Managers of Wealth

Dutch court to probe UBS boss over ING money laundering problems

It said ING had acted to prevent further violations and acknowledged the serious problems at the bank.

Offshore fund finance in 2020, the year in review

Within that more global trend, we set out below some brief thoughts and highlights from each of our respective jurisdictions over the last 12 months.

Update on Jersey register of beneficial owners and significant persons

The Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, due to come into force on 6 January, establishes a new, central register of beneficial owners and significant persons of certain types of entities.

JTC Enhances Employee Benefits Offering with Acquisition of RBC CEES Limited

Around 180 CEES employees, including the senior management team, will join JTC at completion, becoming part of the company’s Institutional Client Services (ICS) Division.

Switzerland takes over the Presidency of the Alpine Convention from France

A series of projects and events are being set up to bring together relevant actors in the Alpine region, including ‘MoVe the Alps', an international conference on cycle tourism scheduled for April 2021.

International data transfers: new requirements for the use of standard contractual clauses

What was missing from the Schrems II ruling was any practical guidance for organisations about how to adjust their international data transfers to this new landscape.

Financial Regulation Update

The FCA has published a Final Notice fining a financial advice firm £107,200 for providing its customers with unsuitable pension switching and transfer advice and failing to manage its conflicts of interest.

FSR Outlook 2021: Paving the Way Forward

Protecting investors through a focus on end outcomes, managing innovation in payments, and ensuring digital operational resilience are of course high on the list.

Switzerland orders 12 banks to comply with Fatca

The request from the Internal Revenue Service (IRS) cited the Foreign Account Tax Compliance Act (Fatca) as the reason for compliance.

Five-year wealth tax plan could push thousands into debt

He added: This could push thousands of households who may be asset but not cash rich, into debt. A family owning a detached house in Southern England with modest pension and ISA savings could easily be caught.”

Guernsey Private Investment Fund regime enhanced by proposed changes

The revisions will create the most comprehensive and flexible suite of options of any private fund regime.

Bowing out gracefully: LIBOR’s retirement draws near - speech by Andrew Hauser

LIBOR is an interest rate benchmark used in financial markets, which is being phased out. Andrew Hauser sets out what businesses and lenders need to do to be ready for transition.

Swiss Finance Launches Information Campaign

The private sector contributes 1 million Swiss francs ($1.12 million) towards the costs of the platform, spread over a period of five years, while the government contributes with know-how and staff.

Open consultation | Non-resident capital gains tax

The Finance Act 2019 expanded the scope for taxing gains made by non-UK residents on UK property

After Luanda Leaks, a billionaire’s empire falls, but her enablers carry on

While Isabel dos Santos and her advisers face multiple investigations, accountability for the offshore industry remains elusive.

HMRC payments to tax evasion whistleblowers up 63%

BDO points out that in 2019 the US tax authorities over $120m (£90m) to whistleblowers, at an average of $664,000 (£500,000) per award, whilst collecting over $660m (£497m) of additional taxes.

Swiss banks ordered to disclose account details of FATCA non-compliers

Most banks agreed to join this non-prosecution programme, but some did not, or were disqualified from doing so because they were already under criminal investigation.

Russian oligarch’s son racked up $50m in day trading losses

Ex-wife of billionaire Farkhad Akhmedov accuses their son of helping to hide assets in divorce battle

Global investment firm acquires the Acrotec Group

Acrotec recently expanded its position as a trusted MedTech contract manufacturer leveraging its high-precision engineering capabilities to service a diversified base of global customers.

Malta luxury cards provider fined €373,000 for money laundering breaches

Ultra-rich spenders’ credit card company that recruited former Labour minister Chris Cardona in litany of money laundering breaches

Legal,Regulation,Tax & Compliance