Swiss and US move forward on tax compliance

The US legislation has worried foreign banks that have American clients as banks face penalties if they refuse to give the United States certain client information required under Facta.


Ireland fines UBS for lack of controls

The €65,000 penalty handed out to the Swiss bank’s unit is part of Ireland’s broader effort to strengthen oversight of the banking sector after the financial collapse that forced the country to seek a €67.5bn bailout from the EU and


FSA refuses to reveal the identity of Mr X

Mr X, as the person has been referred to by tribunal, denied he owned an account with the UK-based UBS Wealth Management, called Customer A account, used by some UBS officials to make large-scale unauthorised transactions.


Liechtenstein Landesbank to Turn Over Client Names

Liechtenstein, a country known for its banking secrecy laws, recently agreed to allow its second largest bank, Liechtensteinische Landesbank AG, to turn over U.S. client data to the Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ).


HMRC Target Buy to Let Landlords

The taskforces were launched as a result of the government’s £917 million spending review investment to tackle tax invasion, avoidance and fraud in 2011.


CI law firm facilitates estate planning debate in Singapore

"We are well established in the Channel Islands and have been named the fastest growing offshore law firm - but as we are new to Singapore it has been mutually beneficial to facilitate debate and discussion around regional issues with industry leader


ABN Amro Asks Judge To Toss Madoff Suit

ABN Amro Bank Ltd. asked a judge to dismiss a lawsuit by the liquidator of Bernard Madoff’s firm, saying it lost $490 million in the Ponzi scheme, out of $725 million it invested. As one of the con man’s biggest losers, “it is simply not


Compliance group warns of FSA visits over fund switching

TCC client services director Ian Stott said advisers should expect visits from the Financial Services Authority (FSA) as it hones in on fund switching once it has finalised guidance on centralised investment propositions.