11/02/2018
US charges former Goldman bankers for 1MDB
Former Banker Tim Leissner Pleaded Guilty to Conspiring to Launder Money and to Violate the Foreign Corrupt Practices Act Related to 1MDB
Legal,Regulation,Tax & Compliance
11/02/2018
Proposed abolition of “white list” approach in CRS legislation
This article discusses the change announced in the FAQ, details the jurisdictions affected and highlights the key obligations and considerations for Swiss FIs in complying with the amendment
11/01/2018
Isle of Man sees reform of charities law
The purpose of the Bill is to bring Manx law’s definition of what is charitable and its system of regulating charities more in line with the approach taken in England and Wales following the Charities Act 2011.
11/01/2018
The Charity Commission - a new regulatory approach?
They demonstrate a shift in emphasis for the Charity Commission following a year where charity behaviour and regulation has been particularly in the spotlight.
10/31/2018
BAHAMAS Public Statement on FATF ICRG announcement
The Bahamas’ CFATF Mutual Evaluation Report was approved at the May 2017 CFATF Plenary in Trinidad and Tobago.
10/30/2018
Asset managers buck trend as financial services complaints reach record high
Investment product complaints just 2% of total
10/30/2018
Former Julius Baer Banker Gets 10 Years for Venezuelan Plot
Matthias Krull pleaded guilty to role in money-laundering case
10/30/2018
Carey Olsen repeats clean sweep of Tier One rankings in Legal 500 UK
"We would like to thank our clients and peers for their time and positive endorsements during the research process and our staff for their continued commitment and hard work."
10/29/2018
Global Banks in Crossfire Between Chinese Authorities, Wealthy Elite
This type of questioning has become business as usual for Asia’s biggest economy.
10/29/2018
Unexplained wealth orders: The UK’s newest weapon in the war against dirty money
To spend £1.6m in a year, you’d need to buy the equivalent of that bracelet once every 11 days.
10/28/2018
Good cop/Bad cop – Speech by Sam Woods
On issues of common ground where there are shared challenges that the regulator and the firms collectively face, there is no inherent conflict between the public and private interest and the regulator plays the role of good cop.
10/28/2018
A Bundesbank Economist Has a Radical Plan to Halve Italy's Debt
At such a rate “almost half of Italian government debt could be converted into solidarity bonds.
10/26/2018
Tax system problems result in CHF1.8bn shortfall
One of the main problems, however, was that neither reminders nor invoices for interest could be sent.
10/26/2018
How The Unexplained Wealth Order Combats Money Laundering
As part of new measures to tackle asset recovery and money laundering, the UK government introduced Unexplained Wealth Orders in January, which are being hailed as the cure to Britain’s dirty money problem.
10/26/2018
JPMorgan Hack Justifies Secret Accounts, Ex-UBS Banker Says
Raoul Weil says their features protect identities from hacking
10/25/2018
Millionaires need tax help — where are the advisors?
There were some findings around taxes where I think investors were really pleased with some of the advice they got
10/25/2018
APAC tourism records fastest growth in international tourist arrivals
The boost in international travel can be attributed to rapid economic growth in a region with over half the world’s population, combined with rising air connectivity, travel facilitation and large infrastructure projects.
10/25/2018
Money laundering and terrorist financing controls in overseas jurisdictions – advisory notice
This document contains advice issued by HM Treasury about risks posed by unsatisfactory money laundering and terrorist financing controls.
10/25/2018
Fintech development and regulation highly variable across Europe
“Whilst in the majority of surveyed markets, Fintechs have to operate under the same regulatory framework, some countries (e.g. Austria, Italy, Poland) exhibit deficiencies in this regard."
10/25/2018
Sackler family—major cultural patrons—amassed $31.2m in offshore HSBC bank accounts, investigation finds
Mortimer Sackler opened a handful of accounts in Switzerland one month before federal prosecutors filed a lawsuit against Purdue Pharma in 2005