Private Banking and Wealth Management

Identified 47 potentially harmful preferential tax regimes in OECD countries
• Listed 35 jurisdictions found to meet tax haven criteria
• Proposed a process whereby tax havens could commit to eliminate harmful tax
• Made proposals for associating non-member economies with the harmful tax
practices project
• Proposed elements of a possible framework of co-coordinated defensive
measures designed to counteract the erosive effects of harmful tax practices
• Obtaining documentation to establish the identity and tax status of the
beneficial owner of US source income.
• Reporting of US source income
• Withholding and remitting of US non-resident alien and backup withholding
• Those foreign institutions that become QIs essentially make it impossible for
US taxpayers to hold US securities and instruments anonymously offshore
1. What factors influence the taxation of HNWIs
2. Explain the main AML initiatives
3. Analyze the role of offshore financial centres and explain the features of a tax
4. How does the European tax Savings Directive and MiFID impact on HNWIs?
5. What are the key features of the US Patriot Act that effect the wealth
management business?
6. Outline the future challenges and prospects for the wealth management
industry – suggest any new types of products and services that could be

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