Oleg Tinkov is the First Businessman to be Charged with Failing to Pay US Exit Tax

The US Department of Justice has issued a provisional warrant for the arrest of Russian businessman Oleg Tinkov, who founded an online bank in Russia with over ten million clients. The Tinkov Group was floated on the London Stock Exchange for over USD $1 billion.

Deutsche Bank Involvement with the Latest in Jho Taek Low Case

New reports have come to light regarding Mr Jho Taek Low, who is a Malaysian businessman and international fugitive sought by the authorities in the US, Singapore, and Malaysia in connection with the 1MDB scandal.

The Current Issue with Excess Liquidity in Cyprus Banks

A recipe for potential problems and symptoms of a troubled economy is when the main banks have what is known as excess liquidity. When citizen have to borrow money, however have nowhere to borrow from, then it may as well just be spent on daily consumerism or travel. That is, to support the car industry or into the pockets of other neighboring more favourable holiday destinations.

Cyprus Financial Authorities Agree to Reduce Bank Charges & Assist Elderly Clients

Earlier this week, financial authorities such as Bank of Cyprus, issued a ruling officially scaling back on the recently announced controversial bank charges, which corporations and individuals found out about towards the end of last year. In a seemingly hasty move at the time.

Hong Kong Government Announce Grants for Companies Struggling to Cope with COVID-19

The Hong Kong government has announced a 100% cut in profits tax for 2019 (subject to a HKD $21,000 ceiling) in order to help local businesses which have been struggling due to a combination of factors, mainly the issues are global and widespread, however all fairly close to home for Hong Kong:

Singapore Database of Company Controllers & Nominators Underway

Singapore's Accounting and Corporate Regulatory Authority (ACRA) has announced proposals for a central non-public register of controllers, first discussed back in 2017. Simultaneously, the company’s legislation will be revised to necessitate disclosure of the details of nominators of nominee shareholders.

Singapore Introduces Licensing for Crypto Platforms

Singapore is introducing new payments legislation that offers global cryptocurrency firms for the first time, to apply for operating licences that will better standardise the industry. The government hope that it will give companies in the city-state a chance to expand their operations.

Dubai Regulator Fines Liquidated Service Provider EUR €220,000

Morgan Gatsby, formerly known as Sidra Capital, is an international service provider and business conglomerate. The firm was founded in Dubai, and operates across a range of sectors in entertainment, media, infrastructure, finance, and precious metals.

Financial Transaction Transfer Pricing Guidance: OECD

The OECD has published its eagerly awaited transfer pricing guidance on financial transactions, in a technique it has never produced before and as such is trial guidance.