Economy

Alarm raised over Standard Chartered's Singapore asset transfer

Standard Chartered is today reported to be under investigation over £1.4bn of private bank client assets transferred from Singapore to Guernsey ahead of a deadline introducing new tax transparency rules.

The news service reported that the United Kingdom regulator, the Financial Conduct Authority (FCA) is "aware of the transfers" but that it is not "currently reviewing them". Britain's Financial Conduct Authority, StanChart's home regulator, is aware of the transfers, but is not now reviewing them, a person familiar with the matter said. StanChart shuttered its operations on the island past year.

Standard Chartered was said to have raised the flag itself after employees said they had concerns about whether the funds had been properly vetted.

The regulator is not believed to have suggested any collusion between bank employees and clients.

The transfers were approved by StanChart's financial crime compliance team after a review, they said.

The timing of the transfer in the second half of 2015 also pre-dated the introduction of Common Reporting Standards (CRS) in Guernsey created to boost transparency.

Guernsey, Singapore and the United Kingdom have all signed up to the standard, which means countries share annual reports about accounts owned by people who have to pay taxes in each member nation. Britain, Guernsey and Singapore have all signed up, but Guernsey implemented the rules ahead of Singapore.

Singapore did not enforce the CRS until the start of this year, and will not exchange any tax information until next year.

The banking and financial services firm announced it would eventually be closing its Guernsey branch in July 2016, and moving its trust business to Singapore.



Like this

loading...
loading...

Latest


07 October 2017
Las Vegas shooting suspect Stephen Paddock was known to police
Mendoza said they always ordered the same drinks - a venti mocha cappuccino for him and a medium caramel macchiato for her. She told the Tucson Citizen at the time: "We're trying to keep Steve from knowing his father is held as a bank robber".

07 October 2017
President Trump slapped Puerto Rico right in the face
He then turned to the governor of Puerto Rico , Ricardo Rosello, and asked how many people had died in the storm. Virgin Islands that were battered by storms during an unusually violent hurricane season.

07 October 2017
Vettel fastest in opening practice session at Suzuka
Hamilton had been faster for the earlier parts of the session but the Mercedes driver had to settle for second spot. The Woking-based team head into the weekend having chalked up their first consecutive points finishes of the season.

07 October 2017
Arthur J. Gallagher & Co. (AJG) Shares Sold by Virtu KCG Holdings LLC
This represents a $1.56 dividend on an annualized basis and a yield of 2.52%. 15,346 are owned by Panagora Asset Management Inc. Trust Of Toledo Na Oh reported 29,682 shares. 38,429 were accumulated by Public Employees Retirement Association Of Colorado.

07 October 2017
Misplaced your phone? Google Home can now help you find it
It will make noise even if you left the ringer silenced, so it's basically like the "find my device" web service. As this command overrides the volume settings, the phone will begin ring even if Do Not Disturb mode is enabled.

07 October 2017
Buyers concerned over swollen batteries in new Apple iPhone 8
Apple iPhone 8 Plus units began shipping on September 22, but a few new owners have noticed a peculiar issue. Some of the devices were reportedly collected by mobile phone operator partners for investigation.

07 October 2017
Gun control debate rekindled after Las Vegas massacre
In light of the tragedy in Las Vegas, and the ongoing tragedy of gun violence in America, this could not be more inappropriate. Judy Chu, D-Calif., said on Twitter: "It's not "political" to urge action to stop the regular killing of Americans by guns".

07 October 2017
Internationa Flavors & Fragrances, Inc. (NYSE:IFF) Valuation According To Analysts
Commercial Bank Of Mellon Corporation stated it has 0.09% in International Flavors & Fragrances Inc (NYSE:IFF). (NYSE:IFF) is 64. The stock of International Flavors & Fragrances Inc (NYSE:IFF) earned "Outperform" rating by Bernstein on Monday, September 19.

07 October 2017
Notable Buzzer: Vipshop Holdings Limited (VIPS)
Franklin Resource Inc holds 0.02% or 999,720 shares. (NASDAQ:OPTT), we can see that the stock has a current beta of 4.52. Finally, Comerica Bank increased its position in Vipshop Holdings Limited by 1.3% during the 1st quarter. (NASDAQ:OPTT).

07 October 2017
Omnicom Group Inc. (OMC) price to earnings P/E ratio stands at 15.33
CCI is relatively high when prices are much higher than average, and relatively low when prices are much lower than the average. Finally, BidaskClub lowered Omnicom Group from a "sell" rating to a "strong sell" rating in a report on Tuesday, August 1st.