11/26/2019
Switzerland pushes for more financial transparency
The Swiss parliament is likely to examine the proposal for the first time in the 2020 spring session.
Legal,Regulation,Tax & Compliance
11/25/2019
Much awaited Hong Kong Court of Final Appeal decision on anti-Bartlett clauses handed down
This is our initial take on the decision with more detailed analysis to come over the next few days.
11/25/2019
Executive director of the Queen’s bank Coutts denies it was an ‘old boys’ club’
Central London Employment Tribunal was told that female staff earn more than a quarter less than men on average.
11/25/2019
IFA jailed for nicking £600k from own family
A Derbyshire-based financial adviser has been jailed for over six years after being found guilty of stealing more than £600,000 from his own family.
11/25/2019
London broker pleads guilty to conspiring to evade FATCA
FATCA demands foreign financial institutions must make an annual report to the IRS that disclose the details of any accounts controlled by US taxpayers.
11/25/2019
Finma adds three firms to warning list
The latest companies to provide insufficient or false information to the regulator.
11/22/2019
200,000 Brits in for a £3 billion Swiss bank share-out?
The cash is owed by Swiss financial institutions like UBS and Credit Suisse to anyone who invested money through them and did not receive the commission fees paid on the deal.
11/22/2019
Vatican officials: Swiss bank suspected of money laundering led to Pell conflict
"Sometimes the Church must be able to help without being seen to be helping.”
11/22/2019
Summary of key points of additional implementation guidance on CbC reporting
The guidance clarifies that, consistent with the definition of revenue, profit (loss) before income tax (PBT) excludes payments received from other constituent entities (CEs) that are treated as dividends in the payer’s tax jurisdiction.
11/21/2019
Morgan Stanley tweaks brokers’ core payout formula to boost revenue
Financial Advisor IQ quoted Morgan Stanley Wealth Management field management head Vince Lumia as saying that the new comp plan “is focused on rewarding growth that will be achieved by deepening relationships, adding new clients and delivering a sta
11/21/2019
Blacktower opens ‘fully regulated’ Cayman business
To offer financial planning services on the island EmailFacebookTwitterLinkedInPrint
11/21/2019
Risky business: UBS warns that tax on billionaires will kill off risk appetite
The proposed wealth taxes have prompted a number of super-wealthy figures including former Goldman Sachs boss Lloyd Blankfein and JP Morgan chief executive Jamie Dimon to publicly express their concerns.
11/21/2019
Deutsche Börse and Swisscom Settled Securities Transactions via Tokens for Swiss Banks
In the following securities transactions, the banks acted as counterparties and exchanged securities tokens against cash tokens using DLT.
11/21/2019
Swiss aim to launch NSFR liquidity rules for banks by mid-2021
The NSFR complements this and aims to ensure stable funding over the long term.
11/20/2019
DBS just signed up to a responsible financing framework—does this mean it has quit coal?
The Temasek-linked bank joins a list of 101 financial institutions from 38 countries that have signed up to the EPs.
11/20/2019
U.S. Arrests Money-Laundering Expert For Laundering Money
Prof. Bruce Bagley Participated in the International Laundering of over $2 Million Derived from Venezuelan Bribery and Corruption
11/20/2019
FCA fines Henderson £1.9m for fund failings
Retail investors were charged up to 1.5% for Henderson funds that ditched active management
11/20/2019
EU Mandatory Reporting of “Tax Aggressive” Cross-Border Arrangements – DAC6
Any cross-border arrangements that are seen as “potentially tax aggressive” needs to be reported to the tax authorities.
11/20/2019
AUSTRAC Commences Legal Action Against Westpac for AML Breaches
These AML/CTF laws are in place to protect Australia’s financial system
11/19/2019
The Launch of the Legal Statement on the Status of Cryptoassets and Smart Contracts by Sir Geoffrey Vos, Chancellor of the High Court
There is an endless spectrum of types of cryptoasset and cryptocurrencies, many of which already are or certainly will be designed for use as wholesale and retail payment mechanisms.