September 16, 2021

The former CIO of $3 trillion financial giant UBS has joined the non-profit behind one of the largest cryptocurrencies

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By Frank Chaparro From Business Insider The former head of technology at one of the largest banks in the world has joined the team behind IOTA, the ninth largest cryptocurrency on the market. Oliver Bussmann served as the chief information officer of Switerland-based UBS, the global financial services firm with $3 trillion under management, for […]

Another investor lawsuit filed over Puerto Rico bonds

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From Caribbean News Now SAN JUAN, Puerto Rico — A securities arbitration law firm on Friday filed a claim against UBS Financial Services Inc. of Puerto Rico and UBS Financial Services, Inc. (collectively “UBS”) for $8.5 million. According to the claim, the claimant entrusted assets to UBS with the investment objective of capital preservation. However, […]

HSBC hands over list of 8,000 Israeli Swiss accounts

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By Hillel Koren From GLOBES The Israel Tax Authority is checking the information on the lists to see if there is any unreported capital. Today (Monday), the Israel Tax Authority announced it had been in contact with the French Tax Authority for 18 months, since the existence of a HSBC bank Swiss branch client list […]

Deutsche Bank and UBS lose bonus tax case [awarded to staff through Cayman Islands]

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From BBC The UK Supreme Court has ruled Deutsche Bank and UBS should pay taxes on bonuses paid to their investment bankers. The bonuses were paid to staff via offshore accounts in the form of shares to avoid attracting income tax and national insurance in 2004. The banks had argued that restrictions placed on the […]

UBS investigated for tax fraud and money laundering in Belgium

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From BBC Swiss bank giant UBS is being investigated over money laundering and serious organised tax fraud in Belgium. A statement from prosecutors said: “The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up constructions aimed at evading taxes.” UBS said it […]

Greek prosecutors investigating tax evaders raid UBS office

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From CNBC ATHENS, Dec 15 (Reuters) – Greek financial prosecutors have raided a UBS office in Athens seizing records as part of an investigation into possible tax evasion by holders of large bank deposits abroad, court officials said on Tuesday. Germany provided Greek authorities with information on suspected tax evaders last month in a move […]

UBS hedge fund switch a blow for Cayman Islands

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By Sophia Grene From Financial Times UBS has shifted a fund of hedge funds onshore to Ireland from the Cayman Islands, delivering another blow to the reputation of the Caribbean tax haven as the domicile of choice for international hedge funds. The Swiss investment bank says the move comes in response to rising investor demand […]

Five megabanks learned to ‘Game the System,’ Feds say

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By Jenna Greene, From The National Law Journal Five megabanks agreed to pay more than $4.2 billion in penalties to settle charges by U.S. and European regulators of attempting to manipulate global foreign-exchange benchmark rates. Characterizing the misconduct as “egregious and brazen,” Aitan Goelman, the U.S. Commodity Futures Trading Commission director of enforcement, in a […]

Fort Lauderdale trial aims to topple top level of secret bank accounts

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By John Pacenti, From Daily Business Review The Justice Department cracked open Switzerland’s centuries-old custom of banking secrecy when it forced UBS AG to disclose the names of secret U.S. account holders on top of fining it $780 million. But the Justice Department is hardly done with financial behemoth UBS or other major Swiss banks […]

Caribbean medical school founder gets 2 years in tax case (1)

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By David Voreacos and Susannah Nesmith From Bloomberg A Florida psychiatrist who helped her husband build two Caribbean medical schools was sentenced to two years in prison for her role in a conspiracy to hide millions of dollars in income from the Internal Revenue Service. Patricia Hough, 67, was sentenced today in Fort Myers, Florida, […]