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.
South Korea is preparing to lift its ban on institutional cryptocurrency trading, signalling a significant shift in the country’s crypto market. The Financial Services Commission (FSC), South Korea’s
Police in three European countries on Tuesday arrested the masterminds behind an online money-laundering operation suspected of processing up to €2 billion, the continent’s judicial agency said.
A government scheme to champion new research and boost the economy has cost more than £4bn in fraud and error since 2020 after widespread abuse. The research and development tax credits scheme was
The number of civil investigation cases opened by a HM Revenue and Customs (HMRC) fraud unit investigating offshore, corporate and wealthy taxpayers has fallen by more than half in five years, figures