07/28/2014
French economist hails progress against tax evasion; Swiss banks will continue to cheat
The economist says the incentives for bankers remain tempting.
Legal,Regulation,Tax & Compliance
07/27/2014
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.
07/27/2014
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.
07/25/2014
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
07/25/2014
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.
07/24/2014
Private client group gains drive Raymond James to record quarterly profit
Pretax earnings jump 39% to $81.5 million; profit margins hit 10%
07/24/2014
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.
07/24/2014
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.
07/24/2014
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.
07/23/2014
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
07/23/2014
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.
07/23/2014
Using Offshore Tax Havens
Taxes charged by governments are a lot like consumer prices charged by retailers.
07/23/2014
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.
07/22/2014
Ashburton investment support manager who stole more than £500,000 from wealthy clients jailed for four years
The court heard Lomas abused her position to manipulate reports and doctor statements while she was an investment support manager at Ashburton (Jersey) Limited.
07/22/2014
UBS’s Puerto Rico Closed End Funds Have a Troubled Past
Investors over the last several months have been filing legal action against UBS Financial Services Inc. of Puerto Rico over closed-end municipal bond funds that have tanked in value.
07/22/2014
AIFMD implementation incomplete uncertainty remains - AIMA
A number of European countries have not implemented the AIFMD to date or not implemented it completely. AIMA said this is hindering managers’ ability to do business and means that investors in certain countries may be prevented from accessing altern
07/21/2014
Coutts warned clients on film scheme HMRC tax challenge
Coutts has warned its clients about a possible HMRC Revenue & Customs tax probe into film investment schemes
07/21/2014
Julius Baer expects to settle U.S. tax case in months
Julius Baer expects to strike a deal with U.S. authorities in a matter of months to settle a criminal investigation into the Swiss bank's role in helping wealthy Americans evade their taxes, its chief executive said on Monday.
07/21/2014
Standard for Automatic Exchange of Financial Information in Tax Matters
New single global standard for the automatic exchange of information between key authorities worldwide
07/21/2014
Jersey Finance welcomes new charities law
New legislation approved by Jersey’s government will help confirm the jurisdiction as a leading, mature and flexible centre for global philanthropic work, according to Jersey Finance.