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  • July 14, 2014
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  1. Business - Companies - REGULATION

    Money laundering law could extend to non-financial firms

    Posted May 28th 2014, 11:10am by Toh Han Shih

    ... Toh Han Shih hanshih.toh@scmp.com Client due diligence needs likely to be extended to non-financial sector, including accounting and law firms, in anti-money-laundering push Reach of dirty-cash law tipped to broaden The Hong Kong government is expected to extend the law against money laundering- now applicable only to the financial sector- to lawyers, accountants, property ...

  2. Business - China Business - REGULATION

    China tightens tax noose on companies with overseas assets

    Posted Jul 07th 2014, 05:26am by Toh Han Shih

    ... the tax administration said. "The fines can be hefty under the tax administration laws in China," said Xing, adding that penalties could range from 50 to 500 per cent of the unpaid tax. ...

  3. Business - China Business - REGULATION

    China to chase tax evaders with own version of US foreign account law

    Posted Mar 28th 2014, 12:10am by Toh Han Shih

    ... Toh Han Shih hanshih.toh@scmp.com Officials will follow US example with law targeting residents abroad Beijing to extend tax reach globally China is expected to introduce its own version of the new US tax law that requires financial institutions around the world to provide Washington with information on US taxpayers, analysts say. Such a law would make it more difficult for corrupt ...

  4. Business - Money - REGULATION

    Government seeks law change to boost fund industry

    Posted Mar 21st 2014, 01:04am by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Government proposes allowing funds be set up like companies and its products traded like shares, to be in line with global practice Change in law sought to boost fund industry The government has proposed changing the law to allow fund products be set up in a more flexible structure in a bid to catch up with international practice and to promote ...

  5. Business - Money - REGULATION

    Brokers and fund managers back special listing boards

    Posted Jun 23rd 2014, 03:08am by Enoch Yiu

    ... where investors could sue the "corporate big boys" through class action to seek claims, Hong Kong law did not provide for such suits, which meant individual investors would find ...

  6. Business - Companies - REGULATION

    Lawmakers call for wider insurance reforms

    Posted May 28th 2014, 01:00am by Enoch Yiu

    ... is in fact the root of the problem of the mis-selling. The government's proposed new law only mentions protection for the policyholders but not the intermediaries," Kwok said. "If the law would add in safeguards to make sure the companies give fair treatment to their salespersons, it would help prevent mis-selling and hence protect the interests of policyholders who buy ...

  7. Business - Banking & Finance - REGULATION

    China-US standoff may help Hong Kong auditors in lobbying efforts

    Posted Jun 04th 2014, 05:08am by Enoch Yiu

    ... against the ruling and argued that mainland secrecy laws treat audit papers as state secrets. The ministry's proposed rules reiterate that auditors cannot take audit papers out ...

  8. Business - China Business - REGULATION

    Beijing defends ban on foreign accountants

    Posted May 31st 2014, 12:59am by Jeanny Yu

    ... of the mainland, which breached the law. Meanwhile, many foreign audit firms had outsourced business to onshore firms, it said. The world's 20 biggest accounting firms already had partners ...

  9. Business - China Business - REGULATION

    Beijing urged to comply with Foreign Account Tax Compliance Act

    Posted May 27th 2014, 09:12am by Toh Han Shih

    ... for China-U.S. tax deal Hong Kong financial institutions with mainland affiliates are hoping Beijing signs an agreement with Washington soon on a new US tax disclosure law, because of concerns mainland financial institutions will otherwise find it difficult, if not impossible, to comply with the new law. At least one major international bank with Hong Kong connections has admitted, off the record, ...

  10. Business - Companies - REGULATION

    UK launches investigation into GlaxoSmithKline in wake of graft probes

    Posted May 28th 2014, 09:35am by Toh Han Shih

    ... in the evidence that the Chinese prosecutors present," said Daniel Roules, a Shanghai-based partner of US law firm Squire Sanders. On May 14, the Ministry of Public Security accused GSK's former ... for the company to establish it had adequate procedures in place to prevent bribery," said Andrew Dale, a partner at international law firm Orrick. GSK last month confirmed it was investigating ...




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