Recent content by chvoon

Becoming a member of GIFCS, IOSCO, OGIS, AIS, APG, World Bank, IMF is nonsense? Where to put one's hard earned money? What kind of protection and guarantee? To people that one don't even know who regulate them? Just look at Swiss and how they are forced to "comply" with US demand, FATCA...

The way I look at it is they are not taking in deposit (EURO 500K). It is investment account. Exactly like IB or a Fund House. Not the normal commercial bank.

I totally agree that OFCs should not be used as tax evasion tool. My question is what if the FFI has no correspondents bank account in US? There are a lot of countries that are moving away from USD settlement i.e. China. Now Malaysian are use RMB to settle payment with their China suppliers...

Next time if there is any similar conference or seminar, please let me know

One can also look at Labuan. It is one of the duty free islands in Malaysia. They are directly under the supervision of Central Bank of Malaysia. Labuan itself is also members of: Group of International Finance Centre Supervisors (GIFCS) International Organisation of Securities Commissions...

If they are an IB, how can they take deposit? Is it against banking practice? As for SWIFT, now even big corporation can have their own SWIFT code i.e. Petronas, Genting etc. SWIFT is promoting to big corporation

I am a EU citizen, living and working in Singapore for the last year and been in the US before that for 7 years and I am also a resident over there. I am planning for the last month of opening a online business to sell products worldwide and maybe, since I am Singapore I would look into...