Managers of Wealth

Swiss banks offering U.S. clients up to $5,000 to come clean with IRS

The Swiss firms can’t lessen their own penalties, and hence won’t be offering payments

For top financial diplomat, international cooperation suits Swiss banks

Despite a largely unaltered image abroad, the finance ministry official behind key international negotiations believes the Swiss financial sector will thrive after having signed data exchange agreements that some say spell an end to banking secrecy.

French economist hails progress against tax evasion; Swiss banks will continue to cheat

The economist says the incentives for bankers remain tempting.

London asset manager takes UBS to court

“The financial stakes in this dispute are very high, the parties having contemplated annual revenues of circa $200m once their venture was up and running,” Decura said in its written legal argument filed in court.

France nets 1.3 billion euros from tax evaders' secret foreign bank accounts

There is a steady stream of secret account-holders owning up, he said, with the 336 billion euros coming in since mid-June.

France defends billion-euro guarantee demand in UBS probe

A 1.1 billion euro guarantee payment demanded by French judges of Swiss bank UBS reflects the size of the fine it could pay if found guilty of helping wealthy French customers avoid tax

Obama blasts US firms for 'magically becoming Irish' in controversial tax switches

US President Barack Obama has blasted American multinationals that move to Ireland to cut their tax bill.

Private client group gains drive Raymond James to record quarterly profit

Pretax earnings jump 39% to $81.5 million; profit margins hit 10%

Rathbones to pay £15m to end Jersey trust battle

The settlement is expected to become unconditional before the end of October 2014. A further announcement will be made once the settlement has taken place.

MiFID 2 – What to expect in Switzerland? by Fabien Aepli and Nurith Cohen, Eversheds

The European Commission and the European Parliament agreed on the updated Markets in Financial Instruments Directive (MiFID 2) and on the Markets in Financial Instruments Regulation (MiFIR) on 15 April 2014.

Green party calls for wealth tax on assets of multimillionaires

The Green party has called for a wealth tax of up to 2% on the assets of multimillionaires that it believes could raise more than £40bn a year.

FCA fines ex-JPM Cazenove chairman £450k for market abuse

This follows on from the judgment of the Upper Tribunal (Tribunal) which upheld the decision of the FCA that Mr Hannam engaged in two instances of market abuse by disclosing inside information other than in the proper course of his employment in two email

BVI publishes draft FATCA Guidance Notes

In the latest moves towards implementation of the FATCA Intergovernmental agreements (IGAs) signed by the BVI with the US and the UK, the BVI Government has released draft Guidance Notes for public consultation.

Using Offshore Tax Havens

Taxes charged by governments are a lot like consumer prices charged by retailers.

Property in Cyprus, cars and Coutts bank accounts - men behind Norfolk fraud ordered to pay back £9m assets or face more jail time

Mark Fenhalls, prosecuting, said Esmene had £7.1m tied up in property across Europe and in Coutts bank accounts, while Yorkshire had £1.2m including property, cars and almost £500,000 of hidden assets.

Legal,Regulation,Tax & Compliance