Managers of Wealth

Switzerland: You can dodge, but you can’t hide

As Swiss banks wait for the US authorities’ tax evasion spotlight to fall on them

FBI uncovers vast bunker hidden beneath Washington state home of fugitive Romanian tax scammers

The FBI released photos of an elaborate underground bunker discovered when feds raided their home last month.

HMRC to sell taxpayers' financial data

The personal financial data of millions of taxpayers could be sold to private firms under laws being drawn up by HM Revenue & Customs in a move branded "dangerous" by tax professionals and "borderline insane" by a senior Conservati

US fight over adviser fiduciary rules nears end

While debate in the US wealth management sector regarding improved fiduciary responsibilities for advisers appears to approaching resolution, the price of this resolution is that it has retreated back to just improved disclosure rules.

Switzerland Consults On Revised Rules For Expats

Switzerland has launched a three-month hearing on planned changes to the nation's ordinance governing expatriate tax deductions.

Credit Suisse rebuffs foreign exchange probe

Swiss bank Credit Suisse has found nothing "materially untoward" in how it trades foreign currencies

The FCA Business Plan and Risk Outlook 2014 for asset managers - Eversheds

We have identified below the main themes from these publications which are relevant to our asset manager clients to enable you to better prepare for regulatory scrutiny in 2014.

Swatch Compares UBS Funds to ‘Rotten’ Sausages in Swiss Court

UBS AG failed to properly disclose risks it took with Swatch Group AG’s funds and should be held responsible for the losses that followed, the watchmaker argued in a Swiss court.

N.Y. Regulator Sends Subpoena to Credit Suisse in Tax-Evasion Prob

New York's top financial regulator has sought numerous documents from Credit Suisse Group AG as it ramps up a continuing tax-evasion probe of the Swiss bank.

Millionaire tax fraudster set to stand trial in Cyprus

SCOTLAND'S most wanted man has been held in custody since he was arrested in the Turkish-controlled part of the island

The Jersey Finance Services Commission Clarifies its Approach to Licensing of Limited Liability Partnerships - Appleby

Following changes to the law governing Jersey LLPs in 2013, the Jersey Financial Services Commission recently clarified and confirmed its approach to the licensing of LLPs.

A UK tax update for offshore trustees and professionals - Baker Tilly

George Osborne, in last month’s UK Budget, mainly spoke of positive economic and tax changes in advance of next year’s UK elections. However, his brief reference to offshore was perhaps not so positive: “

What's to be expected in the new SORP by Nick Sladden Head of Charities and Social Enterprises, Baker Tilly

Charities will be able to choose which SORP they apply depending on which accounting standard they use. This will facilitate implementation of the new FRSSE framework which is expected shortly.

Julius Baer sees resolution to US tax probe in foreseeable future

Swiss bank Julius Baer sees itself reaching an agreement with the U.S. authorities in a dispute over tax in the foreseeable future.

Executives slam trade bodies and ‘naive’ FCA for lack of fee guidance

The trade bodies need to liaise

EU U-turn on key information documents

The rules were initially known as Prips - packaged retail investment products

Asset managers deny money laundering

Both defendants also allegedly indicated that they would charge clients more to launder criminal proceeds than to assist in tax evasion.

EU Upholds ABN Amro Acquisition Ban

Dutch Lender Can Appeal the Decision

Ex-UBS broker awarded $5.4 million in case over Lehman notes

Arbitration panel has held the firm liable for misrepresenting Lehman Structured notes as suitable for clients

Broker says messages with UBS banker were 'misleading'

U.K. prosecutors have charged nine people with criminal misconduct in relation to the scandal.

Legal,Regulation,Tax & Compliance