Managers of Wealth

The City lunch that cost £1.7m in poaching row

It was probably the world’s most expensive lunch. When Fahim Imam-Sadeque, an investment manager, invited out a colleague it ended up costing him £1.7 million.

A look at money laundering settlements since 2009

Since 2009, several European banks have paid heavy settlements related to allegations they moved money for people or companies on the U.S. sanctions list.

U.K. Fraud Prosecutor Arrests Three Men in Libor-Rigging Probe

UBS AG is expected to face a fine as early as this week that may surpass the record 290 million pounds ($466.6 million) Barclays Plc, the U.K.’s second-biggest bank, paid in June to settle claims it attempted to manipulate Libor.

JPMorgan Said to Ask Staff to Help Fund U.K. Tax Settlement

Employees who participated in the trust were asked to help fund a payment of at least a few hundred million pounds if they want to settle with Her Majesty’s Revenue and Customs

FSA crackdown on new jobs for failed bankers

Financial regulators are looking at radical changes to the way they approve senior people after it emerged that Lord Stevenson, former chairman of collapsed bank HBOS, stepped down last month from a senior role at an investment firm which had connections

HSBC, Standard Chartered Close to Resolving Iran Claims

A Senate committee said in July that failures in London- based HSBC’s money-laundering controls allowed terrorists and drug cartels access to the U.S. financial system.

Withers hires BLP wealth planning partner in Singapore

Withers has hired partner Simon Michaels from Berwin Leighton Paisner for its wealth planning practice in Singapore

Ex-Deutsche Bank staff say bank hid $12bn losses

Three former Deutsche Bank employees have filed complaints with the US securities regulators claiming the bank failed to recognize up to $12 billion (£7.46 billion) of unrealised losses during the financial crisis.

Swiss banking: Treaty to crackdown on Britain’s tax evaders

It is the largest tax-evasion settlement in history, according to George Osborne,

Tax avoidance targeted by European Union

Some big companies take advantage of these loopholes to avoid paying millions of euros in tax

Stephenson Harwood files £200m SFO damages claim for Tchenguiz Family Trust

The SFO has instructed 5 Essex Court silk Jeremy Johnson QC to defend a £200m damages claim brought by businessman Vincent Tchenguiz.

FSA to appoint administrators to oversee Libor submissions

By making the act of administrating Libor a regulated act, the FSA has proposed removing the British Bankers

Swiss President Stands Firm On German Tax Deal

Emphasizing that no further concessions are conceivable, Widmer-Schlumpf stressed that Germany and Switzerland have already negotiated a "good and fair treaty,"

George Osborne targets ‘cowboy’ tax advisers and their schemes to shelter wealth

Laws planned next year will also increase the range of information they must pass on to the Revenue team dealing with loopholes.

International Tax Law Firm receives top tier ranking

This is the latest honor for the legal boutique firm, which was also recently awarded the 2012 Corporate Intl Magazine Global Award for the “Cross Border Law, Firm of the Year” in Florida.

Brazilian heiress files suit to overturn Merrill ruling

Lawyers for de Kassin filed a complaint on Thursday in a Manhattan federal court asking a judge to overturn parts of the ruling.

France Sexy No More for Entrepreneurs Escaping Hollande

France looks more like an old maid to me

China's Huaxia Bank says rogue employee sold troubled wealth product

China's Huaxia Bank Co Ltd has blamed an employee at a Shanghai branch for selling a wealth management product without permission, after Chinese media said the product could not repay investors.

Adoboli’s Ex-Manager Sues UBS Saying Firing Was Race Bias

He was UBS’s head of European cash trading, alleges race discrimination and unfair dismissal in a lawsuit filed in June at a London employment tribunal

Third time unlucky for UBS

UBS faces a third FSA investigation in four years, this time for Libor. A record-breaking fine is coming its way…

Legal,Regulation,Tax & Compliance