Managers of Wealth

Revenues surge as global crackdown on tax evasion gathers pace

The Paris-based OECD said last week that many transgressors were facing “the last window of opportunity” to disclose such information.

The OECD takes further steps to putting an end to offshore tax evasion

The OECD has released three new reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information

Offshore Messenger: Budget changes significantly impact offshore world

In a bid to raise more tax, the UK Summer Budget introduced a number of changes which will significantly impact the offshore world.

Wealth planning update - Withers

With this newsletter we would like to bring to your attention a number of international developments that are likely to be relevant for clients and their advisers alike.

Brazil tax amnesty plan may struggle to lure back offshore assets

It's going to be a major flop.

Tax concerns mount while richer clients claim manager disatisfaction

Almost half of high net-worths have cited climbing tax rates as their number one concern

More Swiss banks settle tax evasion probe with US

Three further Swiss banks have come to an agreement with the United States authorities over clients who evaded US taxes by using Swiss bank accounts.

Barclays' McFarlane bans jeans and flip-flops in culture clampdown

It said that while dress-down Fridays could still go ahead with jeans, trainers and T-shirts all permissible, flip-flops face an outright ban.

Soccer’s Romario Gets Apology After False Offshore Cash Claim

The timing of the Veja article coincided with the start of a parliamentary investigation into alleged corruption at Brazilian soccer’s governing body that Romario is leading.

5 firms, 6 emails / Electronic chat transcripts that cost billions

Emails, telephone calls and electronic chats were a crucial part of the damning evidence

Double taxation pact reflects growing importance of Oman: Swiss envoy

That agreement, originally signed in 2009, came into effect on July 1 this year, according to Curtis law firm.

ESMA to Assess Non-EU Countries for AIFMD Passport

This is good news for alternative investment fund managers that do business in Europe,

Deutsche Bank Said to Be Probed by DOJ on Russia Mirror Trades

U.S. federal prosecutors are investigating billions of dollars of trades Deutsche Bank AG made on behalf of Russian clients as recently as this year, according to people with knowledge of the situation.

Ex-UBS, Citigroup trader jailed by London court for Libor rigging

In the first trial of a defendant accused of Libor rigging, Hayes had faced up to 10 years imprisonment for each count of conspiracy over the manipulation of London interbank offered rate Libor

'Fugitive' ex-UBS trader cannot escape U.S. case over Libor: judge

Darin's lawyers argued he was not a fugitive since he had never fled

JPMorgan Questioned on Private Bank’s Hedge Fund Disclosures

The firm is responding to and cooperating with the relevant authorities

The impact of FATCA in the Philippines

Hiding money overseas to avoid taxes has been the long-established practice of some taxpayers. Offshore tax havens (i.e., countries that have low or no taxes and lack of transparency) still exist, making it possible for individuals to evade taxes by not r

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