Managers of Wealth

Ex-UBS Compliance Officer Charged With Insider Trading

Fabiana Abdel-Malek and Walid Choucair charged by U.K. FCA

Global transparency

In recent years, significant changes in global finance regulations mean that every investor should re-examine their personal need for such offshore structures.

Macquarie moves on private wealth compliance breaches

The offending action was believed to include misclassifying the nature of some advice to clients.

Switzerland Renews Push for Tax Reform Following Referendum Vote

The Swiss Social Democratic party said the recommended changes to Switzerland’s tax regime were insufficient because they would continue to impose a heavy burden on Swiss citizens.

Declare offshore wealth? Russia tycoons would rather ship themselves off shore

No official data has been made public on how many people have given up Russian residency to escape the law

FCA orders adviser to stop pension business

The FCA has also placed asset retention restrictions on the firm, meaning it cannot dispose of, deal with or diminish the value of its assets without the FCA’s consent.

IQE becomes first Isle of Man member of TISE

IQE Securities Sponsor Services Limited is a wholly owned subsidiary of IQE Limited, the international fiduciary services provider.

Estera continues expansion plan with acquisition

Mark Huntley, CEO of HFSG, commented on the acquisition: ‘This transaction marks a significant development for Heritage, our clients and employees.

Banks in Asia hit by long arm of EU’s Mifid 2 rules

European investor protection rules set to push up compliance costs elsewhere

FATCA Update: FFI Agreement Renewal Function Now Available

Along with system fixes, the update within the registration application includes the removal of the classification of “limited” for financial institutions and branches.

New Bamako Cardinal Allegedly Conceals Millions in Switzerland

Funds were then channeled from those through different banks before being eventually placed at seven accounts with the HSBC Private Bank in Geneva, Switzerland.

Coming to terms with CRS in Asia

CRS is, in every respect, singular.

Revised Swiss VAT Rules To Enter Into Force In 2018

The aim is again to reduce the competitive disadvantages faced by domestic companies.

IoM considers changes to commission disclosure rule

The change is likely to be announced in response to industry feedback to the consultation on the latest draft, which ends 16 June 2017.

KPMG delivers new bombshell to partners over taxman's unpaid bill

KPMG wrote to hundreds of UK partners last week to outline tax bills running to tens of thousands of pounds, Sky News learns.

In Securities Fraud Case, Prosecutors Allege Novel Money Laundering Scheme to Circumvent FATCA Reporting Obligations

The scheme was designed to launder a portion of the fraudulent proceeds from the stock manipulation scheme from the United States through offshore accounts

Celebrity film scheme to appeal £700m tax case decision

"Innocent investors went in on advice and if anyone has been immoral and unfair it's HMRC," reports UK newspaper the Daily Mail.

FCA bans jailed former Schroders trader

The FCA prohibited Clarke from performing any function in relation to regulated activities.

Thousands of British expats could face tax penalties for undeclared cash: report

Banks, building societies, insurance companies and investment companies are required to provide HMRC with data about their overseas clients’ accounts — including balances — by the end of today.

Register of ownership of UK property through overseas companies - privacy in debate

The introduction of the government's People with Significant Control (PSC) register on 6 April 2016 has resulted in greater transparency of ownership of UK companies

Legal,Regulation,Tax & Compliance