Asia-Pacific

Featured Asia-Pacific

Singapore: Man allegedly helped his firm evade about $1.8m in GST, gave false replies to Iras auditors

A 35-year-old man allegedly assisted his company in evading a total of about $1.8 million in goods and services tax (GST) over a period of four years. Lau Zhen Zhou, who is the sole shareholder and director of Safety Marine Management, was charged on Friday (July 23) with 20 counts… Read More

Malaysia, US ink bilateral deal to share info on tax dodgers

Malaysia and the United States (US) have strengthened bilateral tax relations with the implementation of the Foreign Account Tax Compliance Act (FATCA), said the Ministry of Finance (MoF). In a statement today, the ministry said the enactment of FATCA was following the conclusion of an intergovernmental agreement signed on July… Read More

Banks under more scrutiny in new US advisory on Xinjiang

The US government has signalled extra scrutiny banks over supply chains that include forced labour in the Chinese province of Xinjiang. An updated business advisory published by several US government departments on July 13 dedicates much greater attention to the role of banks and other financial institutions compared to the… Read More
23rd July 2021
Westpac alleges colourful soccer identity Bill Papas and his company Forum Finance orchestrated more than 100 allegedly fraudulent transactions that siphoned off over $340 million from the bank during a near three-year period. The details of the extent of Mr Papas’s fraud were detailed in a statement of claim filed… Read More
23rd July 2021
B.R. Shetty, the founder of stricken UAE hospital operator NMC Health, has sued auditor EY, two former top executives of his companies and two banks in a U.S. court, seeking $8 billion in damages for an alleged multibillion-dollar fraud at his group. EY said in a statement: “We believe this… Read More
22nd July 2021
TSB has agreed to pay $3.85 million in penalties after acknowledging it failed to comply with rules designed to prevent the bank being used for money-laundering. TSB and the Reserve Bank, which polices anti-money laundering (AML) rules, presented the settlement for approval by the High Court in Wellington on Thursday,… Read More
22nd July 2021
Accountants, lawyers and real estate agents are being lured to the “dark side” by organised crime bosses. Crime and Corruption Commission chair Alan MacSporran said he had hoped high-profile charges in recent years against individual lawyers would be a significant deterrent to others against wrongdoing. But Mr MacSporran said it… Read More
21st July 2021
When Donald Trump campaigned for the presidency in 2016 he famously vowed to “drain the swamp” in Washington — including the machinery that spins around the Capitol each day trying to influence policy making. Turns out the swamp got even murkier. Trump brought a transactional approach to the White House. Read More
21st July 2021
ANZ Bank has spun its innovation unit ANZi out of the group and renamed it 1835i, flagging its desire to partner more closely with fintechs and accelerate its own technology transformation. ANZ managing director Ron Spector will remain head of the unit, which will no longer formally be part of… Read More
20th July 2021
National Australia Bank has been accused of frustrating investigations by rival bank Westpac into an alleged $400 million fraud orchestrated by colourful soccer identity Bill Papas due to its long-standing relationship Forum Finance. News of the bad blood between the two banks came as Mr Papas’ business… Read More
20th July 2021
The Biden administration has been debating internally whether and how to impose sanctions on China for its malfeasance in cyberspace, according to people familiar with the matter, as experts question why the White House has not gone further in penalizing China for its alleged hack of Microsoft’s… Read More
20th July 2021
The United States is weighing new sanctions on Iran’s oil sales to China as a way to pressure Tehran to commit to a nuclear deal, sources familiar with the matter told The Wall Street Journal (WSJ) on Monday. US negotiators continue to work with European and international partners in Vienna,… Read More
20th July 2021
Australian casino operator Crown Resorts Ltd should be stripped of the gambling licence for its main Melbourne resort due to insufficient and uncertain efforts to reform its culture and stamp out money laundering, an inquiry heard on Tuesday. The lawyer running the inquiry also expressed “little confidence” in the former… Read More