Managers of Wealth

Dirty money law to give State power to seize luxury assets without criminal conviction

Law will empower Asset Recovery Bureau to confiscate assets acquired through criminal means without criminal conviction

Police recover £3m after wealth manager boss’ Ponzi-scheme

The case was referred to the police by the FCA after the regulator became suspicious of HBFS’ bank accounts.

Business as usual for Covid-free Guernsey

We frequently state that Guernsey is a great place to live and to do business.

Liechtenstein’s Union Bank decides to liquidate

Media reports have linked the bank to criminal activity.

Barclays probed by privacy watchdog over reports of spying on staff

The UK’s data and privacy watchdog said a formal probe is ongoing, but could not say when it may conclude.

HMRC investigating 246 players and 55 agents over tax avoidance with image rights

World class footballers and top agents are being probed by HMRC regarding image rights deals used to avoid tax, and the number being investigated has soared since 2019

Hong Kong Haven Status Undermined by Swiss Shift

The precious metal recently rallied past $2,000 per ounce on pandemic and inflation fears and is expected to keep rising.

Carey Olsen supports Tembo Capital on latest mining fund launch

These opportunities may include exploration ventures, near term production ventures, royalties, operating mines, infrastructure of metals and mining projects, and services associated with the metals and mining sector.

Wolfsberg Group Issues Guidance on Source-of-Wealth, Source-of-Funds Checks

In line with regulatory expectations, FIs should adopt a risk based approach with respect to the amount of information collected, and corroboration required, for SoW/SoF purposes.

Crypto broker plans IPO and banking licence

Bitcoin Suisse would first have a security token offering, where shares from the company’s own holdings would be brought onto the blockchain.

The Bahamas emerges as a pandemic safe jurisdiction for family offices

Financial regulators in the Bahamas have also set up a fast track licensing operation for FinTech companies with the goal of being able to provide comprehensive financial services support.

Goldman Sachs cuts quarterly earnings citing legal provisions

The bank said it set aside $2.96 billion in the second quarter for legal and regulatory costs, up from the $945-million Goldman said it set aside on July 15 during its second quarter earnings announcement.

Sustainability reporting guidance 2020 to 2021

Guidance for government bodies on sustainability reporting.

Kuits retains top tier Chambers High Net Worth ranking

Independent law firm Kuits remains in Band 1 alongside national practices Addleshaw Goddard and Mills & Reeve.

When will Europe crack down on those aiding and abetting financial crimes?

At the heart of the dispute currently cleaving Leo Trust, one piece of the web of Swiss financial services companies which optimize super high-net-worth clients’ assets for tax purposes, in two is a $1.35 billion loan contract.

Swiss media report fingers Martinellis in bribery expose

The judge in Bellinzona, however, ruled that it was up to the judge in Spain to decide whether the documents show a relevant criminal connection.

Swiss Authorities Are Investigating Embattled Art Dealer Yves Bouvier for Evading as Much as $360 Million in Taxes

Bouvier argues that he has lived in Singapore for the past decade and therefore is not subject to Swiss tax.

Attacks on Trusts

Trusts are usually set up to protect assets from creditors’ claims

Is private client law moving into the 21st century…

The rules relating to how a Will must be signed and witnessed are enshrined in legislation dating back almost 200 years old, (Wills Act 1837), and these rules are sacrosanct for any private client practitioner.

UK competition regulator blocks merger of FNZ and GBST

The Competition and Markets Authority has provisionally found that FNZ’s purchase of GBST could result in a substantial lessening of competition.

Legal,Regulation,Tax & Compliance