Standard Chartered faces US$1.4bn probe in Guernsey and Singapore

clock • 2 min read

Standard Chartered is today reported to be under investigation over $1.4bn of private bank client assets transferred from Singapore to Guernsey ahead of a deadline introducing new tax transparency rules. The private bank is alleged to have failed to carry out proper vetting of the sources of the funds in question. Following claims by bank employees, the bank conducted an enquiry, reports Bloomberg, and notified regulators of its concerns. The assets were moved to the bank’s Guernsey trust unit and are said to involved mainly Indonesian clients, some of whom had links to the militar...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?