Indonesia to Widen Crackdown on Tax Cheats

Indonesia to Widen Crackdown on Tax Cheats

Authorities in Indonesia are now launching a crackdown on those who did not participate and continue to evade taxes as the tax amnesty comes to an end. Officials plan to check credit-card data from banks and compare those with tax reports after the amnesty program unveiled more than $355 billion in previously undeclared assets.

“More than 800,000 participants declared 4,724 trillion rupiah of assets since the amnesty began in July, with Singapore topping the list of countries where Indonesians stashed money.”

~ Bloomberg

According to the Finance Ministry, more than 800,000 participants declared 4,724 trillion rupiah of assets since the amnesty began in July, with Singapore topping the list of countries where Indonesians stashed money.

Related Reports: Bloomberg, The Jakarta Post

 


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Ultra Rich in London Protecting Wealth with Family Offices

Ultra Rich in London Protecting Wealth with Family Offices

Research from the London School of Economics has shown that the ultra rich in London are protecting their wealth with family offices.  According to the study, a family needs to be worth at least US$100 million to employ a multi-family office or ar least US$250 million for a single family office.

“According to the study, a family needs to be worth at least US$100 million to employ a multi-family office or ar least US$250 million for a single family office. “

~ London School of Economics

Family office employees can manage every aspect of the families lives, ranging from personal to professional and it can consist of economists, lawyers or psychologists. Family offices could set out family constitutions which define the rules all members have to follow or even assume a lifestyle management function which oversees their daily lives.

Research Reports: BBC, London School of Economics

 


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China Banks Stop Mortgage Lending after Reaching Quota

China Banks Stop Mortgage Lending after Reaching Quota

Some Chinese banks have stopped mortgage lending to home buyers after it reached the 1st quarter credit quotas. This quota system was put in place to prevent China’s home prices from increasing too quickly. ICBC, Bank of China and Everbright Bank Co have already used up their allocated mortgage lending quotes.

Outstanding household medium-to-long term loans, an equivalent of mortgage loans, grew by 380.4 billion yuan in February

~ South China Morning Post

Outstanding household medium-to-long term loans, an equivalent of mortgage loans, grew by 380.4 billion yuan in February (US$55.17 billion), a drop from the 629.3 billion yuan growth in January,

Related Report: South China Morning Post

 


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HSBC Sells US Mortgages to Credit Suisse

HSBC Sells US Mortgages to Credit Suisse

HSBC has agreed to sell mortgages worth $1.6 billion to DLJ Mortgage Capital, a subsidiary of Credit Suisse. The loans are part of HSBC’s U.S Consumer and Mortgage lending portfolio. HSBC will receive $1.495 billion as part of the deal which will used to clear some of the debt.

“HSBC has agreed to sell mortgages worth $1.6 billion to DLJ Mortgage Capital, a subsidiary of Credit Suisse.”

~ Forbes

This sale will now bring the total outstanding loans for the U.S CML unit to below $5.7 billion. In the late 2008, the outstanding loans for the US unit was at a peak of $62 billion.  HSBC used to have a huge presence in the US mortgage industry prior to the economic downturn of 2008.

Related Reports: Forbes, Reuters

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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Banks Globally Have Paid $321 Billion in Fines since 2008

Banks Globally Have Paid $321 Billion in Fines since 2008

Banks globally have paid $321 billion in fines since the financial crisis due to failings from money laundering and terrorist financing. Boston Consulting Group has shown that banks paid $42 billion in fine in 2016 alone, a 68% rise on the previous year.

“Boston Consulting Group has shown that banks paid $42 billion in fine in 2016 alone, a 68% rise on the previous year. “

~ Bloomberg

That tally is set to increase in the coming years as European and Asian regulators catch up with their U.S. peers, who have levied the majority of charges to date. Managing those costs will continue to be a major task for banks.

Related Reports: Bloomberg, Reuters

 


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Morgan Stanley Gave Some of its Clients Wrong Tax Information

Morgan Stanley Gave Some of its Clients Wrong Tax Information

Morgan Stanley has said that it has given a significant number of its wealth management clients the wrong tax information. The has caused them to either underpay or overpay their taxes over the past five years.

