Managers of Wealth

Details Emerge in Pictet Fraud Case

The public prosecutor confirms it has opened a procedure for fraud and breach of trust against a former employee of the bank

GDPR and Data Protection Law in Mauritius

The GDPR is intended to provide much greater harmonisation and protection within the EU in respect of data privacy and security issues

FCA fines Goldman Sachs £34.3m for Mifid breaches

Accurate and complete transaction reporting helps underwrite market integrity and supervise firms and markets. In particular, transaction reports help the FCA identify potential instances of market abuse and combat financial crime.

JPMorgan whistleblowers get $50M from SEC in high-net-worth case

The SEC didn’t name the company involved or the people getting the awards, citing federal law that protects confidentiality.

Arbuthnot lays out plans to ensure EU payments post Brexit

The London-based lender also said it may no longer be able to provide financial advice to citizens in the EU after Britain's exit.

ASIC expects more referrals to prosecutors for wealth industry wrongdoing

In response to a question taken on notice at Senate estimates, ASIC said it had "approximately 20 matters within its expanded wealth management project scoped for investigation of criminal offences".

Ex-UBS broker first to be sentenced in fraudulent Puerto Rico bond sales scheme

I'm not here to blame anyone else

Guernsey substance rules – the Banking and Finance perspective

Guernsey tax resident entities which carry on relevant activities will need to demonstrate that they carry out core income generating activities (CIGA) in Guernsey.

HMRC wins £40 million battle against tax avoidance promoters

HM Revenue and Customs has won a legal case over tax avoidance scheme promoter Hyrax Resourcing Ltd, which will help the tax authority collect over £40 million in unpaid taxes.

RSM sells controversial UK wealth manager out of administration

Robinson was allowed to continue working as a financial adviser by the Financial Conduct Authority, despite being ruled against in court and avoiding further legal action after liquidating his company.

India to auction fugitive billionaire’s art collection

After a court order allowing the auction to take place, tax authorities, who are pursuing Modi over the country’s largest bank fraud, appointed professional auction house Saffronart.

Jersey International Savings Plans - Appleby

This might include a pay-out upon the end of employment or ill health. Depending on requirements, an ISP can provide either an alternative to or complement traditional benefits such as a pension scheme.

UK Government details scale of loan scheme tax avoidance

HM Treasury will publish a report on disguised remuneration schemes and government measures to tackle these arrangements.

A New Horizon by Mark Carney

In pursuit of that New Horizon, let me briefly discuss progress and prospects in three critical areas - reporting, risk and return.

Like Multinational Companies, Africa's Richest Are Hiding Wealth And Avoiding Taxes

The September 2018 AfrAsia Bank Africa Wealth Report says the total individual wealth held in Africa amounts to US$2.3 trillion.

Pictet Hit by Alleged Fraud

Geneva's prosecutor has opened a criminal investigation, and the bank has informed Swiss financial regulator Finma, one of the persons said.

Finma adds three new companies to warning list

Finma has added three firms to its warning list amid concerns about a failure to provide sufficient information to the regulator.

Swiss Trust Law: Federal Council to Draw Up Law on Swiss Trust

The Swiss attempt to codify the Trust law is a continued effort to not only maintain but to increase the attractiveness of Switzerland as a primary financial location for trust companies and for their clients.

Billionaire Michael Steinhardt accused of sexual harassment in NYT report

The former hedge fund founder denies touching anyone inappropriately.

Activities requiring Data Protection Impact Assessment under Luxembourg law

The list put forward by the CNPD does not consist of a comprehensive list of processing operations outside of which a DPIA would not be necessary

Legal,Regulation,Tax & Compliance