Group ExecutivesNews
SINGAPORE OFFICE GRANTED TRUST COMPANY LICENCE BY MONETARY AUTHORITY OF SINGAPORE
Asiaciti Trust Singapore Pte Ltd was recently licenced by the Monetary Authority of Singapore ("MAS") to carry on trust business in Singapore. Following recent legislative changes in Singapore, all entities conducting trust business in or from within Singapore are required to be licenced by the MAS. Asiaciti Trust was one of the first companies to be licenced under the new legislation.
The Singapore Government has over the past few years embarked on a programme to make Singapore a pre-eminent centre for private banking and private client services. These initiatives have included the introduction of a comprehensive tax exemption for foreign trusts administered by trust companies resident in Singapore.
Asiaciti Trust now provides a full range of trustee services in Singapore for both private clients and corporate trusteeships.
COOK ISLANDS REMOVED FROM THE FATF "NCCT" LIST
We are delighted to announce that the Cook Islands was removed from the list of Non-Cooperative Countries and Territories ("NCCT") by the Financial Action Task Force ("FATF") on February 11, 2005.
In announcing the removal of the Cook Islands from the NCCT, the FATF noted that the Cook Islands has effectively implemented systems to prevent money laundering, including strict customer identification requirements, suspicious transaction reporting, bank examinations and legal capacities to investigate and prosecute money laundering.
The FATF decision followed a concerted program of legislative and structural review by the Cook Islands Government in conjunction with various international agencies. The Cook Islands now has a regulatory regime at a benchmark consistent with international best practice.
Removal from the NCCT list will further enhance the Cook Islands existing reputation as a leading international trust jurisdiction, particularly for wealth protection planning.
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