Search Results for: hong Kong
10 results out of 961 results found for 'hong Kong'.
ORGANISED CRIME RAISES MONEY LAUNDERING CONCERNS IN VULNERABLE FINANCIAL CENTRE JAPAN
JAPAN’S long-standing exposure to organised crime groups such as the Yakuza means that however effective the country’s anti-money laundering and combatting the financing of terrorism (AML/CFT) systems maybe, they will continue to face sophisticated challenges.
Despite enhanced criminal and civil legislation targeting Japan’s underworld groups, such as the February 2000 Act on the Punishment of Organised Crimes and the March 2007 Act on Prevention of Transfer of Criminal Proceeds (See part 4 at https://www.npa.go.jp/sosikihanzai/jafic/en/maneron_e/manetop_e.htm),…
JAPAN PLOTS GROWTH IN WAGYU EXPORT SALES TO TAIWAN
JAPANESE wagyu beef exports to Taiwan are set to soar as meat producers tap into demand following the lifting of a 16-year ban on the product, while riding on the tailwind of a Japanese government promotional campaign.
The ban on imports of Japanese wagyu, imposed after an outbreak of bovine spongiform encephalopathy (BSE) or mad cow disease in Japan in 2001, was lifted by the Taiwan government last September (2017).…
ASIAN REGULATORY ROUND UP – SINGAPORE BUDGET PUSHES MAJOR TAX REFORMS
SINGAPORE is to levy good and services tax (GST) on imported services from January 1, 2020, to help city state e-commerce service providers compete with foreign suppliers. B2B imported services will be taxed via a reverse charge mechanism. The move was announced in the government’s 2018 budget, that was announced on February 19.…
MEASURES TO SHORE UP INDONESIA’S WEAK AML/CT REGIME BEING INTRODUCED TO REDUCE VULNERABILITY TO ATTACK
FINANCIAL crime experts are urging Indonesia to step up its war on terror financing and money laundering highlighting the south-east Asian nation’s vulnerability to these threats. The USA state department’s 2017 International Narcotics Control Strategy Report (INCSR) noted these threats are significant despite Indonesia neither being a regional financial centre nor an offshore financial haven.…
ASIAN REGULATORY ROUND UP – SINGAPORE ISSUES COMPREHENSIVE INTERNATIONAL ACCOUNTING STANDARDS
SINGAPORE’S Accounting Standards Council (ASC) has issued the Singapore Financial Reporting Standards (International) (SFRS(I)s), the city state’s equivalent of International Financial Reporting Standards (IFRSs). This new set of rules will cover Singapore-incorporated listed company accounts for annual periods beginning January 1, 2018, and onwards.…
NEW CONSUMER HABITS CONTINUE TO SHAKE UP ITALY’S BPC MARKET
MERGERS and acquisitions are always motors of change in the beauty and personal care product sector, and 2017 saw some significant shifts in the key Italian industry. Important acquisitions designed to extend product portfolios and boost market share included the move by Lombardy-based global leader in colour make-up and skincare Intercos to acquire leading contract manufacturer of skin-, hair- and body-care, Cosmint. …
ASIA REGULATORY ROUND UP – MALAYSIA ISSUES NEW GUIDANCE TO BOOST SUSTAINABLE INVESTMENT
THE SECURITIES Commission Malaysia (SC) has issued Guidelines on Sustainable and Responsible Investment (SRI) Funds to boost the growth of green investments in the country. The advice follows Malaysia issuing in July the world’s first green sukuk (Islamic bond).
The new advice applies to conventional as well as Islamic sustainable finance, including unit trust funds, real estate trust funds, exchange-traded funds, and venture capital and private equity funds.…
INTERNATIONAL TECHNICAL ROUND UP – EU RELEASES TAX EVASION BLACK LIST
*The European Union (EU) Council of Ministers has published a blacklist of jurisdictions it thinks do not cooperate sufficiently with international efforts to reduce tax evasion. They are American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, the Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad & Tobago, Tunisia and the United Arab Emirates (UAE).…
EU COUNCIL ADOPTS CONTROVERSIAL MONEY LAUNDERING AND TAX FRAUD BLACKLIST
THE EUROPEAN Union (EU) Council of Ministers today (December 5) adopted a money laundering blacklist, bringing widespread criticism because the listing – designed to prevent tax fraud and evasion – only covers countries outside the 28-nation bloc. Despite the European Commission screening 92 jurisdictions worldwide, the final list of non-cooperative jurisdictions in taxation matters only contains 17 jurisdictions: American Samoa, Bahrain, Barbados, Grenada, Guam (another US territory), South Korea, Macau (a China special administrative region), the Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad & Tobago, Tunisia and the United Arab Emirates (UAE).…
CHINA’S GOVERNMENT FLEXES ITS MONEY TO FIGHT MONEY LAUNDERING FINANCE STILL FLOWS OVERSEAS
China appears to be stepping up a gear regarding its fight against money laundering, judging by the propaganda campaign ongoing across the country this winter. Uniformed staff of the Postal Savings Bank of China have, for instance, been out on the streets of the city of Jian in Jiangxi Province, handing out leaflets to pedestrians warning about the dangers of money laundering.…