Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.
September 22, 2020The automatic exchange of information by tax authorities in nearly 100 countries uncovered data on 84 million accounts held offshore in 2019.
July 2, 2020Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.
December 2, 2019BSP governor Benjamin Diokno has said the central bank wants to help convince lawmakers of the importance of lifting bank secrecy as part of a bill to grant amnesty to errant taxpayers.
October 15, 2019New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency.
June 13, 2019Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.
September 12, 2018Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.
July 4, 2018Banks required to report customers' foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.
June 7, 2018The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.
March 20, 2018Indonesian banks, regulators and financial infrastructure firms invited to register with the tax office under AEOI norms.
February 22, 2018