SINGAPORE: Singapore Reportedly Tightens Scrutiny on Family Offices & Hedge Funds

Singapore has been accelerating its tightening of various investment regimes since March after at least one of the defendants in a recent SGD3 billion (USD2.2 billion) money laundering case was involved a family office that received tax exemptions, Bloomberg reported, citing people with the knowledge of the matter. Singapore asked family offices and hedge funds to provide more information and further close down inactive business entities.

Family offices that were reportedly granted tax exemptions received new forms in May requesting more detailed information, and the forms need to be submitted by the end of June. Meanwhile, the Monetary Authority of Singapore (MAS) confirmed that it would abolish the licensing regime for hedge funds with assets of up to USD250 million by 1 August and replace it with a more stringent reporting mechanism.

1 February 2024

IRELAND: Ireland bids for new EU anti-money laundering agency

Ireland grilled on local salary costs and housing as nine countries compete for new agency. Ireland put forward its case for Dublin to be the location for the European Union’s new anti-money laundering

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13 February 2024

EUROPE: Cybersecurity remains the top risk for European banks on a 12 months horizon

For the second consecutive year, the EY and Institute of International Finance (IIF) Bank Risk Management Survey finds that cybersecurity is the top concern for European banking Chief Risk Officers

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11 September 2024

IRELAND: Apple Must Pay $14.4 Billion to Ireland in Crackdown on ‘Sweetheart Deals’

Apple has been ordered to pay €13 billion ($14.4 billion) of back taxes to the Irish state, in a court ruling that ended a decade-long fight between Europe and the big tech company. In a judgment

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16 May 2024

BVI: Caribbean tax haven resists UK pressure for company register

The government of the British Virgin Islands (BVI) said it has no plans to establish a central register of true company owners, despite pressure from Britain to adopt the anti-money laundering and tax

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