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HSBC settles French tax ‘fraud’ for €300m over ‘control weaknesses’

By: Eugene Costello | 17 Nov 2017

HSBC has paid €300m (£268m, US$354m) to settle a criminal investigation by French tax authorities into allegations that the bank’s Swiss subsidiary colluded with clients to help them…

ICIJ releases Paradise Papers structured data

By: Jonathan Boyd | 17 Nov 2017

The International Consortium of Investigative Journalists will start publishing structured data from the Paradise Papers leak today, 17 November, by offering information on some 25,000 offshore entities…

Regulation of offshore trust business ‘overwhelming’ and driven by jealousy of the rich

By: Eugene Costello | 17 Nov 2017

The amount of regulation that governs the work of trust company businesses has now reached the point where it has become ‘overwhelming’, the chair of the industry…

‘Scrap badly conceived FATCA’, deVere CEO demands of US Treasury

By: Eugene Costello | 17 Nov 2017

Outspoken deVere chief executive Nigel Green has co-authored a five-page letter to the US Treasury Secretary to demand the Trump administration scrap the Foreign Account Tax Compliance…

STM announces court action against Gibraltar regulator following CEO’s release

By: Eugene Costello | 16 Nov 2017

Gibraltar-based STM Group (STM) has advised the London Stock Exchange, where it is listed, that it intends to appeal to the Gibraltar Supreme Court to stay the…

FCA hits Capita with £66m compensation demand over Connaught fiasco

By: Eugene Costello | 10 Nov 2017

The UK financial regulator the Financial Conduct Authority (FCA) today ordered Capita Financial Managers to settle a £66m (US$86.6m, €74.6m) bill in compensation to investors in its…

Isle of Man chief minister fights back after VAT jet trail uncovered

By: Eugene Costello | 07 Nov 2017

Isle of Man chief minister Howard Quayle has mounted a robust defence of his jurisdiction’s integrity in the light of further Paradise Papers revelations, insisting that the…

Harlequin Hotels’ Ames in brief court appearance

By: Helen Burggraf | 07 Nov 2017

David Ames, chairman of Harlequin Hotels & Resorts, appeared briefly in Southwark Crown Court in London today to plead not guilty to three charges of fraud by…

‘Paradise Papers’ leak prompts EU to bring forward tax haven blacklist discussion: reports

By: Helen Burggraf | 06 Nov 2017

The publication on Sunday by more than 90 news organisations of information  allegedly contained in a leaked trove of financial documents stolen from the Bermuda outpost of…

‘Paradise Papers’ reaction: ‘that was then, this is now’

By: Helen Burggraf | 06 Nov 2017

Financial service industry officials involved in the industry’s offshore and cross-border sector reacted on Monday with resigned acceptance to the latest leak of stolen data from an…

China’s central bank reported ‘developing its own digital currency’

By: Ridhima Sharma | 06 Nov 2017

China’s central bank is”conducting research” with an eye towards issuing its own sovereign digital currency, even as it has cracked down on the use and exchange of…

FCA warns firms over introducers and appointed reps

By: Eugene Costello | 03 Nov 2017

Financial services companies need to be wary of allowing “introducers and appointed representatives” to have “inappropriate influence” lest the advice they give customers causes them “financial harm”,…

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