Indonesia to Probe $1.4 Billion StanChart Client Transfer
- Finance Ministry receives data, Indonesian tax official says
- Monetary Authority of Singapore confirms supervisory probe
Standard Chartered Bank in Hong Kong.
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Indonesia will investigate whether citizens linked to the transfer of $1.4 billion of Standard Chartered Plc private bank client assets complied with tax amnesty requirements.
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.