Managers of Wealth Offshore

FSA targets wealth managers in new review

The FSA has launched a second thematic review into the suitability of client portfolios that could lead to regulatory action against wealth management firms.

Singapore: Banks warned against European tax evaders

A German media report put an unwelcome spotlight on Singapore, Asia's prominent wealth management centre, earlier this month, saying that some Swiss bankers had advised clients to transfer funds there before the implementation of a deal to tax German

France To Clamp Down On 'Unfair' ISF Tax Breaks

France’s solidarity tax imposed on wealth currently serves to generate in the region of EUR4bn a year for the state.

French banks investigate potential breach of U.S. sanctions

Neither would confirm whether the inquiries concerned U.S. sanctions against Iran, which have led to investigations at rival banks such as UniCredit and RBS and have already cost Standard Chartered a hefty fine.

SEC charges former Sky Bell hedge fund manager Gary Marks for misrepresentations

In its complaint, the Securities and Exchange Commission (SEC) accused Marks of recommending various funds of funds through Sky Bell Asset

Standard Life: Advisers struggle to explain post-RDR charges

Survey of insurer’s ‘account managers’ suggests disclosure is key RDR concern for advisers.

Regulators should avoid product control, Citigroup CEO says

CEO says dividing Citibank would be an ‘artificial separation’

US investigates UniCredit over sanctions ‎

Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions.

Zero Tolerance For Helping Tax Evaders, Says UBS

"The bank requires that all employees in the cross-border asset management business abide by legal fundamentals, including the German-Swiss tax deal […] Whoever transgresses is severely sanctioned”, Mr Weber told German newspaper Handels

Husband Sues Advest, Credit Suisse, And Two Stockbrokers Over Wife's Unauthorized Withdrawals

Respondents requested the expungement of the matter from Respondents Bilski’s and Clish’s Central Registration Depository records (“CRD”).

Intesa Luxembourg banker probed in tax evasion case

The magistrates have now put the chief executive of Intesa's Luxembourg unit Societe Europeenne de Banque (SEB), Marco Bus, and an Italian broker and former Intesa employee, Alessandro Jelmoni, under investigation.

German Windfall Wealth Tax Said To Be Constitutional

According to legal expert Joachim Wieland, the deciding factor in the matter is whether or not the state has an exceptional financial need for such a one-off levy, for example to save the country’s banks, to bail out other countries, or to reduce bo

FSA cracks down on fine wine funds after pensioners sold pups

The products span from life policy investments, to alternative asset classes, such as fine wine, art, Indonesian timber, green energy funds and wind farms.

Baer Makes ‘Generous Assumption’ for U.S. Tax Matter, FuW Says

Julius Baer seems to have widespread shareholder support for acquiring Bank of America Corp.’s non-U.S. Merrill Lynch units, the Zurich-based newspaper reported, citing an interview with Enkelmann, who added that a “good portion” of the

MPs seek British version of U.S. tax disclosure rules

The proposed legislation takes as inspiration the new U.S. Foreign Account Tax Compliance Act (FATCA), which is designed to stop Americans from hiding money from the taxman offshore, the report says.

Ex-RBS Trader Claims Bank Omitted Key Records on Rate-Setting Practices

Mr. Tan has argued throughout the case, which commenced late last year, that is common practice for senior bank employees to make requests to RBS's rate setters about appropriate rates.

Singapore says banks warned against European tax evaders

"MAS does not tolerate any flow of illicit funds through our financial system," she said in an emailed statement to Reuters.

JPMorgan 'London Whale' trader has lawyers in France, US

The trader at the center of the criminal investigation surrounding JPMorgan's $5.8 billion trading loss has hired a lawyer in Paris, two sources familiar with the investigation said on Thursday.

RBS under investigation by US authorities

The bank also said that it had initiated discussions with UK and US authorities to discuss its historical compliance with the relevant regulations and laws, “including US economic sanctions”

Ledingham Chalmers boosts private client with bolt-on

The bolt-on followed a year in which Ledingham Chalmers’ private client practice grew by 10 per cent. The firm hired Adam Cochran partner Douglas Watson as a partner in April 2011 to boost this practice area.