As regulatory focus on tax crimes intensifies, Asian countries are improving data sharing in a bid to increase transparency and aid enforcement efforts. The South China Morning Post reported that 1,700 Hong Kong financial institutions will start sharing information with local tax authorities in 50 jurisdictions, while the Straits Times focuses on a new data sharing agreement between Singapore and Indonesia [registration required].
The use of complex corporate structures to facilitate tax evasion and money laundering has prompted governments globally to improve transparency into company ownership. India’s 1.7 million companies were due to report on their ownership by 12th September, 2018, but confusion over the application of ownership thresholds has resulted in the extension of this deadline, reports BloombergQuint.
UN Secretary-General Antonio Guterres has praised Nigeria and Tunisia in their fights against money laundering, in a recent speech.
“At its January Summit this year, the African Union launched the observance of 2018 as African Anti-Corruption Year. I am pleased to note that anti-money laundering efforts in Nigeria and Tunisia have seen funds returned,” the UN chief said.
Meanwhile, Denmark is proposing an eight-fold increase in the size of fines for money laundering.
Love it or hate it, AI is here to stay, and knowledge is power in harnessing AI’s multiple benefits. To that end, McKinsey’s new paper discusses in detail the potential impacts of artificial intelligence on the global economy. The paper explores adoption, what disruption to expect during the transition to AI, and how AI will impact national economies.
And finally, a new white paper from the Financial Industry Regulatory Authority (FINRA), explores the developments in regtech for the securities industry. This follows a detailed study which also identified five key areas benefiting from regtech. These were surveillance and monitoring, customer identification and anti-money laundering compliance, regulatory intelligence, reporting and risk management and investor risk assessment.
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