Managers of Wealth

UBS faces criminal probe for Puerto Rico bond fund sales - lawyers

If they knew about the practice and did not stop it, they could be criminally responsible for the alleged fraud.

UBS Belgium Chief Quizzed in Multibillion-Euro Tax Probe

The bankers encouraged them to open undeclared accounts in Switzerland, according to a report last month in the magazine M... Belgique, which didn’t say where it got the information.

Management buy-out of Ogier Fiduciary Services completes

This means that with immediate effect Ogier Fiduciary Services and Ogier are two independent businesses.

UBS, Credit Suisse urged to improve leverage ratios

Switzerland's central bank has urged UBS and Credit Suisse to further improve their capital strength, even after good progress made in recent years, due to the "substantial" risks still faced from economic and legal issues.

The Wealth Finance Brief by Field Fisher Waterhouse

In our first article, the recent tensions in Ukraine have prompted us to consider the implications of financial sanctions for lenders on their existing facilities and documentation.

US announces changes to the Offshore Voluntary Disclosures Programs

On 18 June the US Internal Revenue Service (IRS) announced major changes to its offshore voluntary compliance programs, resulting in new guidance for both taxpayers overseas and those residing in the US.

IRS Increases Offshore 'Amnesty' Penalty From 27.5% To 50%

Americans living abroad and certain others who can now come within the IRS Streamlined Program.

BNY Mellon launches MyOnCore to enhance oversight and transparency for investment manager outsourcing arrangements

BNY Mellon, a global leader in investment management and investment services, has launched MyOnCore, an online portal that offers transparency and oversight to investment managers that have outsourced their middle-office operations.

Hollande Praises Andorran Tax And Economic Reforms

French President and Co-Prince of Andorra François Hollande praised the Andorran Government's decision to open up the nation's economy and reform the tax system in the wake of the financial crisis during a recent visit to the Principality

UK Deploying Swiss Disclosure Facility Data

The information was secured under a landmark deal on undeclared Swiss bank accounts held by UK residents, which entered into force in January 2013.

US tax case deal to trigger Swiss bank consolidation

An expected resolution to the US tax evasion probe into Swiss banks will likely be a catalyst for consolidation in the country's private banking industry.

‘More families will be hit by IHT’ - St James’s Place Wealth Management

Advisers need to tell clients to plan early and make use of the many opportunities to help Britons mitigate inheritance tax liability, Tony Mudd has said.

Financial Conduct Authority fines Credit Suisse and Yorkshire Building Society for financial promotions failures

Firms failed to ensure financial promotions were fair and not misleading.

New deadline for Swiss Bank Disclosures - 31 July 2014

On 5th June, the United States Department of Justice (DOJ) extended some information reporting deadlines for Swiss credit institutions that have sought to participate in its tax regularisation programme to secure a non-prosecution agreement.

LVMH executive, former PM Balladur associates in court on arms-sale corruption charges

The money is supposed to have been made from “retrocommissions”

Geneva’s French Ties Fray as Banks Tell Clients to Come Clean

For more than a century, the Swiss city of Geneva has provided wealthy French families with a convenient and safe place to stash their money.

Jersey to introduce attractive new measures to its company offering

Jersey is introducing further innovations to its Companies Law, making the jurisdiction even more attractive for those who use Jersey companies for investment structuring, asset holding and a wide variety of other purposes.

UBS falls on $8 billion estimate in FX fine research report

UBS shares fell on Thursday following a research report which said the Swiss bank could have to pay $8 billion in fines and settlements relating to alleged collusion and price-manipulation in the global currency market.

Private client community divided by public disclosure plans

The initiative, first unveiled at the G8 summit last year, forms part of global efforts to crack down on tax evasion, and the UK government was vocal about stopping its citizens from using shadowy ‘shell companies’ for money laundering.

The Rise of Small Tax Havens

Despite international efforts to clamp down on offshore tax havens, small offshore havens for tax dodging and money laundering are becoming even busier.

Legal,Regulation,Tax & Compliance