Managers of Wealth Offshore

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”

Barclays calls for body to regulate – and ban – rogue bankers

Top bankers can currently be fined or banned by the Financial Services Authority (FSA), but the proposals would extend to a much wider proportion of the industry.

Hollande unveils two-year plan, billions in new taxes

French President François Hollande pledged on Sunday to honour his campaign promise of a 75 percent income tax on wealthy individuals as he unveiled a two-year economic recovery plan featuring strict budget targets and 20 billion euros in new taxes

Greece Steps Up Tax Evasion Crackdown With Asset Freezes

“Tolerance of tax evaders, no matter how high up they are, is over”

Swiss probe leak of Julius Baer data to German officials

Late last month, Zurich-based Julius Baer said client data had been leaked. According to Swiss media, the data was then passed on to officials in North Rhine-Westphalia, a German state which has tapped leaked Swiss data before as part of efforts to hunt t

General Solicitations Permitted in Private Placement Offerings - SEC Proposes New Rules

The Proposed Rules, which are not yet final, would have the effect of increasing the flexibility for issuers, including hedge and other alternative investment funds, to solicit purchasers through general solicitation, but would also impose a more signific