Managers of Wealth Asia Pacific

Bank of China Settles Money Laundering Case for $4 Million

The lender will pay a 3 million-euro fine and 900,000 euros in damages to French tax authorities to put the criminal allegations behind it

Mazars and Nexia International announce 2019 financial year results

Two of the world’s largest accounting and consultancy networks – Nexia International and Mazars – have announced their 2019 results.

Singapore’s new payments law welcomes crypto firms

In particular, solution providers will only need one license to conduct specific payment services.

Japan Banks to Hold More Capital Against Partner Relationships – Report

Under the new rules, those same shares are considered JPY 25 billion worth of risk assets, requiring JPY 2 billion in reserves.

Japanese lawmakers make u-turn on CBDC plans

A formal proposal for the digital yen will arrive as early as next month, led by former economy minister Akira Amari.

Continued Legal 500 recognition for Mourant in Asia

Legal 500 notes that the team provides a "commercial and responsive" service across a broad spectrum of matters and service areas.

Antecedent Transactions Onshore and Offshore Updates

The seminar was chaired by a member of the HKICPA's Restructuring and Insolvency Faculty Executive Committee

India and UAE take landmark step to stop expats fleeing debt

Officially making the UAE a reciprocating territory will ease process for a court verdict in India

Asia sees VC deals decline in fourth quarter, 2019, finds KPMG analysis

China's overall VC investment relatively steady quarter-over-quarter

Hundreds of Australians caught up in global sting by tax agencies

The J5 is looking at clients, some of whom are based in Australia, who are thought to have used the bank to conceal and transfer wealth secretly to avoid tax and hide the proceeds of organised crime.

Consultation on rules on contractual stays on termination rights in financial contracts for authorized institutions under Financial Institutions (Resolution) Ordinance launched

Subject to the outcome of the public consultation, the intention is to introduce the rules as subsidiary legislation under the Ordinance into the Legislative Council for negative vetting in the 2020/2021 legislative session.

South Korea to join Asia funds passport scheme on May 27

Foreign passport funds sold in Korea will be subject to the same rules, regulations and investor protection measures as the local publicly offered funds.

Autoriti Monetari Brunei Darussalam and the Monetary Authority of Singapore to Expand Cooperation

New areas of cooperation include financial sector development, cross-border supervision, crisis management, AML/CFT, as well as currency management and operations.

Second meeting of the Banking Sector Coordination Mechanism to support small and medium-sized enterprises (SMEs)

The Banking Sector SME Lending Coordination Mechanism was established on 16 October 2019 by the HKMA

Withers recognised by Legal 500 Asia Pacific

The legal directory listed Withers’ strengths in cross-border structuring, including engagements that have an India, Japan, UK, US, and Australia nexus, as well as its strong focus on funds, family offices, private trusts, family charities and found

Bank of Thailand relaxes property lending rules as ministers move to boost bank liquidity for firms

Thailand’s central bank on Monday announced a relaxation of its lending criteria governing mortgages or loans for residential properties valued at ฿10 million or less.

Class action accuses NAB of super rip-off

MLC Nominees and NULIS are also facing a Federal Court action from ASIC alleging the trustees misled MasterKey super members.

PHILIPPINES: New rules to boost Islamic banking

It added that other key pillars of Islamic finance, such as sharia-compliant insurance (takaful) and sukuk, would be required for a fully developed Islamic financial ecosystem.

PHL banking sector seen to weather risks this year on economy’s strength

The credit rater said that among key credit drivers for the Philippines in 2020 are the recovery in economic growth on the back of government spending and the possibility of continued monetary easing.

Global banks hit with £6.2bn in fines

This is double the amount, and nearly double the value, of penalties handed out in 2018, when 29 fines of $4.27bn (£3.2bn) were imposed.

Legal, Regulation & Compliance