Managers of Wealth

Luxembourg Supports New Savings Tax Directive

The EU 28 formally adopted the revised Savings Tax Directive on March 24, 2014

The plea deal of an ex-banker details tax-evasion schemes

As part of a plea agreement, an ex-Credit Suisse banker recently disclosed how U.S. customers avoided offshore account disclosure requirements.

Six Lessons Learned from the FCAs First Year

Record-Breaking Financial Penalties Exposes Need for Conduct Risk Framework and Clearer Understanding of FCA Expectations within Businesses

U.S. Senate Urges the Department of Justice to Seek Extradition of Swiss Bankers Who Helped U.S. Taxpayers Maintain Undisclosed Bank Accounts

The Department of Justice, confirmed it has charged 35 Swiss bankers and 25 financial advisors with helping U.S. Taxpayers hide their undisclosed overseas accounts, but has not yet sought their extradition to the United States.

'Deoffshorisation' of Russian Economy: Draft Law on Controlled Foreign Company legislation and other measures - Withers

Implementation of the new legislation will provide the Russian tax authorities with legal mechanisms for taxing international corporate and private structures.

Guernsey And AIFMD: Offering The Best Of Both Worlds

Fiona Le Poidevin explains why Guernsey provides an excellent platform for AIFMD compliant investments in Europe with all the options available to a financial centre outside the EU.

FCA tells hedge fund giants to show integrity

Hedge funds manage $470 billion in the UK, with 82% of the assets controlled by just 20 large firms

Guernsey Financial Services Commission signs MoU with FINMA

The completion of this agreement is a positive endorsement of the Commission and the important work it undertakes on behalf of the Bailiwick

Credit Suisse reaches settlement with FHFA

Bank will pay $885 million to settle lawsuit regarding mortgage-backed securities

Ambassador sued for hiding his wealth

Three officials are sued over an alleged concealment of their wealth by the High Inspectorate of Declaration and Audit of Assets.

The Commissioners of HM Revenue & Customs v. Executors of Lord Howard of Henderskelfe - Withers

The Court of Appeal have dismissed HMRC’s appeal and confirmed that the owners of the famous painting of Omai by Sir Joshua Reynolds were exempt from Capital Gains Tax (‘CGT’) on its sale in 2001 for £9.4 million.

A&O and Allen & Gledhill lead on SocGen’s private banking sale in Asia

Allen & Overy is advising Societe Generale on the disposal of its private banking business in Singapore and Hong Kong to Singapore’s DBS Bank, which turned to Allen & Gledhill and Clifford Chance for advice.

UK and Dutch employees working in Norway may suffer Norwegian net wealth tax

To pay Norwegian tax of 1% of the global net wealth including on the family house, cars, bank savings, shares, etc. situated outside Norway may come as a surprise for many foreigners working in Norway.

‘French mini-FATCA’ fears as France goes after trusts

Tax experts who have been studying France’s new tax regime for wealthy individuals are likening its treatment of trusts to elements of America’s much-criticised FATCA regulations.

Switzerland Passes Anti-Tax Evasion Bill

The Swiss Council of States has adopted a bill forwarded on from the Federal Council with modifications, implementing the revised Financial Action Task Force Recommendations.

New York Attorney General Endorses A Radical Change To The Way The World Trades Stocks

This morning New York Attorney General Eric Schneiderman declared war on high frequency traders

Russian Hacker Accused Of Raiding Swiss Banks Arrested In Bangkok

Farid ‘Diabl0’ Essebar, one of the creators of the Zotob worm, evaded the authorities for the last three years, and is accused of causing $4 billion worth of damage

Budget 2014: fund group relief at offshore tax clarification

A provision buried in the budget has lifted the threat that offshore funds will lose their favourable tax treatment.

Several offshore zones suggest exchanging tax information with Russia

The deputy finance minister added Russia’s “reaction to the initiative will be positive, Russia will participate in the negotiations and will enter into agreements."

FCA and Bank of England agree Memorandum of Understanding for supervision of markets and market infrastructure

The Financial Services Act 2012 introduced an obligation to review this MoU annually. The FCA and Bank committed that this review would include feedback from industry and the findings would be published.

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