China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Indonesia’s national oil company Petramina has stated that a ruptured undersea pipe was the cause of an oil spill on the island of Borneo that forced the local authorities to declare a state of emergency in the area. The spill started on Saturday in the port city of Balikpapan and claimed the lives of five fisherman when it ignited. Since…

China’s new banking and insurance regulator makes opening statement of intent

China’s new banking and insurance regulator makes opening statement of intent

China’s new banking and insurance regulator makes opening statement of intent

The new super regulator for China’s $42trn banking and insurance sectors has issued a strident opening statement, promising to widen the reform of both markets and open them up to more foreign investment, while also vowing to crack down on excessive financial risk and bad debt. Much of this crackdown will focus on banking activities such as shadow banking as…

New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

The newly installed head of the Financial Supervisory Services (FSS) in South Korea, Kim Ki-sik, has pledged to make every effort to ensure consumer protection and financial market stability as he began his reign this week. Mr Ki-sik, a long-time civic activist and former lawmaker, is the first ex-politician and shareholder activist to be appointed as head of the FSS…

Former Anbang Insurance chief confesses guilt in $10bn fraud trial

Former Anbang Insurance chief confesses guilt in $10bn fraud trial

Former Anbang Insurance chief confesses guilt in $10bn fraud trial

One of China’s biggest financial fraud trials has taken place with the defendant, former Anbang Insurance chairman Wu Xiaohui, confessing his guilt and pleading for leniency in an apparent about-turn. The case centres on the allegation that Mr Xiaohui unlawfully used more than $10bn (CNY65.2bn) of investors’ money to fund a series of audacious acquisitions, including the purchase of the…

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

The European Union and trading partners are speeding up the completion of free trade agreement negotiations, driven by the growing insecurity over US trade policy, according to credit insurer Atradius. “Many say that the growing insecurity over the direction of US trade policy is a curse for international trade; however, it could turn out to be a boon for the…

Regulator shuts down five Philippine insurers

Regulator shuts down five Philippine insurers

Regulator shuts down five Philippine insurers

Risk managers in the Philippines may find there are fewer insurers able to take their business after five non-life insurers were temporarily shut down by the regulator for falling foul of its capital requirements rule. According to a statement from the Philippine Insurance Commission (PIC), the five firms – First Integrated Bonding and Insurance, Investors Assurance, Metropolitan Insurance, Plaridel Surety…

China considers super regulator for banking and insurance

China considers super regulator for banking and insurance

China considers super regulator for banking and insurance

China’s government is planning to merge its two regulatory bodies for insurance and banking, in an effort to consolidate its fragmented supervisory structure. The possibility of an amalgamation between the China Insurance Regulatory Commission (CIRC) and the China Banking Regulatory Commission (CBRC) was first reported back in January. The idea has now gathered more support ahead of the National People’s…

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Respective regulators for the insurance industry in Malaysia and Myanmar are set to issue new and separate rules that take a different approach to the issue of foreign insurers. Myanmar is set to allow at least three overseas insurers to operate in the country by May, as part of an effort to liberalise its economy and financial services sector. Meanwhile,…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

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