Singapore is increasing its scrutiny of the private wealth sector, including ramping up its anti-money laundering (AML) efforts. Meanwhile, Hong Kong’s regulators have turned their attention to enhancing ETFs, an asset class that has a market capitalisation significantly below that of other jurisdictions. In this edition of Regulation Focus, Asian Private Banker spoke to wealth industry experts from various backgrounds […]

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An impending 2% increase in Singapore’s Goods & Services Tax (GST) “sometime between 2022 to 2025” will not have any significant impact on HNWIs and UHNWIs’ spending, according to tax lawyers, allaying concerns about the potential for “tax leakage”. The news of an incoming GST hike was announced earlier this week as the Lion City’s finance minister Heng Swee Keat […]

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Although the new economic substance requirements for offshore centres have affected some HNWIs, estate and trust structures require only “slight tweaks” to remain compliant, according to Dawn Quek, principal at Baker McKenzie Wong & Leow. Following in the footsteps of the European Union (EU), the OECD issued an economic substance rule which came into effect on 1 January. Accordingly, entities incorporated in […]

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Singapore’s Personal Data Protection Commission (PDPC) has followed in the footsteps of the city-state’s central bank and published the Model Artificial Intelligence Governance Framework (the Model Framework) which offers prescriptive guidance on AI governance across different business sectors. Following the November 2018 release of the Monetary Authority of Singapore’s (MAS) Principles to Promote Fairness, Ethics, Accountability and Transparency in the Use […]

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Confusion and disputes may arise over clients’ tax residencies with the Common Reporting Standard (CRS) information exchange set to take place across Asian jurisdictions for the first time in September, according to a tax expert. Hong Kong, Singapore, and a number of other Asian countries will take part in their first CRS information exchange next month. Account information collected from […]

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The General Data Protection Regulation (GDPR) regime that will come into force in Europe on 25 May this year will require private banks with a European presence to implement new data management policies, lawyers have warned. The impending GDPR rules grant EU citizens extended control over how data collecting entities can use their information. In addition, financial institutions are required […]

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A mechanism that only exists in Singapore’s judicial system makes the Lion City a preferred destination for private banking acquisitions, legal and industry experts tell Asian Private Banker. “In Singapore, where a number of acquisitions took place last year, there is a mechanism whereby the transfer of assets can be carried out through a court order,” says Stephanie Magnus, a […]

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Singapore’s government, keen to establish the city-state as the region’s preeminent wealth management hub, has turned its eyes to  precious metals – or rather the taxes surrounding the importing and supplying of investment-grade gold, silver, and platinum – abolishing taxes associated with the metals’ buying and storage. As of October 1st this year, Singapore has done away with a 7% […]

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