Managers of Wealth

Swiss begin bankruptcy proceedings against Espirito Santo private bank

Recapitalising the bank through participation of the current shareholders is not possible, as the parent companies of the Espirito Santo Group are also insolvent

MiFID II: The future of European trading in the balance by David Lawton, Director of Markets, FCA

Speech by David Lawton, Director of Markets, at the FCA MiFID II Conference 2014. This is the text of the speech as drafted, which may differ from the delivered version.

Capital Flight: Can Tax Inversions Be Prevented?

The last big wave of tax inversions occurred prior to 2004, when the government passed the American Jobs Creation Act, which imposed stiff penalties on companies that moved overseas in search of lower taxes.

UK trusts and personal investment companies affected by new UK:US agreement - Baker Tilly

The complexity and unfamiliarity of this new legislation means there is significant margin for error and non-compliance.

OECD pledges fresh offshore tax avoidance clampdown

A fresh crackdown on tax avoidance by global firms has been launched by an international watchdog

UBS in $1.4 Billion Test of French Tax-Evasion Crackdown

UBS AG, the world’s biggest manager of money for the rich, has become the test case for French President Francois Hollande’s tax-evasion crackdown.

UBS Clients Lead Canada Surge in Admitting Hidden Income

Clients of UBS AG, Switzerland’s largest bank, have led a five-fold surge in the number of Canadian residents reporting hidden offshore income over the past eight years.

Swiss Banker Urges Better Access to European Market

Switzerland should strike accords with European governments to secure better access for the country’s asset and wealth managers to clients in their major markets, according to the Swiss Bankers Association.

Clients' Foreign Tax Bills Now a Concern for U.S. Bankers

That certainly seemed to be the shared opinion of a panel of banking regulation experts, including two officials from the U.S. Securities and Exchange Commission, who spoke about tax compliance and money laundering at a conference Tuesday.

TMF Custom House Fund Services Launches Depo Lite Platform

The new offering is an extension of TMF Custom House's existing regulation and compliance offerings

Swiss Bankers Urge EU Deals to Root Out Tax Cheats

The country has reached withholding tax deals with Britain and Austria, under which nearly 30,000 Swiss account holders came forward last year to pay tax

UBS Closed Secret Big Accounts, Class Claims

Swiss banking giant UBS converted billions of dollars for its own profit by improperly closing accounts of secret account-holders and refusing to provide records of it, the trust of a former president of the U.N. General Assembly claims in a federal clas

British Virgin Islands suffers amid push against money laundering

“You are seeing stronger compliance and the banks themselves are being more risk-averse so they are making it harder to open accounts,” said Elise Donovan, head of the BVI office in Hong Kong responsible for Asia.

Belgium a 17b euro tax haven for France's richest entrepreneurs: report

France's wealthiest entrepreneurs hold around €17 billion (HK$168 billion) in neighbouring Belgium where taxes are lower

Indefinite ban for former St James's Place partner

As a result, the Financial Conduct Authority has concluded that Carron lacks honesty and integrity, fined him £300,000 and banned him from performing any function related to regulated activities in financial services.

OECD releases first BEPS recommendations to G20 for international approach to combat tax avoidance by multinationals

At the request of the G20 Leaders, the OECD’s work is based on a BEPS Action Plan setting out the 15 key elements to be addressed by 2015

Julius Baer contests claim over missing East German millions

The Bank is contesting the claims of BvS and has taken measures to defend its interests. In addition, the claim has been notified under representations and warranties obtained from the Seller of Bank Cantrade Ltd. as per the respective transaction agreeme

Fears over tax loophole as Scottish independence could see thousands of wealthy people start claiming 'non-domicile' status

Scottish independence could see thousands of wealthy people start to claim ‘non-domicile’ tax status, experts predict.

Mystery surrounds missing discoverer of gold-laden shipwreck

Legal disputes had dogged finder of SS Central America trove

Expats Left Frustrated as Banks Cut Services Abroad

Americans living abroad are being cut off by banks and brokerages as financial institutions seek to steer clear of a U.S. crackdown on money laundering and tax evasion.

Legal,Regulation,Tax & Compliance