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Compliance in Asian Wealth Management Forum 2020 - Exclusive Insights - Christina McNamara - IHS Markit - 2

Christina McNamara of IHS Markit

Jan 24, 2020

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1. Tax Havens vs International Financial Centre. Cayman vs Singapore – what are the new developments you must consider?

Video transcript

1. Tax Havens vs International Financial Centre. Cayman vs Singapore – what are the new developments you must consider?

With the difference between Cayman and Singapore, we have seen a regulatory shift in what the definition of beneficial ownership is and controlling the person. Generally, industries and jurisdictions take it at 25%. That has always been a standard from a FATF perspective. However, jurisdictions are starting to adopt stricter percentages on beneficial ownership. For example, I believe it was about nine months ago, Cayman came out and amended their previous 25% BO to 10%, which then shifts the structure of many institutions based in Cayman. BVI has done the same. So that has put Singapore at a competitive advantage, still at 25%. But it'll be interesting to see, as Singapore does tend to follow industry shift, what will happen here.

 

 
 
 
 

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