Offshore Bank

Group finds offshore money of Malaysian politicians

Aziz Yusof, chairman of Malaysia's Election Commission. Photo: Xinhua

Malaysian politicians and their relatives have parked their wealth in offshore companies, while some of Indonesia's richest families have shifted money to these offshore havens, according to the latest findings of the International Consortium of Investigative Journalists (ICIJ).

Thursday, 11 April, 2013, 5:07am

British Virgin Islands slam company leaks as 'illicit'

French President Francois Hollande called on Wednesday for a European crusade against tax havens. Photo: EPA

The government of the British Virgin Islands (BVI) called the investigation by International Consortium of Investigative Journalists (ICIJ) into BVI’s financial services industry “illicit”. 

11 Apr 2013 - 10:28am 6 comments

How offshore havens let financial schemers hide their gains

Illustration: Lau Ka-kuen

A New York hedge fund manager allegedly swindles US$12 million from a prominent Baltimore family. A couple in the state of Indiana is accused of cheating hundreds of customers by charging for free trials of cosmetic products. A financial manager in Texas promises 23 per cent returns but absconds with US$33.5 million of investors' money.

9 Apr 2013 - 3:59am

US officials in rare HK trips to audit tax returns

The long arm of United States tax enforcement extended its reach further into Hong Kong last month as squads of high-level officials made rare trips to the city to audit American tax returns and discuss a voluntary disclosure programme, according to people familiar with the situation.

12 Oct 2009 - 12:00am

Halcyon days of hiding money offshore are over

Hong Kong has a very lenient system of taxation. The rates are low and tax is charged only on income that has a Hong Kong source. Capital gains are not taxed and there is no inheritance tax or estate duty. Few developed economies offer such leniency.

23 Aug 2009 - 12:00am

Let's raise hell about money laundering but we can't really stop it

'The $15 billion initial public offering of Stanley Ho Hung-sun's Sociedade de Jogos de Macau [SJM] has run into concerns over money laundering within the Securities and Futures Commission, sources said.'


June 6

7 Jun 2006 - 12:00am

For a brighter tomorrow

Hong Kong has long been considered an economic success story, having transformed itself from a tiny fishing village into one of the world's most important finance centres.

8 Oct 2005 - 12:00am

Government has no place in the laundry

NOW HERE IS one that could offend some people's sensibilities and I shall just have to be a little cautious in how I express it. The topic is whether it really makes sense for us to have stringent laws against money laundering.

2 Jul 2004 - 12:00am

Tax exemption defended

I refer to your article 'Rescue package at sea in fumes of confusion' in Business Post of June 26 and would like to clarify the point regarding the profit tax exemption on interest income.

30 Jun 1998 - 12:00am

Competition expected to heat up with fuller disclosure rules

DESPITE little reaction to the initial dissolution of the interest rate agreement, bankers expect the competition to heat up by the end of the year as banks struggle to readjust their balance sheets for fuller disclosure.

The banking sector took a big stride on October 1 by removing the caps on time deposits with a maturity of more than one month.

13 Oct 1994 - 12:00am

Banking cartel is unjustifiable

THE release of the Consumer Council's report bares few startling conclusions for anybody who has spent even the shortest time looking at the local banking cartel.

What it does is provide empirical backing to an argument which could always be knocked back by the seemingly omnipotent force of the banking and Government establishment.

6 Mar 1994 - 12:00am

Scrapping interest rate rules may hit depositors

THE Government warned that scrapping the rules on bank interest rates might hurt small depositors and lead to banks taking more risks.

11 Jan 1994 - 12:00am

Banks recover to face the 1990s

THE banking industry in the United Arab Emirates has undergone many a crisis of confidence - not the least of which was the 1990 Gulf War - but it has emerged to face the 1990s with a new emphasis on service.

Only a decade before the war, it had been hit by the oil crisis when prices collapsed and the Iran-Iraq conflict was at it peak.

18 Oct 1993 - 12:00am

Traditional haven faces challenge

ONE of life's more elegant little paradoxes is that offshore banking thrives on crisis.

The typical and traditional knee-jerk reaction to sudden events such as the outbreak of war, for example, is to buy into gold.

18 Apr 1993 - 12:00am