Managers of Wealth

Global regulators need to standardise tax reporting mechanisms

This comes as a number of countries and global regulatory bodies introduce their own tax reporting standards in response to the Foreign Account Tax Compliance Act (FATCA).

'Gold-obsessed' Chinese officer's graft case worth $5 billion: magazine

A former senior Chinese military officer was obsessed with gold and often ferried gold bars for bribes in a luxury car, a Hong Kong magazine reported on Monday, in connection with a graft case which investigators estimate is worth some $5 billion.

What To Do With Your Money When You Get Remarried

Getting married is financially complicated, and getting remarried is even more so.

India must show tax fraud proof for valid probe, says Swiss envoy

We have decided that we cannot work with stolen data

India must show valid proof for tax fraud probe: Swiss Envoy

The Swiss government will cooperate with India on the black money issue if Indian authorities provide valid proof of tax evasion, but will not work with evidence obtained through 'fishing expeditions'

Swiss panel recommends higher leverage ratios for UBS, CSuisse

UBS and Credit Suisse should be subject to a higher leverage ratio, the broadest of capital requirements, an expert panel said on Friday, but stopped short of laying out specifics for Switzerland's two largest banks.

RBC Takes $15.8 Million Charge on Wealth-Management Business

Royal Bank of Canada, the country’s second-largest lender by assets, took an C$18 million charge in the fiscal fourth quarter tied to its wealth-management business.

Swiss Banker Seeks Bail in U.S. Tax Case Without Going to Court

Buck, who hasn’t appeared in federal court in New York, asked for a bail package without leaving Switzerland, which doesn’t extradite its citizens for tax offenses.

Make £2billion tax avoidance industry illegal, says Hodge: 'Shameless' accounting firms make vast sums advising rich on how to rip off taxpayers, says accounting chief

The law should be changed to put the ‘shameless’ £2billion tax avoidance industry out of business

Wylys Should Pay $329 Million for Fraud, SEC Tells Judge

The Securities and Exchange Commission asked Scheindlin to order the Wylys to pay $329 million plus interest. Their lawyer estimated the total could be $700 million.

How the HMRC helped tax avoiders stay ahead of the law - by shifting cash for Switzerland to Liechtenstein

The crackdown on wealth stashed in Switzerland has failed. Why? Because of a deal Britain cut with Liechtenstein

Insurance premium tax exemption for spacecraft - In force 1 December 2014

The UK Government is committed to the exciting opportunities open to the space sector and the goal of raising the UK share of the projected £400 billion global space-enabled market to 10% by 2030.

George Osborne Mulls 'Super-Tax' For British Money In Swiss Bank Accounts

Under proposals being considered by HMRC, Britons with money stored in Swiss bank accounts face being hit with a 200% penalty in March 2016 if they do not declare it to the taxman.

FATCA - Status of jurisdictions with agreed-in-substance, but unsigned, IGAs at close of 2014

The IRS today released an advance version of Announcement 2014-38 containing jurisdictions that have been treated as if they have agreed “in substance” to a FATCA intergovernmental agreement (IGA), but that do not in fact sign the IGA before D

UBS Must Face Loreley Fraud Claim in Lawsuit Over CDO Losses

Loreley sued UBS over what it said were four fraudulent CDOs, one of which was arranged by UBS “at the behest of” Magnetar Capital LLC, a hedge fund that had bet against the housing market and selected the collateral for the securities, accord

A whistleblower who has helped Europeans recover billions in taxes

Investigations have lead to the creation of the so-called “Falciani List,” which contains the information of the suspected tax evaders.

Slaughters and Latham lead on €3.8bn Swiss packaging group takeover

Slaughter and May and Latham & Watkins have scored the advisory roles on buyout firm Onex Corp's acquisition of Swiss packaging group SIG Combibloc Group for around €3.75bn

Elian launches ground breaking client due diligence app

Elian has launched a ground breaking app that provides a paperless alternative to certified true copies for individual client due diligence (CDD) purposes.

Johnson's Anti-Fatca Crusade Is "Noble" Says Wealth

Fatca is intended to stop Americans dodging taxes by hiding their wealth overseas, but it has proved controversial because it extends to all American passport holders, even those who have only a tenuous link to the US.

New powers for HMRC by Baker Tilly

We reveal some of our predictions for next week’s Autumn Statement.

Legal,Regulation,Tax & Compliance