Managers of Wealth

UBS's Weber Sees Germany Approving Swiss Tax Treaty

Germany and Switzerland last month signed an amended tax treaty including a withholding tax to end a decades-long dispute over tax evasion.

Swiss bank Pictet gave data to U.S. in tax probe

Pictet said in a statement the data handover took place in November 2010 via the Swiss tax office, which had received a request for assistance from its U.S. counterparts.

Vernon Healy Files Another $800,000 in Claims Against UBS

The promised principal protection constituted a gross deception because the Lehman notes represented nothing more than unsecured loans by the investors to a financially faltering Lehman, according to the claims.

HSBC’s Swiss Wealth Unit May Face ‘Significant’ U.S. Fine

HSBC Holdings Plc’s Swiss private bank said fines and penalties relating to a tax-evasion probe by the U.S. as it published figures showing clients outflows in the second half of last year. The terms or timing of a resolution to the Department of J

HSBC Bank USA is suspected of giving free rein to money launderers

The extent of that failure is laid out in confidential documents reviewed by Reuters that originate from investigations of HSBC's U.S. operations by two U.S. Attorneys' offices.

Scottish law firm set to make private client redundancies

Following a strategic review four support staff and two lawyers in the private client team are at risk of losing their jobs.

UBS: Our internal fraud controls are now fixed

At the end of last year, the Swiss bank revealed that it had identified two monitoring controls that were lacking at the end of December 2010, when London-based Adoboli allegedly placed the unauthorised trades.

Squire Sanders promotes London finance litigation specialist to the partnership

Gareth Timms, who joined the firm in 2005, has over 12 years of experience working for Asset Based Lenders on contentious issues. He regularly represents banks, invoice discounting companies and other financial institutions handling claims from complex fr

FSB publishes interim report on securities lending and repos

The report released today is an Interim Report of the FSB Workstream on Securities Lending and Repos and is preliminary to its work to develop policy recommendations in this area.

FSA fines wealth firm £26k for 'serious' failings

The FSA found that Christchurch’s Compliance Officer, Thornberry, failed to ensure that client money and assets were managed appropriately.

Swiss-U.S. tax dispute is a challenge, ZKB chief tells SZ

The delivery of information on bank employees to the U.S. will be regarded as a “constructive contribution,” the Zurich- based newspaper cited Scholl as saying.

HSBC’s Geneva Bank Gave Employee Names to U.S., Le Temps Reports

The firm notified staff and created a telephone hotline for client advisers to check whether they are on the list, the Swiss newspaper said.

Rand Paul Seeks to Block Tax Treaty Change on Swiss Accounts

Senator Rand Paul is blocking an amendment to a U.S.-Swiss tax treaty, slowing Switzerland’s handover of data on thousands of Americans with bank accounts hidden from the U.S. Internal Revenue Service.

Libyan wealth fund to appeal against asset seizure in Italy

Italian financial police had seized the assets saying they belonged to members of the Gaddafi family, but the Libyan Investment Authority (LIA) said that was not true.

CA freezes bank accounts of Pinay wife of British in £700M fraud case

The CA's freeze order was in response to an ex-parte petition filed by Philippine Anti-Money Laundering Agency, from which the UK's Serious Fraud Office (SFO) sought assistance.

Ex-Morgan Stanley banker admits bribing China official

He was head of the bank's real estate investments division in China, is also accused of secretly acquiring valuable property in China.

Fugitive Swiss bank forfeits $16m

In an order made public on Tuesday, U.S. District Judge Laura Taylor Swain in Manhattan entered the forfeiture order, covering money seized from a U.S. correspondent account held at UBS in Stamford, Connecticut.

How will FSA treat wealth bosses after Pottage?

Pottage has remained at UBS throughout the proceedings and the bank has supported him, saying the disciplinary action was ‘unjustified’.

Minister accused of money-laundering via UBS

The Federal Prosecutor’s Office and the Federal Justice Office have confirmed that Switzerland last year gave legal assistance to Hong Kong in a money-laundering case against Musa Aman, Chief Minister of the Malaysian State of Sabah on Borneo.

After probe, South Africa’s central bank says 6 Krugerrands found short on gold

A handful of iconic collectible Krugerrands have been found to be up to 5 percent short on gold, South Africa’s central bank said Tuesday following an investigation that led to the suspension of two mint managers.

Legal,Regulation,Tax & Compliance