Another blow to Swiss secrecy
Plans to scrap a class of anonymous shares in Switzerland could deal another blow to the country’s traditionally secret banking practices.
Switzerland
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Swiss advisers on life after Fatca
Five years after the US introduced stringent regulations that required foreign financial institutions to report the assets of US-domiciled clients, Swiss IFAs tell International Adviser the move has created greater specialisation across the industry and is still having an impact.
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Liechtenstein denies pushing for Swiss tax haven inclusion
Liechtenstein officials have denied any involvement after Swiss authorities demanded an explanation following reports that the tiny principality had pressed for Switzerland’s inclusion on the EU’s tax haven watchlist.
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Ex deVere duo to head Guardian’s new Swiss office
Guardian Wealth Management has opened an office in Basel, Switzerland and poached a duo from deVere to run it.
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Swiss spat with Saudi and NZ the tip of the CRS iceberg
The lower house of the Swiss parliament has rejected automatic exchange of information (AEOI) agreements with New Zealand and Saudi Arabia but has given the green light to ratify deals with 39 other nations.
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Hong Kong fund house breaks into Switzerland
BEA Union Investment Management, a Hong Kong-based fund house, has received approval to sell its products in Switzerland.
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UBS offices raided by 130 investigators over tax evasion
An investigation into alleged tax evasion by about 2,000 UBS Group clients saw German prosecutors conduct a series of raids on Tuesday and Wednesday.
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Fake cryptocurrency shut down
Switzerland’s financial regulator has shut down three companies for conning millions of francs out of hundreds of investors by selling a fake cryptocurrency and says it has 11 similar companies in its sights.
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Radical shakeup of Swiss private banks needed
Swiss private banks are failing to address rapidly declining profitability and are too focused on defensive measures to implement a radical transformation that will allow them to generate competitive advantage and sustainable growth, says KPMG.
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Swiss wealth manager pays $5m to settle US tax charges
Geneva-based investment management and consulting company Prime Partners has agreed to pay $5m (£3.9m, €4.2m) to the United States Attorney’s Office to settle charges for helping US taxpayers dodge taxes.
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Netherlands and UK are biggest channels for tax haven inflows
The Netherlands and the UK facilitate global tax avoidance by acting as conduits for 37% of corporate money heading to tax havens, research by academics at the University of Amsterdam shows.
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MSCI: UK worst performer in June
The UK was the worst performing single country index in June while Canada was the best, according to data by MSCI.