09/16/2012
Leading Swiss Private bank to reveal more data, staff names in US tax probe
For the first time, Credit Suisse employees will be told before their names are disclosed to U.S. officials, a bank spokesman said, after previous transfers of information by banks drew criticism.
09/12/2012
Freshfields is advising Barclays with a team headed up by London disputes partner Simon Orton, alongside Ewan McQuater QC, David Quest and Sandy Phipps from 3 Verulam Buildings.
09/12/2012
The Financial Services Authority (FSA) has banned a financial adviser after he gave false references from a previous employer, from which he had been dismissed for dishonesty.
09/12/2012
The Treasury Department has approved an initial settlement that will also involve Manhattan's top prosecutor and the Department of Justice, the New York Times said.
09/12/2012
Royal Bank of Scotland and two other banks have begun legal proceedings against an investment vehicle owned by Dubai's ruler, seeking immediate repayment after abandoning talks to restructure $10 billion in debts.
09/12/2012
Merrill Lynch must pay US$3.6 million ($4.4 million) to an heiress from Brazil who said she lost tens of millions of dollars due to unauthorised trades made by her brother in her account, a securities arbitration panel has ruled.
09/12/2012
Many Swiss are fuming after a whistleblower, who helped prosecute Swiss bank UBS for helping rich Americans avoid taxes, was paid a record $104 million by U.S. authorities after being jailed for his own part in the affair.
09/11/2012
The Investment Management Association (IMA) has called for the inter-bank borrowing rate Libor to be reformed and kept, rather than replaced with a new benchmark.
09/11/2012
"the tax would produce little revenue, be extremely difficult to administer, risk serious damage to the economy and run into serious opposition".
09/11/2012
US tax authorities have awarded $104m (£65m) to Bradley Birkenfeld, the whistleblower in a major tax evasion case against UBS, the Swiss bank.
09/11/2012
For eight years he was the director of Liechtenstein's Financial Intelligence Unit, the department which gathers and analyses information used by police to combat money laundering, organized crime and the financing of terrorism.
09/10/2012
Financial services start-ups waited nearly six months for FSA approval in the first quarter of 2012, data obtained by Reynolds Porter Chamberlain has revealed.
09/10/2012
Liechtenstein is currently considering the idea of concluding a withholding tax agreement with Germany, providing for an automatic exchange of tax information.
09/10/2012
“This is not the first time we have seen the impact on client money overlooked as part of a re-organisation. The fine imposed today should remind all firms of the critical importance we place on ensuring proper protection of client money at all time
09/09/2012
A trader accused of a $2.3 billion fraud at Swiss bank UBS was due to go on trial Monday in London in a case expected to once again put the supervision of bankers under the spotlight.
09/09/2012
He lives in Paris and has a home in Brussels, the daily said. “Contrary to the reports published today, Mr Bernard Arnault states that he is and will remain a French tax resident,” a statement put out by Arnault’s press office said.
09/09/2012
Royal Bank of Scotland could be fined up to £300m later this year to settle allegations traders sought to manipulate the libor interest rate, according to reports.
09/09/2012
“Permitting the defendant to travel to his country of origin or residence would be an invitation to flee”
09/09/2012
Top bankers can currently be fined or banned by the Financial Services Authority (FSA), but the proposals would extend to a much wider proportion of the industry.
09/09/2012
French President François Hollande pledged on Sunday to honour his campaign promise of a 75 percent income tax on wealthy individuals as he unveiled a two-year economic recovery plan featuring strict budget targets and 20 billion euros in new taxes