Managers of Wealth

Here's The Gut-Wrenching Apology Sent Out By Alleged UBS Rogue Trader Adoboli

Former UBS trader Kweku Adoboli went on trial today for allegedly losing $2.3 billion in rogue trades.

UK-US agreement strengthens UK ability to tackle tax evasion

On September 12, the United States and the United Kingdom governments announced the signing of a bilateral agreement to implement the information reporting and withholding tax provisions within the Foreign Account Tax Compliance Act (FATCA).

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.

RPC and Freshfields advising on latest Barclays litigation

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.

FSA bans adviser for false references

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.

Standard Chartered 'close to US settlement over money laundering claims'

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.

RBS, others sue Dubai Group over $10 billion debt

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.

Merrill Lynch must pay $3.6 million to Brazilian banking heiress

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.

Swiss fume at U.S. "hypocrisy" over whistleblower's payout

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.

Don't ditch Libor, IMA urges

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.

The UK is already taxed to death - a levy on wealth would be the last straw

"the tax would produce little revenue, be extremely difficult to administer, risk serious damage to the economy and run into serious opposition".

UBS whistleblower awarded $104m

US tax authorities have awarded $104m (£65m) to Bradley Birkenfeld, the whistleblower in a major tax evasion case against UBS, the Swiss bank.

Vatican hire bolsters watchdog effort at bank

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.

Firms face six-month wait for FSA approval

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.

Liechtenstein Eyes Tax Data Exchange With Germany

Liechtenstein is currently considering the idea of concluding a withholding tax agreement with Germany, providing for an automatic exchange of tax information.

BlackRock fined £9.5m by FSA

“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

UBS 'rogue trader' goes on trial in London

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.

France’s richest man turns to Belgium as wealth tax looms

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.

RBS could be fined £300m to settle Libor probe

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.

U.S. Bars Ex-Credit Suisse Banker From Leaving

“Permitting the defendant to travel to his country of origin or residence would be an invitation to flee”

Legal,Regulation,Tax & Compliance