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Time Business News
a day ago
- Business
- Time Business News
TINs Under FATCA and CRS: The Global Net Closing on Financial Secrecy
VANCOUVER, Canada | A new financial reality is taking hold. In the shadows of the world's most secure bank vaults, in the ledgers of Caribbean trusts, and within the metadata of cryptocurrency exchanges, one number is changing everything: the Taxpayer Identification Number (TIN). Once an obscure tax filing tool, the TIN has become the spearhead of a global crackdown on financial secrecy, guided by the power of FATCA and the Common Reporting Standard (CRS). With over 120 countries now exchanging TIN-linked data across borders, the promise of anonymous wealth is vanishing fast. This comprehensive press release examines how TINs operate under FATCA and CRS, why they represent the new DNA of global finance, and how institutions—and individuals—are responding to the pressure of compliance in an increasingly transparent world. The TIN Revolution: From Local Filing Code to Global Financial Identifier A TIN, whether it's a U.S. Social Security Number (SSN), Canadian Social Insurance Number (SIN), UK Unique Taxpayer Reference (UTR), or Indian PAN, is now more than an administrative tag. It is a globally traceable identifier used to link people and entities to offshore accounts, hidden trusts, shell corporations, and undeclared investment income. TINs allow tax authorities to: These outcomes are made possible by two robust global systems: the U.S.-driven Foreign Account Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS). FATCA and CRS: Two Forces, One Net FATCA – U.S. Power, Unilateral Reach The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires foreign financial institutions (FFIs) to report information on U.S. persons to the Internal Revenue Service (IRS). Institutions that fail to comply are penalized with a 30% withholding tax on U.S.-source income. U.S. persons—including citizens, green card holders, and certain corporations—must provide a valid U.S. Taxpayer Identification Number (TIN) to banks abroad, or risk having their accounts closed or reported as non-compliant. CRS – OECD's Multilateral Masterstroke The Common Reporting Standard (CRS) is a global information exchange initiative introduced by the Organization for Economic Co-operation and Development (OECD) in 2014. It functions similarly to FATCA but is multilateral and reciprocal in nature. More than 120 jurisdictions, including most of Europe, Asia, and Latin America, now share information on foreign financial accounts held by individuals and entities. At the heart of CRS? The TIN. TINs: The Anchor of Automatic Exchange of Information (AEOI) Under FATCA and CRS, banks and financial institutions must report: Name Address Jurisdiction(s) of tax residence TIN(s) Date of birth Account number Balance or value Income generated (e.g., interest, dividends, proceeds from sale) If the TIN is missing, incorrect, or inconsistent with known residency information, the account may be reported to multiple tax authorities or flagged for audit. Case Study: The Dual Citizen Exposed by TIN Conflicts In 2023, a dual citizen of the United States and Australia opened investment accounts in Singapore using an Australian passport and declared only his Australian Tax Identification Number (TIN). However, the individual also held a U.S. Social Security number (SSN), and prior FATCA data had already flagged him in a separate filing. When Singapore's CRS data was cross-referenced with FATCA entries in the IRS's systems, the mismatch triggered an investigation. The individual was found to have underreported over $1.2 million in investment income over a five-year period and was fined heavily. The Death of Anonymous Offshore Banking In the past, an individual could hide assets offshore through: Shell companies with nominee directors Undisclosed trusts in Caribbean or Pacific jurisdictions Unregulated crypto wallets Anonymous bearer shares Tiered ownership across low-transparency countries Today, nearly all of these tactics have been rendered ineffective by FATCA and CRS due to one key requirement: the collection and reporting of TINs. Every shell company must now disclose its Ultimate Beneficial Owners (UBOs) along with their Tax Identification Numbers (TINs). Every trust must register the TINs of settlors, trustees, and beneficiaries. Every crypto platform subject to the OECD's new Crypto-Asset Reporting Framework (CARF) must collect and transmit users' Taxpayer Identification Numbers (TINs). TINs and the Machine: AI-Driven Financial Surveillance Tax agencies and compliance institutions now utilize artificial intelligence to analyze the massive flows of TIN-linked data they receive annually. These systems identify: Duplicate or fraudulent TINs TINs registered to deceased persons TINs linked to multiple high-risk jurisdictions TINs used in accounts with transactional patterns indicative of layering or structuring These alerts lead to proactive audits, coordinated international investigations, and often criminal referrals. Amicus Advisory: The New Landscape of Legal Identity Amicus International Consulting offers strategic compliance services to clients worldwide, ensuring lawful restructuring in light of TIN-related risk. Services include: Global TIN consistency audits for individuals and businesses Rectification of mismatched, outdated, or invalid TIN records Advising on CRS/FATCA-compliant structuring of trusts, entities, and second residencies Guidance on voluntary disclosure to minimize penalties TIN-aligned offshore compliance strategies that preserve financial privacy without breaching the law 'Most exposure is unintentional,' says one employee of Amicus. 