Indonesia: StanChart $1.4 billion transfer investigation

According to officials, Indonesia is investigating the claim that 81 Indonesian customers at Standard Chartered PLC owe tax after transferring a total of USD $1.4 billion from Guernsey to Singapore, back in 2015.

This was before Guernsey adopted new tax transparency regulations.

In late 2015, before the island incorporated the international framework for tax data exchange, The Monetary Authority of Singapore (MAS) and Guernsey’s Financial Services were researching into the transfer of assets.

The new global framework means that countries can automatically exchange annual reports on accounts which belong to taxpayers in each country. Britain, Singapore and Guernsey are all part of this new system, however Guernsey endorsed the new regulations before Singapore.

Standard Chartered is said to have already reported the issue to the regulators according to sources. Regulators were apparently looking into Standard Chartered’s operations but had not yet decided if the bank had colluded with clients in order to evade tax. 


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