Two Women At The World’s Financial Helm Is Not Enough

It was history in the making. Yellen is now arguably the most powerful person in global finance, and one of the most influential people in the world.

With the job comes leadership of the Federal Open Market Committee, putting her in charge of what is currently the most scrutinised decision in the financial world – the setting of the Fed’s interest rate target.

On becoming the first woman ever to lead the Fed, Yellen will join Christine Lagarde, who in 2011 became the first woman to head the International Monetary Fund. Together they are now the most important players in the world of international finance.
Two women at the world’s financial helm is not enough

Two women at the world’s financial helm is not enough

Swiss Asset Manager Charged In Offshore Tax Fraud Case

U.S. prosecutors on Thursday announced they indicted Peter Amrein, a Swiss asset manager, on charges that he assisted U.S. taxpayers in evading millions in taxes by hiding money in offshore trusts at multiple Swiss banks.

More than 43,000 U.S. taxpayers have avoided prosecution since 2009 by voluntarily disclosing their offshore accounts to the IRS and paying back taxes, fines and penalties. Several indictments refer to those taxpayers by generic names, such as Client 1 or
Client 2.

The Amrein indictment refers to nine clients who hid assets in a variety of ways. Most used sham foundations to hide the true ownership of the accounts.

One Las Vegas resident, referred to as Client 9, ran a website that reported celebrity-related news, according to the indictment.

“In light of the potential exposure to litigation from celebrities who were displeased with Client 9’s website,” Client 9 contacted Amrein. He opened an undeclared account in 2007 in the name of a sham Panamanian foundation called WebMedia Publishing SA, according to the indictment.

Amrein opened the account with $250,000 at Swiss Bank No. 4, where it grew to $500,000 in value, according to the indictment. Amrein later transferred it to Wegelin, and then to Swiss Bank No. 2, according to the indictment.

Prosecutors accuse Amrein, who worked at an unidentified asset management firm, of working with Edgar Paltzer, a Zurich-based lawyer who pleaded guilty in Manhattan federal court in August to assisting U.S. clients commit tax fraud by opening bank accounts in Switzerland that shielded them from U.S. authorities. Paltzer agreed to cooperate with prosecutors.   U.S. v. Amrein, 13-cr-972, U.S. District Court, Southern District of New York (Manhattan).

US charges Swiss asset manager in offshore tax fraud case

The chart is based on a real case.
Frank-cs.orgMoney Laundering Harms Future Generations0

 

Investment and Investment Finance in Europe

Combining in-house research and work by leading academics, this report assesses how the crisis has impacted investment across the non-financial sector, in small and medium-sized enterprises (SMEs), in infrastructure, and in R&D and innovation. It explains why and where investment has declined, looking at the impact of structural imbalances, policy uncertainty, new capital requirements for banks and the fragmentation of Europe’s financial markets. In terms of policy options, it warns against poorly targeted responses and provides, instead, support for key policy interventions at the European level. Download: FreeInvestment

EU-wide corruption report drops chapter on EU institutions

The European Commission has decided not to include a chapter on EU institutions in a report on corruption in member states due out next week.

The original plan, announced in 2011, was to assess corruption across the member states and within the EU institutions.
EU home affairs commissioner Cecilia Malmstrom is set to release the first bi-annual report on Monday (3 February), around six months later than originally planned.
EU-wide corruption report drops chapter on EU institutions

The commission estimates EU-wide corruption costs the tax

Bank Executives Report Poor Money Laundering Controls

One in three senior bank executives believes their institution hasKPMG Global poor anti-money laundering controls at a time when the threat of vast regulatory fines and criminal prosecutions is increasing, according to a KPMG survey.

The annual survey, which quizzed 317 anti-money laundering and compliance professionals in banks and financial institutions across 48 countries, said only around one half thought their systems were able to provide a complete picture by monitoring transactions across businesses and jurisdictions.
One Third Of Bank Execs See Poor Money Laundering Controls
Global Anti-Money Laundering Survey – KPMG_AML_Survey_29.1.14

Clean Money?

The Finance Job Where Women Dominate In China

Financial planning is a major growth industry in China – the demand for relationship managers alone is an indication of how the industry is booming.

It is also an industry where women excel, demonstrated by this year’s survey by Forbes China, which revealed that of the top 50 financial planners on the mainland, 31 are women – up from 28 last year.

Forbes China managing editor Bridge Kang said that it stems from a tradition in Chinese households that “men earn the money and women manage it.” This helps female professional financial planners and advisers build good relationships with industry executives and customers.”
The finance job where women dominate in China

Ladies lead the way

Financial Education Groups Bring Women Together To Talk Money

On Meetup.com, a community bulletin board for the digital age, there are groups for like-minded people of all kinds.

Baby boomers, urban homesteaders, amateur psychics, weekend hikers, veterans interested in doomsday prepping — whatever your interest, there’s a group for you.

When it comes to money, though, many people still aren’t comfortable opening up with anyone, let alone strangers. Many women, in particular, report a lack of confidence in the subject.

While more than half of women today are primary breadwinners, less than a quarter — 22 percent — feel “well prepared” to make financial decisions, according to a survey conducted by Prudential in 2012-2013. Overall, women were twice as likely as men — 15 percent compared to 7 percent — to identify themselves as financial “beginners.”
Financial education groups bring women together to talk money

Financial education groups bring women together to talk money

Female Graduates Demand Smaller Salaries Than Men

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Female graduates request lower starting salaries than male graduates when Female Male Graduateslooking for their first job, a vacancy website has found.

Analysis of salary requests made by almost 500,000 graduate job seekers between 2003
and 2013 on Graduate-jobs.com revealed the
trend has remained the same for the past ten years.

The difference between the wage expectations of males and females in 2013 was £1,438. On average, men requested £20,219 a year while women asked for £18,781.

This gap has risen since 2003, when the gap was £999 – £18,506 for men and £17,507 for women.
Female graduates demand smaller salaries than menSmaller Salery