'We help clients rebuild their financial footprint around clarity and legality, not secrecy.' Case Study: Offshore Property Flagged by TIN Records In 2024, a British entrepreneur's offshore property in Portugal was flagged by HMRC after a Portuguese financial institution submitted a CRS report, which listed the entrepreneur's UK Taxpayer Identification Number (TIN). The individual had never declared the property on their UK tax filings. Using the TIN as the anchor, HMRC accessed transaction history, title records, and even a renovation loan registered to the same TIN, resulting in a full tax reassessment and retroactive penalties. CRS + FATCA + CARF: The Total Transparency Framework TINs are now central not only to FATCA and CRS, but also to the OECD's new Crypto-Asset Reporting Framework (CARF), which takes effect as of January 2025. Under CARF, TINs are required for: Crypto wallet openings Tokenized asset purchases Staking and lending platforms DeFi (decentralized finance) protocols, if jurisdictionally covered The scope of TIN-linked tracking is now: REGIME SCOPE WHO REPORTS USE OF TIN FATCA U.S. Persons Foreign Banks Required for ID and enforcement CRS Global Participants Local Banks Matches with home tax returns CARF Crypto Platforms Exchanges and Wallets Connects users to tax obligations TINs and Risk Ratings: Why Institutions Monitor the Numbers Financial institutions now integrate TIN data into their client risk rating systems. For example: Clients with TINs from high-risk or sanctioned countries receive enhanced due diligence Clients with multiple TINs must explain overlapping residencies Clients with unrecognized or expired TINs may be denied account access This impacts not only account approvals but also transaction clearance times, credit issuance, and internal reporting to regulators. Legal and Financial Consequences of TIN Mismanagement Misuse, non-disclosure, or manipulation of TINs can lead to: Civil penalties of up to 300% of the tax owed Criminal prosecution for tax evasion or fraud Confiscation of assets linked to undeclared income Cross-border arrests and extradition (in extreme cases) Blocklisting of associated corporate or personal accounts Case Study: The TIN That Triggered a Tax Rebellion A South African executive's TIN, linked to a Panama-based trust, was disclosed in a 2023 CRS exchange. While the executive believed the structure was legally opaque, the TIN used during trust setup provided a direct link to his residency and triggered a significant investigation. Ultimately, the executive entered into a public settlement and became a case study for the risks associated with financial opacity. Amicus Case File: TIN Reconciliation to Avoid Disclosure Fallout A Canadian Israeli entrepreneur approached Amicus after receiving FATCA inquiries linked to a dormant U.S. LLC. Amicus performed a TIN alignment and voluntarily disclosed the entity under Canada's tax amnesty program. Outcome: Avoided criminal charges Paid penalties at a reduced rate Cleared the way for future CRS-compliant investment structures The Path Forward: Strategic Transparency with Legal Shielding True privacy no longer lies in secrecy, but in lawful clarity. TINs will continue to expand their reach as: Biometric TINs are adopted in high-fraud countries are adopted in high-fraud countries Digital wallets become tied to tax identifiers become tied to tax identifiers Residency and citizenship-by-investment programs adopt stricter TIN checks adopt stricter TIN checks TIN-based sanctions systems link individuals to national enforcement regimes Amicus continues to serve clients facing this new paradigm, not to avoid transparency, but to master it strategically and lawfully. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram About Amicus International Consulting Amicus International Consulting provides strategic legal and financial restructuring services for global citizens, corporate entities, and high-net-worth individuals navigating the complexities of FATCA, CRS, CARF, and global transparency regulations. Amicus offers lawful pathways for protecting assets, ensuring compliance, and preserving cross-border mobility. TIME BUSINESS NEWS
Time Business News
a day ago
- Business
- Time Business News
Legal Frameworks and TIN-Based Investigations
VANCOUVER, Canada | In the modern era of global finance, few elements have proven more transformative—and more disruptive—than the widespread legal adoption of Taxpayer Identification Numbers (TINs) in cross-border investigations. What began as a bureaucratic convenience has become a legal linchpin, enabling unprecedented levels of transparency, enforcement, and asset tracing through formal legal frameworks and treaty cooperation. From criminal prosecutions and civil asset forfeitures to international arbitration and administrative audits, TINs now serve as primary evidence in the world's most complex financial investigations. This in-depth release examines how legal frameworks worldwide are utilizing TIN data, its significance, and its implications for privacy, compliance, and financial defence. The TIN: From Tax Number to Legal Evidence TINs—ranging from Social Security Numbers (SSNs) in the U.S. to PANs in India and NIFs in Portugal—were designed to link individuals and entities to tax obligations. However, under today's regulatory frameworks, they are now used to: This evolution has led to a global network of TIN-based investigations powered by formal legal instruments, treaties, and real-time regulatory cooperation. The Legal Pillars of TIN-Based Investigations TINs now intersect with some of the world's most powerful legal frameworks: 1. FATCA (Foreign Account Tax Compliance Act – U.S.) TINs are central to determining whether an account belongs to a U.S. person, triggering automatic disclosures to the IRS and serving as the basis for enforcement and penalty calculation. 