A French prosecutor has called for HSBC to stand trial for helping clients hide more than €180bn (£161.3bn, $199.8bn) in offshore tax havens from the country’s tax authorities, French news agency AFP has reported.
The European Banking Authority (EBA) is seeking industry views on setting up a new prudential regime that is specifically tailored to the needs of investment firms.
As the US election looms, one tax adviser says regulation requiring every US expat to provide details of their worldwide income is here to stay, regardless of who becomes the next president.
The United Arab Emirates has ruled out the imposition of any income tax on individuals as its seeks alternative sources of revenue to counter the impact of falling oil prices on the government’s budget.
More than 25,000 individuals and 103 companies voluntarily declared offshore assets worth more than BRL169.9bn via a Brazilian amnesty, netting the taxman BRL50.9bn (£12.8bn, $15.7bn, €14.3bn) in taxes and penalties.
Mark Lyttleton, a former fund manager at BlackRock, pleaded guilty on Wednesday to two counts of insider trading and will be sentenced on 21 December, the Financial Conduct Authority has confirmed.
A professional body representing financial advisers in the US has temporarily banned one of its members for siphoning over $33m (£22.5m, €29.2m) from professional sports stars in an alleged Ponzi scheme.
Six of the eight men found guilty last year of a UK property fund scam, which defrauded investors of around £4.3m ($5.24m, €4.78m), have been banned by the Financial Conduct Authority (FCA) from performing any function in relation to any regulated activity in the industry.
HM Revenue & Customs is investigating 6,500 high net worth individuals (HNWs) with a total case value of £1.9bn (€2.1bn, $2.3bn), according to a report by the UK’s National Audit Office released on Tuesday.
Saudi Arabia’s Capital Market Authority (CMA) board has given the green light to foreigners in the Kingdom to trade Real Estate Investment Trusts (Reits) on the Saudi bourse.
The US Department of Labor has issued its first set of guidelines on the fiduciary rule, set to go live in April, which will require specialist retirement advisers to put their client’s interests first.
Belvedere Fund Manager Ltd, part of the troubled Mauritius-based fund house Belvedere Management Group (Belvedere), has had its licence to operate collective investment schemes (CIS) suspended by the Indian Ocean island nation.
