• Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Special Offers
Business Intelligence Info
  • Business Intelligence
    • BI News and Info
    • Big Data
    • Mobile and Cloud
    • Self-Service BI
  • CRM
    • CRM News and Info
    • InfusionSoft
    • Microsoft Dynamics CRM
    • NetSuite
    • OnContact
    • Salesforce
    • Workbooks
  • Data Mining
    • Pentaho
    • Sisense
    • Tableau
    • TIBCO Spotfire
  • Data Warehousing
    • DWH News and Info
    • IBM DB2
    • Microsoft SQL Server
    • Oracle
    • Teradata
  • Predictive Analytics
    • FICO
    • KNIME
    • Mathematica
    • Matlab
    • Minitab
    • RapidMiner
    • Revolution
    • SAP
    • SAS/SPSS
  • Humor

FICO Survey: APAC Banks Expect Rise in Tax Evasion

May 28, 2017   FICO
OffshoreTaxEvasion FICO Survey: APAC Banks Expect Rise in Tax Evasion

Its been a year since the Panama Papers were leaked to the public. The leak of 11.5 million digital records exposed  the dark deeds of dirty money and tax evasion and burst the bubble of pretense that the world is effective at dealing with corruption. Investigations were launched in 80 countries , with twelve national leaders among 143 politicians, their families and close associates from around the world known to have been using offshore havens to dodge taxes and hide assets.

As the fallout out continues to ripple across the world, we decided to ask 37 executives from financial institutions across the Asia Pacific about tax evasion and how they thought it would impact the region.

One in five banks in Asia Pacific say that they expect tax evasion to increase 100 to 500 percent over last year’s levels according to a recent poll by FICO. This is despite new reporting regulations being introduced this year to arrest the problem. A further one in five senior fraud managers surveyed said they expect the increase to be up to double last year’s levels. While only 22 percent of respondents felt tax evasion would decrease this year.

This outlook comes at a significant point in time, with only five months to go until a new international standard is rolled out that governs how tax authorities in participating countries exchange data relating to the bank accounts of taxpayers.

“The goal is to make offshore tax evasion impossible,” said Dan McConaghy, president for FICO Asia-Pacific. “More than 100 jurisdictions have already signed up to the automatic exchange of information (AEOI) as part of a common reporting standard (CRS). Its introduction this year will see the initial wave of Asian countries start to share tax information on individuals from September.”

India and Korea will be the first countries to commence reporting in 2017, with Australia, New Zealand, China, Japan, Indonesia, Malaysia, Brunei, Macao, Hong Kong and Singapore due to start in September 2018.

The AEOI requirement will see bank account information reported by the banks to the domestic tax authorities, who will then exchange the data with tax authorities in partner countries.

“Tax evasion was thrust into the spotlight following the Panama Papers scandal last year,” said McConaghy. “Closer to home we have also seen high-profile tax evasion stories in Korea and India. In order to facilitate the exchange of information required, many financial institutions will need to enhance their tax compliance methods. By adopting an automated compliance process, banks will be able to implement the various identification, classification and reporting requirements in a way that is future-proof.”

For more information on how FICO is helping in this area, read the Offshore Tax Evasion release or visit the FICO Tax Compliance solution page.

Let’s block ads! (Why?)

FICO

APAC, Banks, evasion, expect, FICO, Rise, survey
  • Recent Posts

    • TODAY’S OPEN THREAD
    • IBM releases Qiskit modules that use quantum computers to improve machine learning
    • Transitioning to Hybrid Commerce
    • Bad Excuses
    • Understanding CRM Features-Better Customer Engagement
  • Categories

  • Archives

    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
    • December 2014
    • November 2014
© 2021 Business Intelligence Info
Power BI Training | G Com Solutions Limited