Managers of Wealth Offshore

UK FSA starts formal enforcement probe on UBS loss

Britain's Financial Services Authority (FSA) regulator has started a formal enforcement probe against Swiss bank UBS over last year's $2 billion trading loss at UBS's London arm.

Julius Baer cautious about outcome of US tax evasion probe

Julius Baer is one of 11 Swiss banks under pressure from the U.S. to give up tax-evading American customers and the bankers who helped them.

Some U.S. banks awash in ID theft tax-fraud proceeds as IRS cracks down

The IRS says it has stepped-up its internal reviews, including by designing new identity-theft-screening filters, to spot such scams before refunds are issued.

Regulators block global exchange consolidation

Regulators and some lawmakers in Europe, the U.S. and Asia have fared little better, resorting at times to nationalist sentiment to block exchange consolidation, alongside analysis that at times seemed out of step with a world of round-the-clock global tr

UBS, Credit Suisse Among 12 Banks in Swiss Probe on Libor Fixing

“Other financial intermediaries are also subject to the investigation,” Comco said.

Swiss Agree to Transfer Encrypted Documents to U.S. Authorities

Switzerland agreed to transfer about 20,000 encrypted documents to authorities in the U.S. as the two countries work toward settling a dispute over tax evasion.

Swiss Bank Charged With Helping U.S. Clients Evade Taxes

Prosecutors said that from 2002 to 2011, more than 100 U.S. taxpayers conspired with Wegelin

Kweku Adoboli denied bail in UBS fraud trial

Mr Adoboli pleaded not guilty to the charges and this means that an extended trial is likely.

Senate Bill Seeks to Replace $1 Bills with $1 Coins

On January 31, 2012, a bipartisan group of Senators introduced a bill which seeks to transition from $1 bills to $1 coins in order to save taxpayer money. The bill S. 2049 was introduced by Senators Tom Harkin and John McCain, and cosponsored by Senators

Canadian banks to meet with U.S. regulators over Volcker rule

The U.S. Securities and Exchange Commission is also expected to be at the meeting

Three jailed in £18.5m fraud attempt on EFG

Steele was given two concurrent 5½-year terms for conspiracy to commit fraud by false representation and conspiracy to use false instruments.

Swiss urge U.S. tax deal to shield other banks

Switzerland has been lobbying for a year to get the investigations dropped in return for the payment of a hefty fine and the transfer of names of thousands of U.S. bank clients suspected of dodging taxes.

One Stanford Client Lost $20 Million, Ex-Executive Testifies

Jason Green, who led Stanford Group’s private-client group, cited the loss while being cross-examined by the defense on the fifth day of Stanford’s investor fraud trial in federal court in Houston.

Unrest with Basel III grows as regulation weighs on banks

Research to be released today by the Centre for the Study of Financial Innovation and PwC paints a grim picture of banking worldwide -- describing the system as sad, gloomy and "in peril" -- but also surprisingly reveals that Australian banks ar

PwC says E&Y tried to poach client bank

In the sober world of auditing, discretion is key.

Swiss Private Bank agrees to sale amid U.S. Tax-Evasion crackdown

We are determined to see the legal negotiations through to the end. At the same time, it is our duty to guarantee our clients and staff the greatest possible security.

RBS Defends Libor-Related Dismissal Of Singapore Trader

Tan Chi Min, previously the head of delta trading with RBS's global banking and markets division in Singapore, late last year commenced a suit against the bank after his employment was terminated in November last year.

Deloitte launches first Middle East Tax Chief Compliance Officer Forum

The CCO Forum agenda has been specifically tailored to address the unique needs of Middle Eastern institutions, including Islamic banking structures as well as sovereign wealth funds, family offices and takaful insurance.

Merrill Lynch Fined $1 Million for Bonus Clawbacks

“Merrill Lynch specifically designed this bonus program to bypass FINRA’s rule requiring firms to arbitrate disputes with employees, and purposefully filed expedited collection actions in New York State courts and denied those registered repre

Hedge fund star fined £7.2m for insider trading

“It is highly damaging to market confidence when privileged shareholders commit market abuse, and the high penalty reflects the seriousness of his breach.”