Managers of Wealth

Happy New Year – Happy New Money Laundering Regulations

The Regulations will extend the scope of the MLR so that additional types of firms will become subject to AML compliance requirements

China set to implement the new Foreign Investment Law

The FIL requires that within a five-year transitional period, existing FIEs shall reform their corporate governance structures

Dubai regulator fines defunct wealth firm nearly $250,000

MGL agreed to settle the DFSA's action at an early stage of the DFSA investigation and, therefore, qualified for a discount under the DFSA's policy for early settlement.

Art and money laundering: The U.K. enacts new art laws and all buyers and sellers need to pay attention

Regardless of the jurisdiction, all art transactions carry risk.

A report on 'International Tax Enforcement: Disclosable Arrangements'.

A report on how the power in Finance Act 2019, which enables regulations to implement Council Directive (EU) 2018/822, will be used in different EU Exit scenarios.

Private investigator in Credit Suisse spying scandal hits back at banker

The scandal led to an investigation by Switzerland's bank watchdog into Credit Suisse's conduct and criminal proceedings in Zurich which remain ongoing.

Julius Baer contests renewed claim by liquidator of Lithuanian firm

The Bank continues to contest the claim vigorously while taking appropriate measures to defend its interests.

New York Wealth Manager to Plead Guilty in ‘Wild’ Spending Case of Fraud

Richard Diver was arrested in March and charged with fraud

Recoverable Grants Are One Way To Help Charities

Recoverable grants are similar to a loan in that they allow donors to support organizations of their choice, have the grant returned to the donor and then allow the donor to regrant it to another organization.

'Arctic Monaco' tempts wealthy Norwegians with tax breaks

Since this January, moneyed inhabitants of the Bo region of Vesteralen pay less than half of the national wealth tax — 0.35% of their total holdings rather than 0.85%.

Cross-border transactions face EU anti-money laundering overhaul

Attempting to stop the movement of illicit funds across international borders is one of the new text’s priorities

How a fake Saudi Prince conned investors out of nearly $8 millionu

Khalid regularly drove around the luxury enclave in a 2016 Ferrari California (with a base price of roughly $200,000) sporting diplomatic license plates and a security detail.

Carlos Ghosn-linked banks include Swiss Julius Baer: report

Interpol has since issued a Red Notice requesting his arrest, according to Japanese Justice Minister Masako Mori.

Shareholders Unsuccessful in First Class Action Against Directors

The judgment concerns the recommendation made by directors to shareholders, and disclosure of information ahead of a shareholder vote approving the acquisition.

Tax breaks tempt wealthy Norwegians to Arctic islands

The local council hopes to attract some of Norway’s ultra-wealthy at a time when falling oil prices mean that many in the rich, highly taxed nation are starting to tighten their belts.

Russian art collecting couple arrested in Belgium

The lawyer Geert Lenssens says he brought the criminal complaint of behalf of his clients.

CEO impersonation fraud: can an employee be liable for their negligent actions?

Peebles argued that the employee should, through use of common sense, have been able to spot the risk of fraud in the transactions she was being asked to process.

Recent Amendments to the Regulation of Trust Business in Bermuda

All trustees conducting trust business in Bermuda are required to be licensed by the Bermuda Monetary Authority

Deloitte partner to pay £125k after losing dismissal challenge

He is represented by Jonathan Cohen QC and Alexander Robson from Littleton Chambers, instructed by Farrer & Co.

Wealth firm faces restrictions on conflict of interest concerns

Wealth manager Dolfin faces restrictions on how it invests funds deposited by tier one visa clients after it was accused of steering purchases to businesses related to directors.

Legal,Regulation,Tax & Compliance