President-elect Donald Trump may look to overturn the US Department of Labor’s fiduciary rule, set to go live in April, requiring specialist retirement advisers to put their client’s interests first, although some say scrapping it is unlikely.
Financial advisers could be forced to report “aggressive” tax planning schemes which help clients avoid paying tax, according to new plans being considering by the European Commission.
A former senior BSI Bank vice president was jailed on Friday for 18 weeks by a Singapore court, for forgery and failure to disclose suspicious transactions as part of the investigations into the 1Malaysia Development Bhd (1MDB) money laundering scandal.
The US Foreign Account Tax Compliance Act (Fatca) could be repealed when Donald Trump becomes president if the Republican Party sticks with its 2016 policy platform, despite more than $9.9bn (£8bn, €9bn) being paid through voluntary compliance efforts.
It would be unwise to say that financial crime has been beaten as it will always “mutate and morph”, according to Andrew Bailey, chief executive of the UK’s Financial Conduct Authority (FCA).
The Monetary Authority of Singapore (MAS) has no rules against hiring ex-offenders for positions in the financial services sector, deputy prime minister Tharman Shanmugaratnam has confirmed.
Twenty-two wealthy individuals in the UK face civil and criminal investigations into suspected tax evasion following the disclosure of the Panama Papers, Britain’s chancellor Philip Hammond has told officials.
Caldora Asset Management, operators of the Mauritius-domiciled Caldora Offshore Balanced Fund which suffered a spectacular drop in returns after its launch, has had its licence terminated.
The UK government is fighting to keep Guernsey, Jersey and other British overseas territories off the EU’s planned blacklist of offshore tax havens.
The Isle of Man’s government has launched a consultation on a draft version of its proposed beneficial ownership bill in line with an agreement it made with the UK in April.
A US judge has denied the first legal challenge brought against the Department of Labor’s (DoL) upcoming fiduciary rule by the National Association for Fixed Annuities (Nafa).
HM Revenue and Customs (HMRC) has confirmed that changes to the 5% tax free withdrawal from offshore bonds will not be announced until after the chancellor’s Autumn statement on 23 November.
