Three senior executive of Convoy Financial Services, one of Hong Kong’s largest IFA firms, have been arrested on suspicion of corruption and eight properties raided, the Independent Commission Against Corruption (ICAC) has confirmed.
New rules from China’s Central Bank that look to tighten regulations in the asset management industry have reportedly been opposed by 10 national joint-stock banks.
Dubai wealth managers have questioned why countries like the US and Switzerland have been left off the EU tax haven blacklist but the UAE has been included.
Trading of Convoy Financial Services shares have been suspended on the Hong Kong Stock Exchange (HKSE) following multiple reports authorities have raided offices, homes and arrested executive directors.
Aberdeen Standard Investments has secured registration as a private securities investment fund manager, making it one of only eight foreign asset management firms to gain the licence.
Concern has been raised about the lack of effective safeguards in place for taxpayers, as HM Revenue and Customs continues to develop broader powers to seek payments.
Oxfam has warned that the EU grey list of non-cooperative jurisdictions for tax purposes should not be treated as a way of letting tax havens “off the hook”, as those named try to get to grips with the implications of their inclusion.
The EU has blacklisted 17 jurisdictions, including South Korea and the United Arab Emirates, and put 47 others on notice including Jersey and the Cayman Islands, but it has not said what sanctions or penalties those shamed will face.
The European Council published its blacklist of 17 non-cooperative jurisdictions on Tuesday, including the United Arab Emirates and Bahrain.
HM Revenue & Customs has removed all 19 Hong Kong recognised overseas pension schemes (Rops) from its online notification list.
The former managing director of defunct Jersey-based IFA firm Lumiere Wealth, Christopher Paul Byrne, will face a six-week trial in Jersey’s Royal Court starting next August.
Structural changes at NAB means the company’s general manager of wealth advice is leaving the company, Vam Funds has appointed a new director well known in the US mutual funds industry and M&G has made two internal fund manager appointments.
