05/20/2018
Fraud, Money-Laundering on the Rise in Singapore
while instances of bribery and corruption in Singapore were lower than the global average, incidents related to money laundering were higher.
Legal, Regulation & Compliance
05/20/2018
Myanmar green lights formation of Singapore firm-backed credit bureau JV
“This will help banks to make a proper risk assessment about the credit worthiness and could reduce strict guidelines about a requirement for a collateral,” said U San Thein, senior adviser to German development agency GIZ and a former central
05/18/2018
Treasury targets foreign investors
When combined with existing concessions used by foreign pension funds and sovereign wealth funds, some foreign investors were paying tax rates of 15 per cent, or in some cases, far less, Treasury said.
05/18/2018
Taiwan’s FSC plans to ease custodian rule for foreign investors
The regulator unveiled the plan in a draft amendment of the custodian rule posted on its website on May 4.
05/18/2018
ASIC will ‘accelerate and expand’ wealth crack-down
Shipton said this could include making greater use of external expertise in investigations and enforcement actions.
05/17/2018
Court clarifies Singapore's approach to tax information exchange
The National Tax Service of the Republic of Korea (NTS) submitted an EOI request to the Comptroller in September 2013, under a tax treaty between the Singapore and Korean governments.
05/17/2018
Philippine President Rodrigo Duterte lifts ban on Filipinos working in Kuwait
Duterte’s spokesman Harry Roque told reporters the president would give the instruction to the labor secretary after discussions with his special envoy to Kuwait, Abdullah Mama-o, who recommended the action to normalize the situation.
05/17/2018
Banks given 15 days to share foreigners’ data with FBR under OECD obligations
FBR has already issued a list of 456 reporting financial institutions under common reporting standards for automatic exchange of information under the Organisation of Economic Cooperation and Development (OECD) convention.
05/17/2018
MAS issues prohibition orders against six individuals for misselling investment products
Representatives who mis-sell investment products to vulnerable clients will face stiffer action and this has been reflected in the lengthier durations of the POs issued against Mr Hiah and Ms Heng.
05/17/2018
ASIC vows to use 'every inch' of its powers to ramp up bank scrutiny
Mr Shipton said ASIC would use “every inch of [its] powers" to lift standards, but also slammed the behaviour of some businesses for not co-operating with the watchdog, or obstructing its work.
05/17/2018
PNB case: ED seizes Rs 85-cr worth jewellery of Choksi's firm brought from Dubai
It said the seizure of gold and silver jewellery was made on May 10 after the ED raided a strong-room belonging to Bharat Diamond Bourse.
05/16/2018
Con artists strike it rich in Hong Kong with job fraud and identity theft totalling HK$7.82 million this year, or seven times more than all of 2017
Desperate jobseekers convinced to hand over personal details and bank information in fake employment scams
05/16/2018
Swiss seek quick talks with Malaysia on 1MDB investigation
Newly elected Malaysian Prime Minister Mahathir Mohamad, who was sworn in on Thursday, has vowed to investigate the 1MDB scandal and take action against those who may have abetted or benefited from corruption
05/16/2018
Singapore ready to extend further help to Malaysia on 1MDB probe: CAD, MAS
MAS has fined eight banks a total of $29.1 million while Swiss private banks BSI and Falcon were shut down in Singapore and several persons jailed after a two-year extensive probe into 1MDB fund flows.
05/16/2018
Appleby Hong Kong advised on the disposal of ele.me to Alibaba
This is the second transaction over a period of twelve months in which Appleby has assisted Rajax
05/16/2018
Mourant advises BGH Capital on Guernsey elements of AUD$2.6 billion debut fund
The Mourant team was led by Guernsey Partner, Frances Watson and Hong Kong Managing Partner, Paul Christopher, assisted by Guernsey Senior Associate, Alex Porter.
05/16/2018
Investigation of South Korea’s Largest Crypto Exchange Upbit Continues
However, the prosecutors have confiscated the exchange’s computers and records as part of the investigation.
05/16/2018
ASIC cancels Wealth & Risk Management’s AFSL
WRM was the AFSL holder in the business setup, and Yes FP employed its authorised advisers to provide personal financial advice to retail clients referred to them by Yes FS.
05/14/2018
Top Indian Bank Officials Likely to Face Charges in PNB Case: Source
The charge sheet will "likely" name senior Indian bank officials, the source said, without sharing further details.
05/14/2018
Modi and Xi reset China–India relations
Despite India’s unease over Beijing’s posturing on their shared border and elsewhere, Kumar’s takeaway is clear: India should look at China as an opportunity, not as a threat.