dependencies lawyer of the year for second consecutive time

Russell, who also heads up the trusts and private wealth practice in Guernsey, was shortlisted for the 2020 award alongside nine other private wealth lawyers from Guernsey, Jersey and the Isle of Man.

International tax reporting changes: Directive on Administrative Cooperation 6 and the Mandatory Disclosure Rules

The regulations require ‘intermediaries’ and, in some circumstances, taxpayers to report details of cross-border arrangements to HMRC

Prevention of Money Laundering and Terrorist Financing: Identity of beneficial owners

Professionals should keep records of all actions taken to identify the UBOs under point (i), (ii) or (iii) and they should be ready, when requested, to justify the measures they have taken.

Brexit: What's next? What investors expect and the crunch dates

The UK will also no longer be covered by trade deals between the EU and third countries unless these agreements have already been rolled over or new deals have been made.

Charities secure exemption from new layer of anti-money-laundering regulation

A technical consultation launched this month, which said: “Charitable trusts are not in scope to register because the risk of these kinds of trusts being used for money laundering or terrorist financing activity is low”.

WH Ireland shuts Milton Keynes branch in restructure

The office will be merged into WH Ireland's London headquarters with its four-strong team locked in negotiations about their futures.

Drop in HMRC tax fraud investigations

As FOI shows number of raids fell by 23% last year but ‘interpreting the data is not straightforward’

The Sunday Times Tax List: JK Rowling among UK’s biggest taxpayers

“When my life hit rock bottom, that safety net, threadbare though it had become, was there to break the fall,” she wrote.

Legal,Regulation,Tax & Compliance