Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money.
The Australian government has revised its plans to ensure financial advisers hold a university degree and has decided to delay the introduction of new rules aimed at raising the education, training and ethical standards of financial advisers.
Representatives from Australia, Japan, Korea, and New Zealand signed a memorandum of cooperation (MoC) on the Asia Region Funds Passport (ARFP) on Thursday, that should see the initiative launched next year.
Abu Dhabi’s new international financial centre plans to establish an appeals panel to work alongside its regulatory committee which will be staffed by four senior UK barristers.
More than 200,000 offshore firms will have details of their links to the Panama Papers scandal made available when The International Consortium of Investigative Journalists (ICIJ) launches a searchable database next month.
The UK’s Financial Conduct Authority (FCA) has asked a further 44 financial services firms to disclose their involvement in the tax-evasive practices uncovered by the Panama Papers leak.
The chairman of the UK’s Treasury select committee, Andrew Tyrie, has asked the Financial Conduct Authority (FCA) to explain how it will ensure levy payers are getting value for money.
The Securities and Commodities Authority (SCA) in the UAE has amended its regulations to enable licenced advisers to offer clients a full financial planning service, creating a “distinct line” between its remit and that of the Insurance Authority.
International jurisdictions need to be “cautious” how they respond to the increased transparency measures put in place following the Panama Papers leak earlier this month, Isle of Man-based IFA group Abacus has warned.
Plans to overhaul the current 5% tax free allowance on life insurance policies are “very good news” for offshore bonds, said Neil Jones, technical manager at Canada Life.
The UK’s Financial Conduct Authority (FCA) has blacklisted a number of firms it believes are providing financial services without authorisation.
The China Insurance Regulatory Commission (CIRC) has warned that Hong Kong insurance products are not protected under mainland law, as the mainland insurance industry tries to claw back business from Hong Kong.
