The UK's HM Revenue and Customs (HMRC) is working with the US and Australian tax administrations to analyse data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.

Ahead of the forthcoming G8 and G20 meetings on tax transparency, Peter Harwood, Guernsey's chief minister, has announced the island's support for greater global tax transparency.

A double-taxation avoidance agreement between Hong Kong and Malaysia has entered into force, the Financial Services & the Treasury Bureau has announced.

British overseas territories with significant financial centres have signed up to a tax information sharing agreement, marking a turning point in the fight against tax evasion and illicit finance.

Angelo Venardos of Heritage Trust Group shares his views on the attractions and pecking order of key wealth management hubs around the world.

The Monetary Authority of Singapore (MAS) has issued a response to public feedback on its paper, entitled "Designation of Tax Crimes as Money Laundering Predicate Offences in Singapore".

Guernsey has signed a Double Taxation Arrangement (DTA) with Hong Kong, meaning that individuals or companies with interests - both corporate and personal - in a jurisdiction that is not their "home" jurisdiction need not be taxed by both sets of authorities on the same income.

Chris Van Aeken, chief executive officer of Bank Morgan Stanley AG, and head of products and services, international wealth management at Morgan Stanley, outlines to Hubbis his perception of the global private banking landscape based on trends across different parts of the business – and outlines what it takes to be successful in such an environment.

The Indian government launched the Rajiv Gandhi Equity Savings Scheme (RGESS), which offers a 50% tax deduction of the amount invested into certain specified equity investments, up to a maximum amount of INR 50,000 (~ USD 1,000) for first time retail investors who have annual incomes of less than INR 10 lakhs (~ USD 20,000).

Earlier this week Guernsey signed new tax agreements with Singapore and Brazil – the former a Double Taxation Agreement (DTA), and the latter a Tax Information Exchange Agreement (TIEA).

Below is a snapshot of some of the key local and international regulatory and compliance developments in January 2013 relevant to the Asian wealth management industry.

With the many – and frequent – new regulatory requirements and compliance obligations for Asian wealth management firms of all types and sizes, organisations must be very aware of the cost of non-compliance.

The far-reaching crackdown by the Monetary Authority of Singapore (MAS) on tax-related crimes is causing concern for many practitioners in the wealth management industry – especially as 1st July 2013 draws nearer.

The biggest challenges for wealth management organisations in Asia relate to mis-selling and suitability, followed closely by tax criminality. Another issue they face is around technology, given that robust systems are needed to support and monitor bankers and other advisers. Yet there are significant cost implications, leading to changes in budget allocations.

The ground-breaking tax agreement between the UK and Switzerland, signed in October 2011, has delivered CHF500 million (US$550 million) to the UK’s HM Revenue & Customs (HMRC) since it came into effect on 1 January 2013.

Massimo Hilber, chief executive officer of Aris GSK Solutions, talks to Hubbis about the implications for wealth management – and especially the independent asset management industry – of forthcoming tax criminality legislation in Singapore.

Peter Golovsky, managing director and global head of private clients at Amicorp Group in Hong Kong, explains what today’s increasingly transparent and compliant world means for fiduciary services, and for the role of advice in wealth planning.

The UK’s HM Revenue and Customs (HMRC) made 640 requests to overseas governments for information on individuals’ tax affairs between March 2011 and March 2012, according to international law firm Pinsent Masons.

Draft tax legislation has been introduced on high-value UK property, with significant implications for Asians and Asian-based expats who own property in the UK.

International law firm Withers has hired Simon Michaels as a partner in the firm’s Singapore office.

Below is a snapshot of some of the key local and international regulatory and compliance developments in November 2012 relevant to the Asian wealth management industry.

Andrew Miller, partner and global head of trust at Walkers, and Lee Syin Long, head of trusts for Walkers in Asia, talk to Hubbis about how advisers and clients should think about structuring their assets in a more burdensome environment.

Wither has relocated US qualified lawyer Erik Wallace from London to Hong Kong in response to the increasing demand across Asia for advice on US tax and wealth planning issues.

Philippa Allen, chief executive officer and managing director of Compliance Asia, explains to Hubbis some of challenges and burdens regulators face as a result of international pressure, as well as the knock-on effect on the firms under their supervision.

The Hong Kong government has released its consultation conclusions on proposed amendments to the Inland Revenue Ordinance and the Stamp Duty Ordinance – to provide a taxation framework for Islamic bonds (Sukuk) on par with that for conventional bonds.

The US has opted to delay the start dates for provisions of the Foreign Account Tax Compliance Act (FATCA) for countries which have not entered into an inter-governmental agreement (IGA) with the US.

Germany and Singapore have agreed to enhance their cooperation in tax matters to tackle cross-border tax evasion.

The Monetary Authority of Singapore (MAS) has announced plans to make tax crimes predicate offences to money laundering by July 2013.

Below is a snapshot of some of the key local and international regulatory and compliance developments in September 2012 relevant to the Asian wealth management industry.