Asia Pacific, Europe, Financial

Standard Chartered Scrutinised by Authorities for $1.4 Billion Private Banking Assets Transfers

Standard Chartered Scrutinised by Authorities for $1.4 Billion Private Banking Assets Transfers

Standard Chartered is being scrutinised for $1.4 Billion of private banking assets transfer from Guernsey to Singapore, prior to the new tax transparency rules taking place.  According the numerous leading financial media reports, the Guernsey Financial Services Commission and the Monetary Authority of Singapore are investigating the alleged $1.4 billion transfer, that are linked to wealthy Indonesians with military background.

” Standard Chartered Scrutinised by Authorities for $1.4 Billion Private Banking Assets Transfer “

In 2015, Standard Chartered had ceased its trust business and operations in Guernsey, and with clients’ accounts transferred to Singapore.  Like BVI and Cayman Islands, Guernsey is a popular offshore company incorporation center and a tax haven.

Source: Reuters, Bloomberg, New York Times

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered

 


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