Switzerland
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.
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.
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.
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.
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.