25th July 2017
We know there are tax havens. We just can’t agree on where they are. Although many countries recognise that major corporations divert tax revenue—there’s a reason, after all, why US multinationals hold more than $2 trillion overseas—collective action is tough. Read More
17th July 2017
What exactly is a tax haven? As far as we are aware, there is no universally accepted definition. Typically, the term is used to describe a jurisdiction that offers favorable tax or other conditions. It is therefore a relative term. So relative to Indonesia, Singapore appears to be a tax… Read More
13th July 2017
Former BSI Singapore banker Yeo Jiawei was sentenced to 4½ years in jail yesterday for money laundering and cheating. It was the longest sentence meted out so far over the massive global probe involving billions of dollars allegedly misappropriated from Malaysian state fund 1Malaysia Development Berhad (1MDB). Read More
12th July 2017
Prosecutors in Singapore said that Malaysian financier Low Taek Jho is the central figure in probes linked to 1Malaysia Development Bhd. and that he used money traceable to the state fund for his own benefit. Low received “huge” sums of money, the prosecutors said in court filings made public on… Read More
11th July 2017
Critical information infrastructure (CII) owners in Singapore must report security breaches, and cyber-security vendors providing highly sensitive services here will need to be licensed if a proposed Cybersecurity Bill gets the green light. The draft Bill was released on Monday (July 10) for public consultation. Read More
7th July 2017
The world’s biggest banks will need to rely on cooperation between the regulators of the jurisdictions where they operate to ensure they are structured and capitalised most efficiently, after few changes were made in a final report on how their subsidiaries should hold capital. Read More
30th May 2017
Singapore said on Tuesday it had fined Credit Suisse and a local lender for breaches of the city-state’s anti-money laundering laws relating to a corruption scandal at Malaysian state fund 1MDB. The Monetary Authority of Singapore (MAS), the country’s central bank, said it also imposed lifetime bans on two bankers… Read More
24th May 2017
One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More
28th April 2017
The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force will set up a partnership with industry and regulators to fight money laundering and terrorism financing. The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) will invite industry partners, regulators,… Read More
24th April 2017
As quickly as the financial technology innovations are making banking easier and more cost effective, so financial crime also rapidly evolves and moves across borders. To address what is sees as the burgeoning threat The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police… Read More