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Common Reporting Standards

Abstract

The recent spate of news resulting from the leak of over 11 million documents from the Panamanian law firm, Mossack Fonseca, (now commonly known as the Panama Papers or the Panama Leaks) has refocused a spotlight back on money laundering, tax evasion and the murky world of offshore activities. The leak of documents, many of them confidential, is unprecedented in many ways. While various journalists, authorities, companies and interested organisations across the world are trawling through the sheer amount of data to assess the implications, some of the early disclosures have already had significant impact; such as the resignation of the Prime Minister of Iceland and forced defensive actions by a number of other high-profile individuals and companies whose offshore activities have been discovered. As interesting as these stories are, especially for sections of the press and its readers with interest on personal affairs of its favourite stars and public personas, the key issue should of course remain tax evasion or even unfair or unreasonable tax avoidance by individuals and, in particular, multinational companies. There is a grave danger of distractions arising both from the focus on forcing disclosures from politicians and public personalities, as well as confusion between tax evasion and appropriate tax planning or avoidance. Whilst disclosure does not generally mean no tax avoidance, there is world of difference between hiding money from tax authorities and declaring that you have money that is beyond their jurisdiction (or 'hidden' from them). One is tax evasion and usually illegal; the other is tax avoidance, which is generally permitted under applicable laws if properly implemented.

Author

Portrait image of Steven Yeo
Steven Yeo
Senior Vice President & General Counsel, Manulife Asia, Hong Kong

Steven Yeo is Senior Vice President & General Counsel of Manulife Asia. Based in Hong Kong, Mr. Yeo is responsible for setting the strategic direction for legal and compliance services across Asia Division, and has oversight of all Legal, Compliance and Corporate Governance units supporting Manulife’s businesses, as well as all M&A and JV activities, in Asia. He is a member of both the Asia Division Executive Committee and the Global Legal & Compliance leadership team. He is also a non-executive Director of a number of companies, including Manulife Singapore and Manulife Japan. Prior to joining Manulife, Mr Yeo was a Managing Director and Asia General Counsel of both the Corporate & Commercial Bank and the Global Transactions Services group for Citigroup. Mr. Yeo trained with and was a solicitor in the London banking department of a “magic circle” firm. He is a Solicitor of the Supreme Court of England & Wales.

Company

Manulife Asia logo

Manulife Asia

Manulife is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. It operates as John Hancock in the United States and Manulife elsewhere.

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