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APAC client assets to drain from offshore centres amid tax compliance push, says report

New global tax laws aimed at improving compliance and transparency will prompt clients in the Asia Pacific to withdraw US$520 billion from offshore accounts in coming years, according to a report by Oliver Wyman and Deutsche Bank. Globally, US$1.1 trillion worth of assets under management (AUM) will flow out of offshore accounts as a result of “the second regularisation wave”,…

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