January 2017
Insight
Plus
Direct from Asia Pacific's Leading Midshore Business and Financial Centre.
Automatic Exchange of Information, Transparency and Compliance
The Common Reporting Standard (CRS) is currently the hot topic amongst those in the financial services industry and international business. So what is CRS and why is it attracting so much attention? How does it impact us and how can we prepare for it? Simply put, CRS is a standard set by a multilateral body known......
The wealthiest man in Hong Kong, Li Ka-Shing said establishing a Foundation is akin to setting aside for his ‘third’ child. Catch him on an exclusive interview with Bloomberg.
The global wealth management industry is witnessing a multitude of change. Among the changes are weak economies in developed countries, strong growth in developing regions and increasing regulatory supervision.
Financial institutions can no longer avoid making decisions and implementing the processes, reporting structures, systems and training they need to do to implement and protect themselves under today’s new global regime.
Happy New Year!
Here’s hoping you had a restful break, ready to embrace 2017 with open arms!
We are certain that the new year will bring about its own set of opportunities and challenges for us – especially as the jurisdiction moves towards the required level of transparency under various initiatives.
Being the perpetual optimist, I believe these changes will provide business opportunities for a substance-enabling jurisdiction, like Labuan IBFC, to thrive.
This month’s feature article discusses these new norms. We hope it will provide a good overview of this global move towards greater transparency.
Without a doubt, substance and transparency will be our key words in 2017!
We wish everyone a prosperous Chinese New Year!
Danial Mah Abdullah
CEO, Labuan IBFC
Labuan IBFC’s unique qualities offer sound wealth management options for the growing HNWIs in China.
A poll conducted by CFA Institute Financial NewsBrief revealed that transparency is the most important factor contributing to building trust.
The US is a magnet for offshore wealth, notably South Dakota, which has guaranteed secrecy for family trusts.
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