Bloomberg - Indonesia to launch probe into Standard Chartered client transfer

Dog Detective

Indonesia will investigate whether citizens linked to the transfer of $1.4 billion of Standard Chartered private bank client assets complied with tax amnesty requirements.

Bloomberg News reports that the country’s Finance Ministry received data on the fund transfer for tax compliance purposes and found it involved 81 private citizens, without any military, police, law enforcement or civil servants involved, Ken Dwijugiasteadi, director-general for taxation, told reporters in Jakarta on Monday.

The government will co-ordinate with the bank and expects to complete the investigation by the end of October.

It comes as European and Asian regulators probe Standard Chartered over the role staff may have played in transferring the client assets from Guernsey to Singapore before new tax transparency rules were introduced, people with knowledge of the probes have said.

Hit the link below to access the complete Bloomberg News article:

Indonesia to Probe $1.4 Billion StanChart Client Transfer

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