Managers of Wealth

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.

Former Rangers players and managers face paying millions of pounds to taxman

BBC Scotland says a letter sent earlier this month by Trident Trust, a Jersey-based company has issued warnings.

For the World's Super Rich, Litigation Funding Is the New Black

Sydney’s AMP attracted five class action suits within weeks

Morgan Stanley Wealth Management Australia required to amend false claim of independence

Advice firms need to have adequate processes and controls in place to ensure any public statements they make comply with the Corporations Act.

Former Julius Baer banker pleads guilty in $US1.2b Venezuelan cash laundering

Two years ago, Switzerland seized $US118 million ($160.5 million) in bank assets linked to a Venezuelan businessman who has admitted to bribing PDVSA officials to steer about $US1 billion in energy-supply contracts.

Fintech Without Borders: Regulators Consult on Global Financial Innovation Network

The Consultation builds on the FCA’s proposal earlier this year to create a “global sandbox” for innovative financial services firms.

Corporate compliance in Ireland is easy – but not complexity free

While Ireland is leading the way for ease of corporate compliance, the country is not complexity-free.

Bermuda's Charities Amendment Act: Balancing AML/ATF standards and privacy

The public only has the right to inspect the register of charities in respect of public charities, together with such public charities’ statements of accounts and annual reports.

Merrill Lynch Settles SEC Charges of Undisclosed Conflict in Advisory Decision

The SEC’s order finds that the conflict of interest arose in Merrill Lynch’s handling of third-party products managed by a U.S. subsidiary of a foreign multinational bank, in which more than 1,500 of Merrill’s retail advisory accounts ha

Is naming and shaming tax defaulters an effective tax evasion deterrent? Sarah Saunders and Mike Down

Despite concerns from some Conservative MPs, Chancellor of the Exchequer Philip Hammond seems to be ruling out reforms to business rates although arguably these could have a greater influence on high streets up and down the country than the ‘Amazon

Legal,Regulation,Tax & Compliance