Anti-Money laundering laws and regulations as well as new guidance and obligations for banks and financial intermediaries are putting an extreme pressure on confidentiality and privacy.
Transparency is becoming a new norm, an exigence for bank acceptance, and not accepting this new full disclosure Era makes you a criminal in the point of view of many institutions.
We are not short-sighted
There are plenty of good reasons to not agree to transparency and to wish your privacy and business confidentiality to be maintained.
We simply NOT trust that governments are able to protect your personal information correctly and we believe that the implementation of the tax information exchange agreement under the common reporting standard (CRS) will generate enormous security issues for the wealthy.
No political correctness, only efficiency and business confidentiality
In this regards, we aren’t politically correct, we stand for our beliefs firmly but not blindly. We are not afraid to protect privacy and confidentiality because of our rigorous compliance process.
Bank secrecy in Hong Kong still exist
Hong Kong DID NOT SIGN the common reporting standard with every members and this will be put to vote, privacy protection in Hong Kong is also assured by an ordinance. Please note that Hong-Kong signed the CRS with United Kingdom and Japan (= data exchange between these countries).
Generally bank secrecy is going to disappear, 100 countries committed to exchange financial information, these in few specific phases.
« A few countries will not engage themselves in such way, notably the USA whom were the first to push for transparency and will be the last to accept it »
Of course, our services will never include hiding the ultimate beneficial owner to a financial institution instead the choice of specific countries and potential structuration could protect the privacy and the business confidentiality.