Managers of Wealth

China Starts Sharing Income Data to End Global Tax Loopholes

Policy makers in Beijing are working to reform the income tax system

Danish billionaire Povlsen to anchor £2bn Funding Circle float

Anders Povlsen, one of the UK's biggest landowners, is to snap up a 10% stake in the peer-to-peer lender, Sky News learns.

Luxembourg lures asset managers ahead of Brexit

Close to 5,000 people now work for investment managers in the grand duchy

Financial system risk is elevated and global standards are essential in managing cross-border infrastructure investment

The report says the financial outlook will also be shaped by China’s ability to manage risks relating to high indebtedness and leverage in its banking, shadow banking and wealth management industries.

Deloitte Tax looks at executive comp guidance

The Treasury Department and the IRS anticipate further guidance will be issued in the form of proposed regulations and that the proposed regulations will incorporate guidance addressed in the notice.

OECD releases fourth round of BEPS Action 14 peer review reports on improving tax dispute resolution mechanisms

A document addressing the implementation of best practices is also available for each jurisdiction that opted to have such best practices assessed.

JPMorgan sues $14B Merrill team for 'bad-mouthing'

JPMorgan accuses the advisors of "bad-mouthing JPMorgan" to clients by making false statements about the firm's ability to serve investors.

Credit Suisse Is Seeking Withdrawal From Debt Deal With Owner of National Enquirer

Representatives for Credit Suisse Group AG and American Media declined to comment.

Chinese police arrest $5bn hedge fund fugitive who fled abroad

Authorities in unnamed country help seize FX Group chairman wanted over defaults

Swiss cantons forced to fish for multinationals with non-tax lures

Geneva and Vaud would become considerably more attractive from a tax perspective

Old Mutual gears up for regulatory change in the advisory business

These are big changes for advisory businesses

US fines Basel Cantonal Bank for tax evasion role

Sensing the 2009 prosecution of UBS as a “business opportunity”, Basel Cantonal Bank engaged outside professionals to help them onboard US clients and their undeclared assets to its Zurich-based branch.

Swiss bank makes $60M deal with US over hidden accounts

The DoJ said that at its peak US client assets worth approximately CHF 795 million were held by BKB, many of which were held in undeclared accounts.

Swiss watchdog to propose looser anti-money laundering rules for fintechs

Switzerland, the world’s largest centre for offshore wealth, has gained prominence in recent years as a hub for financial technology providers

UBS Hires Law Firm to Review its Handling of Rape Allegation

Global Law firm will provide an ‘independent assessment’

PIMFA launches data sharing platform to combat financial crime

The launch comes after new UK legislation in the Criminal Finances Act 2017 designed to protect regulated entities when they share information on money laundering suspicions.

CFTC orders UBS to pay USD15m penalty for attempted manipulation and spoofing of precious metals futures

Today’s enforcement action demonstrates the Commission’s continued commitment to root out manipulation and spoofing in our markets

Big four accountants KPMG, EY, PwC and Deloitte in firing line over partners' pay

Deloitte revealed its 702 equity partners made an average £832,000 of profits each in the year to May 31, the highest pay-out for nine years.

Ingenious ordered to pay almost £50m in back taxes

Both HMRC and Ingenious claimed victory in a four year court battle in 2016

Malaysia Brings Eight Money Laundering Charges Against Low

The charges cover approximately USD260 million in funds that Low is accused of receiving between December 2013 and June 2014.

Legal,Regulation,Tax & Compliance