Although “sanctions” may be levied for a number of reasons, the term is most commonly used nowadays to describe the international embargo of finance and trade in relation to either specified persons, or in more serious situations, entire jurisdictions.
Much has been written, including the 300-page US Senate Subcommittee report itself, on the AML issues at HSBC. This writing includes front page news articles in major news publications, which gets management’s attention.
As more and more bank scandals are surfacing in the financial capitals of London and New York, Singapore seeks to implement tougher rules and strengthen existing standards as regulators move to safeguard and reinforce the reputation of Singapore’s fast-growing financial service sector.
Since 2003, the Internal Revenue Service has conducted a number of special voluntary compliance programmes designed for United States taxpayers who have not reported all of their non-US income or who have not complied with all of the various reporting requirements applicable to non-US income and assets
For the first time the International Accounting Standards Board (IASB) has issued industry specific guidance for investment entities. Under US Generally Accepted Accounting Principles (US GAAP) ...
In a series of articles for the Cayman Financial Review I have explored the long awaited statutory residence test which is to be introduced in the UK from 6 April 2013. After a lengthy delay and an extended consultation period we finally have draft legislation. Quite a few changes have been made from the original proposals.
Millions of Americans look online for discounted-rate medications. But not all of them know the running joke amongst enforcement officials:
In Issue 25 I looked at the proposed new statutory residence test. The new rules should have been introduced from 6 April 2012 but this introduction has been delayed until 6 April 2013 while there is a further period of consultation.
Data pervades almost every business and industry, whether it be financial services, retail, telecoms and media, or legal and other professional services. The vast majority of business now generates and is conducted through data of some form, and data volumes continue to grow exponentially.
Finance Professor Avinash Persaud argues that international regulatory compliance is a game imposed by large financial centres designed to close down Caribbean financial centres.
The court-appointed lawyers defending R Allen Stanford in January 2012 in a federal trial in Houston chose to take, somewhat naively, the legal tack of blaming others for what prosecutors charge Stanford himself orchestrated.