All posts tagged "Tax evasion"
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381AML / KYCJapan Identifies 1.9m Undeclared Offshore Accounts Through CRS
Of the 1.89 million offshore accounts identified through information exchanges under the Common Reporting Standard, 80% were located in Asia and Oceania.
December 18, 2019 -
243AML / KYCHSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe
HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.
December 12, 2019 -
556AML / KYCOECD Hails Global Anti-Tax Evasion Efforts as ‘Unprecedented Success’
Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.
December 2, 2019 -
298AML / KYCMizuho Ordered to Pay Caymans-related Back Taxes and Penalty
The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.
November 28, 2019 -
601AML / KYCAUSTRAC: Mutual Banks Face High Money Laundering Risk
Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.
October 31, 2019 -
579AML / KYCPhilippines Makes Push to End Bank Secrecy
BSP 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, 2019 -
621AML / KYCMalaysia Passes Bill to Form New Anti-Financial Crime Body
Expected to launch in January, the National Anti-Financial Crime Centre (NAFCC) will coordinate the efforts of 12 enforcement agencies to tackle financial crime.
October 13, 2019 -
413AML / KYCTaiwan Seeks Significantly Higher Penalties for Tax Evasion
Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.
September 24, 2019 -
1.4KAML / KYCFATF Releases Mutual Evaluation Report for Hong Kong
Hong Kong needs to enhance prosecution of money laundering involving crimes committed abroad and strengthen supervision of certain non-financial businesses.
September 4, 2019 -
847AML / KYCAustralia Introduces Bill to Criminalise Cash Payments Over A$10,000
Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.
August 22, 2019
