Managers of Wealth

International Tax News - August 2016 - PwC

Keeping up with the constant flow of international tax developments worldwide can be a real challenge for multinational companies.

Falcon private bank linked to Malaysia scandal

Authorities are now looking more closely at Falcon — a small Zurich-based manager for wealthy clients acquired in 2009 by an Abu Dhabi sovereign wealth fund — and its ties to Malaysian Prime Minister Najib Razak, people familiar with the matte

Hillary reveals her plan to tax the ultra-wealthy

The "Buffett Rule" was originally proposed by legendary investor Warren Buffett to raise tax on the wealthy.

Appleby recognised for prestigious Offshore Award

Appleby awarded 2016 US Captive Services Award

A new era of entrepreneurs? by Dr Stuart Thomson, Head of Public Affairs, Bircham Dyson Bell

Certainly no one in the business community is talking the economy down and they are up for the fight that the Brexit result has delivered. However, entrepreneurs are concerned about the future.

China regulators launch inspections on banking business, wealth management: media

China's securities regulator has urged securities firms, fund houses and futures brokerages to conduct self-inspections on their wealth management businesses, and take corrective measures accordingly.

Barclays reaches US$100 million US Libor settlement: NY attorney general

Manipulated Interest Rates Hurt Government And Not-For-Profit Entities In New York And Across The Country

Hoots and squawks come home to nest at Deutsche Bank

Bank to pay $12.5m to securities watchdog over information broadcast on internal speaker system

Swiss Migros Bank CEO won't rule out negative rates for retail clients -report

Nearly all Swiss banks have refrained from passing on negative rates to retail customers

South African Tax Advisers Get No Protection for Reporting on Wealthy

The rules are intended to provide the window of opportunity to come clean ahead of 2017.

Wegelin Whistleblower Couple Awarded $17 Million

The two were awarded $17 million by a U.S. court this week for their role in bringing down Wegelin.

One year extension given to reclassify Bermuda Exempted Funds - Appleby

Bermuda’s legacy Exempted Funds have been given a one-year extension on the 3 October 2016 deadline to reclassify as a Class A or Class B Exempt Fund. Exempted Funds now have until 3 October 2017 to reclassify.

Latin American tax clampdown latest threat to Swiss bank accounts

That has all changed in recent years as U.S. and European agencies offered them a chance to declare offshore accounts, pay penalties and settle back taxes.

Germany tips off euro neighbours over tax evasion

The biggest package of data stemmed from a hard drive sent by an anonymous whistleblower to tax inspectors in the western state.

Philippines central bank hits cyber-heist institution with $21 million fine

So far, just $18 million of the missing funds has been recovered and frozen in the Philippines.

Panama seeks to punish countries that blacklist it as 'tax haven'

The bill will be put to Panama's Congress for debate and a vote.

Strong presence in 2016 Who's Who Legal Asset Recovery for Appleby

Included among 11 Appleby practitioners from five jurisdictions is Fraser Robertson, Head of Dispute Resolution in the Jersey office, and a member of Appleby’s Global Management Board.

FINRA fines Barclays $1.3 million for order reporting violations

FINRA rules require firms to transmit to OATS complete and accurate data relating to events in the lifecycle of an order, called Reportable Order Events. FINRA found 15 system issues at Barclays Capital that gave rise to OATS reporting violations.

UK House of Lords considering blocking Brexit

A cross party coalition in the UK House of Lords is considering blocking the triggering of article 50, the process for leaving the EU.

Lord Ashcroft's Belize bank hit by wave of withdrawals

It later emerged, however, that a promise he had reportedly given at the time to relinquish his controversial tax exile arrangements had not been kept for many years.

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