Tax & Regulation
North America | 6 May 16
US moves to tighten beneficial ownership rules
The US government has adopted a new rule requiring financial institutions to identify the true owners of companies they do business with in a bid to crackdown on international tax evasion, media outlets have reported.
Tax & Regulation | 29 Apr 16
Panama Papers prompt trade-off for transparency
Wealthy individuals may have to choose between security and secrecy as a result of the increased transparency measures proposed in the aftermath of the Panama Papers scandal.
Hong Kong urges greater AML and KYC effort after Panama leak
Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money.
Australia eases planned skill standards for financial advisers
The Australian government has revised its plans to ensure financial advisers hold a university degree and has decided to delay the introduction of new rules aimed at raising the education, training and ethical standards of financial advisers.
Asia Pacific Funds Passport takes big step forward
Representatives from Australia, Japan, Korea, and New Zealand signed a memorandum of cooperation (MoC) on the Asia Region Funds Passport (ARFP) on Thursday, that should see the initiative launched next year.