Managers of Wealth

Denmark seizes Sanjay Shah’s mansion over £1.5bn fraud claim

He is alleged to have created a complex scheme using fake documents to fraudulently claim tax relief on share dividends in Denmark.

High net-worth Spaniards looking to transfer to Portugal to escape new Socialist regime

This is despite the fact that Portugal is tweaking its non-habitual residency regime – previously representing a 10-year tax amnesty for pensioners – so that subscribers pay a minimal tax on the income from their pensions.

UBS Group Unit Under Investigation By Italy's Prosecutors

Per the Italian law, the companies involved can be held responsible for the actions of their employees.

OECD endorses international tax rewrite efforts, punts on ‘safe harbor’ proposal

The safe harbor proposal came as a surprise and many stakeholders have understood it to mean that the new allocation rules would be optional for companies.

Asset managers advised to review governance

Alice Bell of Pinsent Masons said firms need to go beyond boilerplate compliance manuals and documentation to meet the FCA's requirements on governance.

UBS Europe probed in Italy in asset manager fraud investigation: sources

Prosecutors have looked in to whether Sofia committed fraud by applying higher-than-average fees to 117 clients

Carey Olsen's Russell Clark named Crown Dependencies lawyer of the year for second consecutive time

Russell, who also heads up the trusts and private wealth practice in Guernsey, was shortlisted for the 2020 award alongside nine other private wealth lawyers from Guernsey, Jersey and the Isle of Man.

International tax reporting changes: Directive on Administrative Cooperation 6 and the Mandatory Disclosure Rules

The regulations require ‘intermediaries’ and, in some circumstances, taxpayers to report details of cross-border arrangements to HMRC

Prevention of Money Laundering and Terrorist Financing: Identity of beneficial owners

Professionals should keep records of all actions taken to identify the UBOs under point (i), (ii) or (iii) and they should be ready, when requested, to justify the measures they have taken.

Brexit: What's next? What investors expect and the crunch dates

The UK will also no longer be covered by trade deals between the EU and third countries unless these agreements have already been rolled over or new deals have been made.

Charities secure exemption from new layer of anti-money-laundering regulation

A technical consultation launched this month, which said: “Charitable trusts are not in scope to register because the risk of these kinds of trusts being used for money laundering or terrorist financing activity is low”.

WH Ireland shuts Milton Keynes branch in restructure

The office will be merged into WH Ireland's London headquarters with its four-strong team locked in negotiations about their futures.

Drop in HMRC tax fraud investigations

As FOI shows number of raids fell by 23% last year but ‘interpreting the data is not straightforward’

The Sunday Times Tax List: JK Rowling among UK’s biggest taxpayers

“When my life hit rock bottom, that safety net, threadbare though it had become, was there to break the fall,” she wrote.

Tax Agencies Step Up Efforts to Hone in on Crypto Tax Evasion

The era-defining financial scandal shone a light on a controversial characteristic of international finance that would soon spell trouble for cryptocurrency investors and businesses the world over: anonymity.

Guernsey Finance “is more relevant than ever”

Mr Wheatley said: “Representing the island and this financial community for the past five years has been among the most rewarding and enjoyable periods of my career.”

Germany Probes Deutsche Bank Payments to Saudi Royal Adviser: FT

“We caught it, reported it ourselves to regulators and the affected clients, dealt appropriately with the individuals, and made improvements to avoid something similar happening again.”

Rothschild bank heirs sue authorities in Vienna for 'perpetuating Nazi laws by plundering £90m charitable trust that was seized by Hitler'

The lawsuit has accused district of plotting to sell valuable property under value

FINMA Credit Suisse Investigation Could See Executive Overhaul

The bank is being investigated for spying on its own personnel.

UK Money Laundering Regulations Added to the Art Market

While the precise contours of the new regulations will likely be subject to much debate in the coming months

Legal,Regulation,Tax & Compliance