Managers of Wealth

Asia's heightened illicit-money scrutiny to hit small wealth managers

Swiss private bank BSI's unit was ordered shut last month by Singapore's central bank for money laundering breaches

Panama Law Firm’s Complaint Spurs Geneva Criminal Probe

The arrested technician was alleged to have leaked confidential data and violated lawyer secrecy rules, the newspaper Le Temps reported, citing the law firm’s lawyer.

SFC reprimands and fines State Street Global Advisors Asia Limited $4 million over management of Tracker Fund

The SFC also found that SSGA’s internal procedures on the management of the Fund’s cash balances were inadequate.

SFC reprimands and fines Schroder Investment Management Limited $1.8 million for disclosure failures

Although legal advice obtained by Schroder advised that an “interest” in shares was broadly defined and was not confined to the exercise of a voting right, Schroder failed to properly follow the advice.

Credit Suisse, UBS Need More Action on Capital Rules, SNB Says

UBS and Credit Suisse have until the end of 2019 to issue bonds and build up capital to comply with the rules, designed to protect the economy from the collapse of one of its two banks.

Swiss detain worker for firm tied to leak of Panama Papers

Mossack Fonseca is at the center of the so-called Panama Papers leak, in which an unknown person gave a German newspaper a trove of legal records detailing the owners and clients of thousands of offshore entities.

Heads up, RIAs: Fiduciary rule will change your practice, too

Morningstar research estimates that $3 trillion in full-service wealth management assets will be affected.

Switzerland getting closer to major overhaul of business tax

The tax rate will average 16 percent for all companies when the new regime is phased in during the next few years.

Africa tax in brief by Celia Becker, ENS Africa

Latest tax news from Africa

OECD Request for Input on the development of a multilateral instrument to implement tax treaty BEPS measures by Elsabe Strydom

Many of the BEPS outputs relate to tax treaties and will not be effective until the relevant bilateral tax treaties are amended.

What are the chances of a global tax system for business? by George Bull

We’re beginning to hear calls for the development of a global tax policy for the taxation of corporate profits. Will they succeed?

Wall Street scion will likely plead guilty in a $150 million fraud case

Alleged fraud scheme was up to $95 million.

Comment: Fight offshore critics on the moral high ground

The media, charities funded by international aid and lobby groups should be rebutted with a moral argument, he proposed.

HSBC Reimburses $7 Million It Charged 4,000 Clients In Excess Fees

A settlement agreement approved by the British Columbia Securities Commission on Monday also includes a voluntary payment by the Vancouver-based firm of $300,000 toward investor education, and $20,000 to cover costs.

Standard Chartered CEO cracking down on 'above the law' bankers

He says he uncovered a culture where a few senior managers flouted ethics rules for personal gain and considered themselves "above the law".

KPMG Switzerland Resigns as Fifa Auditor

A spokesman for KPMG Switzerland, which has audited Fifa since 1999, confirmed its resignation on Monday.

Eversheds' International Tax e-briefing

Restrictions on interest deductibility from next year: consultation published

Appleby lawyers to attend STEP Global Congress

Gavin Ferguson, the Managing Partner and Private Client and Trusts Group Head at Appleby’s Guernsey office, will be attending the STEP Global Congress.

Ex-Schroders Trader Jailed For Two Years Over Insider Dealing

Mr Clarke worked for Schroders Investment Management from August 2000 until January 2013, initially as an assistant fund manager and then from 2006 as an equities trader.

Ex-UBS Salesman Must Pay $42,100 After Suing for $1 Million

Instead, the court decided on Tuesday he should pay UBS for not honoring the three-month notice period in his contract.

Legal,Regulation,Tax & Compliance