Managers of Wealth

Italy: Milan prosecutor seeks ban on four banks for fraud

The prosecutor late Wednesday asked a Milan court to fine the banks 1.5 million euros each and asked they return their 72.5 million euros of illicit profit from the contracts.

Ministers at odds over tax accord "loophole"

The current situation is only temporary, according to the Swiss minister

Ex-UBS France Employee Charged in Tax Inquiry After Raids

UBS is “fully cooperating with the French authorities,” according to an e-mailed statement by the Zurich-based bank.

Global Investment Management Industry Continues To Face A Regulatory Avalanche Of Disparate Rules: KPMG Report

Observers, however, are beginning to see some consistency regarding the implementation of new regulations across the globe, with the U.S. and Europe setting the bar and Asia catching up.

In the JPMorgan scandal, a rush to hire lawyers

Kristin Lemkau, a JPMorgan spokeswoman, said that Goldman asked to leave the company and that during his tenure he "behaved with integrity and we wish him well."

Wife of Convicted Ex-Credit Suisse Broker Seeks Assets

Elizabeth Butler objected today to a recommendation that the proceeds of joint accounts go to the government to satisfy a $5 million fine and $250,000 forfeiture order.

HSBC faces £640m fine for allegedly allowing drug gangs launder millions

A top executive at the bank sensationally quit yesterday in front of a US Senate hearing that exposed the scale of the scandal.

Societe Generale is to repay HK wealth management clients $11 million

The Securities and Futures Commission said it had raised concerns that in more than 3,000 transactions, Societe Generale's clients had paid or received a different price for over-the-counter traded products than the price paid by the bank, with the d

FSA Boos: Barclays' gaming culture

Andrew Bailey, head of the Prudential Business Unit at the Financial Services Authority (FSA), added that Mr Diamond's account of his and the bank's relationship with regulators was "highly selective".

Managers brace for new Commodity rules

The NFA rules are part of an ongoing response to recent market events, and are the result of coordinated and collaborative efforts by the Commission, self-regulatory organizations and market participants, including the two-day public Roundtable hosted by

Hong Kong property tycoons are charged with corruption

Sun Hung Kai Properties co-chairmen Thomas and Raymond Kwok, two of Asia’s wealthiest men, were among five people charged with eight offences, an official statement said.

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief

On February 9, 2012, the CFTC issued a final rule regarding changes to Part 4 of the Commission’s regulations involving registration and compliance obligations for CPOs and CTAs.

German tax officials target clients of British private bank Coutts' Swiss unit

The Financial Times Deutschland reports that officials in the western state of North Rhine-Westphalia paid 3.5 million for a CD containing the names of some 1,000 rich German clients.

Four charged over Rowan Dartington transactions

Avon and Somerset police have charged four people with money laundering offences in relation to suspicious transactions at Rowan Dartington.

UBS in line of fire over Libor moves

The US Justice Department, meanwhile, has identified potential criminal wrongdoing by big banks and individuals at the centre of the scandal.

Op-Ed: Switzerland stung by allegations of Indian black money

The bilateral treaty between India and Switzerland, the Double Taxation Avoidance Agreement (DTAA), provides the framework within which Indian authorities can seek administrative assistance against tax evasion or fraud.

German and French authorities raid Swiss banking majors

Last year Credit Suisse paid €150 million ($183.83 million) to German tax authorities to settle an inquiry over allegations the bank and its employees helped Germans dodge tax.

Lawyer warns Coutts AIG clients: this may be your only offer

Robert Morfee, a lawyer from Clarke Willmott who specialises in investment disputes and has been working with a number of clients who were invested in the AIG fund, has warned Coutts’ clients who are receiving offers that they should be mindful of

European tax probes are headache for Swiss banks

At the same time, German newspaper the Handelsblatt has reported that up to 7,000 Credit Suisse clients are being targeted by a separate tax evasion investigation in Germany.

Libor price fixing case is getting work for lawyers

In the case of Barclays and UBS, multiple law firms are representing individuals who have worked at those banks, sources said.

Legal,Regulation,Tax & Compliance