“Morgan Stanley has said that it has given a significant number of its wealth management clients the wrong tax information.”

~ Bloomberg

Morgan Stanley is now in discussions with IRS to resole any client tax underpayments. It will also notify any customers that may have overpaid taxes and reimburse them. It will set aside $70 million to cover the costs and errors which occured from 2011 to 2016.

Related Reports: Bloomberg, Reuters

 

About Morgan Stanley

Morgan Stanley formally opens its doors for business at 2 Wall Street, New York City, on September 16, 1935. In its first year, the firm handles $1.1 billion in public offerings and private placements—a 24 percent market share.

 


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HSBC Faces Money Laundering Probe

HSBC Faces Money Laundering Probe

HSBC is being investigated over potential breaches of money laundering after there were several concerns raised last year. The bank has commented that it is the subject of an investigation by Financial Conduct Authority into its compliance with UK money laundering regulations and financial crime systems and controls requirements.

“HSBC is facing scrutiny over its measures to combat money laundering after it was slapped with a  £1.2bn fine in 2012 by US authorities.”

~ The Telegraph

HSBC is facing scrutiny over its measures to combat money laundering after it was slapped with a £1.2bn fine in 2012 by US authorities to settle allegations it laundered money for Mexican drug cartels.

Related Reports: The Telegraph, South China Morning Post

 


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RBS Unveils £800m Cost Cutting Plans

RBS Unveils £800m Cost Cutting Plans

RBS is set to unveil a £800m cost cutting plan as it reports the ninth consecutive annual loss at the end of the month. The new cost cutting measures are going to be driven by closing of high street branches and cuts in staff numbers. The bank has closed nearly 200 branches in the past two years.  Last year, RBS had achieved nearly £700m of savings by the end of the 3rd quarter.

“RBS is set to unveil a £800m cost cutting plan as it reports the ninth consecutive annual loss at the end of the month.”

~ Financial Times

The CEO of RBS is under the spot light as it is expected to report a net attributable loss for shareholders of more than £5 billion last year.

Related Reports: Financial Times

 


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Qatar National Bank Targets Southeast Asia

Qatar National Bank Targets Southeast Asia

The biggest bank in Middle East and Africa, Qatar National Bank SAQ is focusing on Southeast Asia for growth after achieving its goals in Middle East and Africa. QNB is going to turn its Singapore operations into an Asian hub and increase staff strength and bring in Islamic finance products.

“The biggest bank in Middle East and Africa, Qatar National Bank SAQ is focusing on Southeast Asia for growth after achieving its goals in Middle East and Africa.”

~ Bloomberg

QNB has doubled the assets to $198 billion over the past five years by increasing lending in its local market and has spent about $6 billion on acquisitions.

Related Reports: Bloomberg, Reuters

 

About Qatar National Bank

Qatar National Bank S.A.Q (QNB Group) was established in 1964 as the country’s first Qatari-owned commercial bank, with an ownership structure split between the Qatar Investment Authority (50%) and (50%) held by members of the public. QNB Group has steadily grown to be the biggest bank in Qatar and a leading financial institution in the Middle East and Africa region.

Visit: Qatar National Bank

 


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Retired Business Professor Pleaded Guilty to Hiding $200 Million from IRS

Retired Business Professor Pleaded Guilty to Hiding $200 Million from IRS

A former client of Credit Suisse has pleaded guilty to hiding $200 million from US tax authorities. Dan Horsky, a retired business professor pleaded guilty to using Swiss bank accounts to hide assets and income from tax authorities.

“His lawyers however have said that he deserves probation because he has helped with a criminal investigation of the bank and will pay at least $124 million in penalties.”

~ Bloomberg

Prosecutors have urged a judge to send him to prison for 20 months. His lawyers however have said that he deserves probation because he has helped with a criminal investigation of the bank and will pay at least $124 million in penalties.

Related Reports: Bloomberg

 


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