iom warns on potential shock from volt
The Isle of Mans Financial Supervision Commission has issued a warning on Volt Inland Capital, a potentially fraudulent entity which claims to occupy the same address as the regulator.
Tax & Regulation
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fsa fines coutts for serious and systemic
Coutts has been fined £8.75m by the Financial Services Authority for anti-money laundering control failings, which the regulator termed “serious, systemic and allowed to persist for almost three years”.
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former citi adviser banned for madoff style scheme
The Hong Kong regulator today banned a former private banker at Citigroup Global Markets Asia from the financial services industry for ten years, for operating a ponzi scheme.
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sfc waives fees for hk advisers
Hong Kongs Securities and Futures Commission will waive its annual licensing fees for a two-year period from 1 April, 2012, it announced today.
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jersey signs dta with qatar during middle east
Jersey has signed a double taxation agreement with Qatar as part of a five day visit to the Middle East region by representatives from Jerseys finance industry and government.
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number of uk non doms falls 16
The number of individuals registered with HM Revenue & Customs as non-doms in the UK has fallen by 16% in the two years since a £30,000 annual levy, which permits these non-doms to keep their income free of UK tax obligations, was introduced, data obtained by the McGrigors law firm shows.
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guernsey and malta sign dta
Guernsey and Malta have signed a double taxation agreement.
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51 of accountants admit to having only limited
A worryingly high number of accountants have admitted they have a limited knowledge of the UK governments tax amnesty, the Liechtenstein Disclosure Facility, with some conceding they have no knowledge about it at all.
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misconduct lands styland founder with hk85m bill
The founder and a former executive director of Styland Holdings, a Hong Kong financial services conglomerate, have been ordered to pay the firm a combined total of more than HK$85m, as compensation for entering into a number of transactions which were not in the companys interests.
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mas warns again on late filing of form 25
The Monetary Authority of Singapore has reprimanded another advisory firm for repeatedly breaching its rules on the submission of Form 25.
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fatca partnership not unlike eusd
A FATCA partnership with the US may not be as frightening as it may sound at first to those in Guernsey and similar other smaller jurisdictions, a KPMG Guernsey tax expert says, noting that, in terms of scope and commitment, it could be relatively similar to the EU Savings Tax Directive (EUSD).
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guernsey looks at fatca partnership with us
Guernsey’s income tax authorities are looking at whether the island should join the UK, France, Germany, Italy and Spain by joining forces with the US to exchange information on individuals with accounts within its borders, a Guernsey newspaper reported yesterday.