Swiss banks in the spotlight as Panama fallout continues
Switzerland’s financial institutions must clamp down on money laundering, the country’s financial watchdog FINMA has warned.
Switzerland
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Dutch citizens facing Swiss bank account probe
Thousands of Dutch citizens face having details of their Swiss bank accounts combed over by tax authorities despite a court ruling that they should not have been disclosed.
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Credit Suisse to cut 2,000 more jobs, save another CHF800m
Credit Suisse is to eliminate another 2,000 jobs and make an additional CHF800m (£576.1m, $824m, €733.8m) in cost savings, as it accelerates the pace of its restructuring following disappointing results in the final quarter of 2015.
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Vestra to be majority owned by Switzerland’s LGT
Vestra Wealth is to become majority owned by Swiss wealth manager LGT after it struck a deal to acquire shares in the business from Vestra’s external investors.
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US-Swiss FATCA exception clause very narrow
Despite the recent FATCA carve-out agreed between the US and Switzerland, US citizens looking to circumvent their tax reporting obligations will have to look further afield if they want to avoid declaring their offshore assets.
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FATCA exceptions agreed by Swiss and US authorities
Accounts held by the lawyers or notaries of clients in Switzerland are now exempt from the United States’ Foreign Account Tax Compliance Act (FATCA) following the signing of an agreement by the countries’ authorities in February.
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Belgium charges UBS with serious and organised tax evasion
A Belgian judge has charges Swiss bank UBS with money laundering and serious and organised tax evasion, according to media reports.
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Bellevue acquires German fund manager StarCapital
Swiss investment company Bellevue Group has acquired independent German fund manager StarCapital in a move that brings its assets under management to CHF7.8bn (£5.6bn, $7.8bn, €7.1bn).
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Julius Baer admits US tax evasion, pays $547m
Swiss private bank Julius Baer said it has reached a deal with the US Department of Justice to pay $547m to settle tax evasion allegations, and at the same time two former Julius Baer bankers pleaded guilty to helping American clients dodge taxes.
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DIFC mis-selling case set to drag on after deadline missed
One of the two defendants involved in a long-running financial mis-selling case in Dubai has failed to comply with a Dubai International Financial Centre (DIFC) court demand to deposit its share of a damages award pending an appeal.
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DV Global tie-up targets expat market
International distribution company DV Global has partnered up with platform provider Novia Global and DFM TAM Asset Management as part of a formal launch of its panel of products and services aimed at expat-focused financial advisers.
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Biotech exposure with dividends not necessarily incompatible
Shares with high dividend yields are usually found in the more defensive sectors of the stock market that have little upside potential. But according to one Swiss-based fund manager there is also biotech.