Tax & Regulation
South Africa’s tax chief suspended
In a bid to boost investor confidence, South Africa’s new president Cyril Ramaphosa has suspended the head of the tax service after he refused to resign.
StanChart Singapore hit with $5m fine for Guernsey transfers
The Monetary Authority of Singapore (Mas) has fined Standard Chartered S$6.4m (£3.5m, $4.9m €3.9m) for breaches to anti-money laundering and countering the financial of terrorism following the transfer of trusts from Guernsey.
Middle East | 19 Mar 18
Vexed UAE firms act over Insurance Authority rule delays
As the Abu Dhabi headquartered Insurance Authority drags its heals on finalising sector reform, many businesses are anticipating what the incoming regulations will mean for them and pressing ahead with new strategies.
Best Practice | 16 Mar 18
US to shut $11bn offshore voluntary disclosure programme
The disclosure scheme that allows US taxpayers hiding offshore accounts to come clean and face more lenient penalties will close in September 2018, the Internal Revenue Service (IRS) announced this week.
Hong Kong regulator targets big guns
In separate moves, Hong Kong’s Securities and Futures Commission (SFC) this month has gone after UBS, Deutsche Bank and brokerage firm CLSA for regulatory breaches.