Managers of Wealth Offshore

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

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.

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.

UBS In Bordeaux Said To Have Been Raided In French Tax Probe

The charges were the first brought in the probe, which was opened in April after a preliminary inquiry by the French customs service into a February 2011 complaint by the Prudential Control Authority, France’s banking regulator.

Ex-SJP adviser wins Mail on Sunday libel case

A former St James’s Place adviser has been awarded “substantial damages” and legal costs after the Mail on Sunday newspaper alleged the adviser had stolen £5m from clients.

Credit Suisse German Clients Homes Raided by Tax Agents, HB Says

The investments averaged about 500,000 euros with individual cases of 12 million euros and more, the newspaper said.

HSBC To Apologize At Hearing On Money Laundering, Memo Shows

U.S. prosecutors may take criminal or civil enforcement measures involving the London-based bank amid an investigation into terrorist funding, HSBC said in February.

Credit Suisse exempted from German tax prosecution

The newspaper referred to so-called Bermuda products designed as insurance-style instruments to avoid tax.

Swiss HSBC account holders offered India amnesty, says official

India joins countries including the UK and the US in cracking down on rich people who haven’t disclosed offshore funds amid probes into money laundering and tax evasion.

Email cache shows depth of Whitehall fears over Barclays Libor submissions

In an email dated October 22, 2008, from Sir Jeremy Heywood, then principal private secretary to Gordon Brown, to Paul Tucker, then head of markets at the Bank of England, he asks why Barclays is paying “ABOVE Libor” to fund in the sterling mo

Mobile operators pressured for private client data

Representative Edward Markey on Monday released data from the companies showing more than 1.3 million requests for cell phone records last year.

US Senate panel plans HSBC money laundering hearing

The panel has been investigating HSBC for months as part of an effort by the Senate panel to probe shadowy money flows.

French holiday home owners may have little to fear from new tax changes

Recent changes to the French tax system announced by president Francois Hollande’s government may not be so serious for British and other owners of French properties, believes UK regulated specialist mortgage broker Offshoreonline.org.