Managers of Wealth

MAS Imposes Composition Penalty of S$1 million on Bank J. Safra Sarasin

The penalty amount took into consideration BJS’s remediation actions to address deficiencies that were identified by MAS.

AML systems and controls – an ever-increasing area of focus

Mr Steward addressed how seriously the FCA takes this crucial area of regulatory focus and reiterated the requirement for firms to have in place systems and controls that are purposeful and efficient in managing financial crime risk.

Entry into force of double taxation agreements with Brazil and Saudi Arabia

The agreement between the Swiss Federal Council and the Government of the Kingdom of Saudi Arabia for the avoidance of double taxation with respect to taxes on income and capital entered into force on 1 April 2021.

The war against money-laundering is being lost

The global system for financial crime is hugely expensive and largely ineffective

Pandemic sees clients delay decision making

The research, commissioned by Octopus Investments and conducted by VouchedFor1, revealed that six in ten (61%) advisers had clients who delayed financial decisions due to the pandemic.

Collapse of Jersey-based Football Index faces new UK probe

A government source was quoted as saying that "something appears to have gone very wrong here

Cyprus Launches New Registry that Identifies Company Owners

The plan included the establishment of the UBO registry - an already existing obligation under the EU’s 4th anti-money laundering directive.

UK tax compliance and enforcement for wealthy individuals

Wealthy individuals sit predominantly within the department's wealthy and midsized business compliance directorate (WMBC) which is responsible for general compliance, including spotting and correcting mistakes.

UK Employer Reporting Obligations – Taxable Benefits

As an employer, it is important you are aware whether these new arrangements require you to return certain information to HMRC

Banks and the lost fight against money laundering

The renowned business paper “Economist” has drawn the devastating conclusion in a recently published editorial: “The war against money laundering is lost”.

New York, Finally, Taxes the Rich

A budget that spends on education, homelessness and undocumented immigrants is the product of years of progressive politics, not a governor looking for a diversion.

New York is raising taxes for millionaires. Will other states follow?

The plan also includes more relief for those hit hardest by the coronavirus pandemic such as renters, small businesses, and undocumented immigrants.

Time to revisit China sovereigns and policy bank bonds

Investment Insights by our experts and thought leaders

Carey Olsen advises Emergent Capital on completion of its restructuring

Working alongside the transaction's lead legal advisers Kelley Drye & Warren LLP and Arthur Cox, the Carey Olsen team advising Emergent on the Cayman corporate and regulatory aspects of the restructure was led by partner Alistair Russell and coun

CFO optimism reaches record levels

Two-thirds of finance leaders expect the bulk of their workforce to return to working from offices by September.

Swiss Court Denies Appeal by UBS' French Clients

The court noted that the question of «fishing» for data had already been decided by Switzerland's supreme court.

SFDR data gaps and admin burdens challenge fund managers: UBS

UBS expects the new regulations to encourage inflows into ESG strategies.

Law firm Irwin Mitchell gears up for London stock market float

Irwin Mitchell is readying itself to float on the London Stock Exchange, in a move the law firm hopes would value it at around £500m.

Ex-SocGen Bankers Challenge Fines Over Putin Foe’s $700 Million Deposits

Sergei Pugachyov, a former Russian senator, was once a close confidant of Putin and amassed a fortune of more than $1 billion in the 2000s.

Record French Fine Slashed as Latvian Bank Wins Tax Appeal

The penalty was eclipsed just a year and a half later when the PNF secured a 3.7 billion-euro fine in court against UBS Group AG.

Legal,Regulation,Tax & Compliance