2. CRS (Common Reporting Standard – OECD) TINs are mandatory in all Automatic Exchange of Information (AEOI) transmissions under the Common Reporting Standard (CRS), ensuring each report is linked to a unique individual or entity for cross-border matching. 3. MLATs (Mutual Legal Assistance Treaties) Under MLATs, countries request TIN-linked financial records for prosecution, asset tracing, or investigation. These requests often include bank records, tax filings, and registries, all tied to a taxpayer identification number (TIN). 4. EOIR (Exchange of Information on Request) Tax authorities can request data from foreign jurisdictions on individuals or companies using a TIN as the anchor, thereby bypassing the need for traditional subpoenas. 5. Administrative Law and Civil Litigation TINs are now admissible in court to verify identity, demonstrate control of assets, or trace income, especially in matrimonial, probate, or fraud litigation. How Investigators Use TINs in Practice Forensic accountants and legal teams now often begin many investigations by locating a target's Taxpayer Identification Number (TIN). This identifier becomes the key to: Uncovering dormant accounts in offshore banks Connecting business entities across jurisdictions Accessing trust registries and land records Linking cryptocurrency accounts to fiat on-ramps Reconstructing asset ownership timelines Case Study: Shell Structures in the Seychelles In 2023, an EU whistleblower leaked corporate formation documents revealing that the same Polish TIN was used in three Seychelles-based entities. Investigators cross-referenced this with UBO declarations in Malta and wire instructions from a Latvian bank. The data triangulation led to a $40 million fraud recovery across five jurisdictions. TINs in Criminal Prosecution Prosecutors increasingly use TINs as core identifiers in financial crimes such as: Money laundering Tax evasion Securities fraud Terrorist financing Bribery under anti-corruption laws (e.g., FCPA, UK Bribery Act) Authorities can now request complete TIN-based financial profiles through: Europol and Interpol cooperation OECD's Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) Cross-border AML intelligence hubs UNODC's financial crime enforcement database Case Example: The Ayitey Ayayee-Amim Investigation Accused of investment fraud in the U.S., Ayayee-Amim was found to have opened multiple corporate accounts using variant Taxpayer Identification Numbers (TINs) tied to nominee entities. DOJ prosecutors used FATCA disclosures and TIN matches to build a case of jurisdictional misrepresentation and financial obfuscation. TINs in Asset Forfeiture and Civil Recovery TINs provide the continuity of identity required to pursue cross-border asset seizures. In civil recovery cases, plaintiffs must prove: TIN-linked data can: Match account holders to hidden trusts Prove ties between nominees and ultimate beneficiaries Trace capital inflows and outflows across corporate layers Case Study: Crypto Trusts and the South African Seizure In 2024, the South African Revenue Service successfully seized over R85 million in digital assets from an offshore crypto trust. TIN declarations submitted during a 2020 DeFi loan application were used to confirm control by a domestic tax resident, justifying legal seizure despite the assets being held offshore. Amicus International: Strategic Legal Structuring Amicus International Consulting collaborates with global clients aiming to integrate their financial operations with legal frameworks, particularly as TIN-based scrutiny intensifies. Clients include: Amicus services include: 'Your TIN history defines your legal identity today,' says one Amicus employee. 'We ensure that identity is lawful, consistent, and defensible.' Legislative Momentum: Emerging TIN-Driven Regulations Governments are now building or expanding laws to support deeper TIN-based investigation capabilities. These include: Biometric TIN authentication in India, Nigeria, and the UAE in India, Nigeria, and the UAE Mandatory TIN registration for real estate purchases in France, the UK, and Singapore in France, the UK, and Singapore TIN-based sanctions enforcement by OFAC, EU, and UK by OFAC, EU, and UK TIN linking for non-resident taxation in Saudi Arabia, Australia, and Mexico in Saudi Arabia, Australia, and Mexico TIN-backed crypto taxation and reporting through CARF (Crypto-Asset Reporting Framework) These regulations serve both as deterrents to noncompliance and as enforcement multipliers, giving investigators near real-time insights into global activity. Case Study: Legal Name Change Blocked by TIN History In 2024, a former executive attempted to change his legal name in Cyprus following a financial scandal. During the legal name change process, authorities linked his prior TIN filings to undisclosed offshore holdings in Bermuda and Dubai. The change was denied under 'public interest' laws, resulting in renewed criminal proceedings in his home country. The TIN connection nullified the legal separation of identity he had hoped to achieve. The Role of TINs in International Arbitration and Civil Law TINs are now routinely used in commercial arbitration, investor-state disputes, and litigation where: Courts and arbitral bodies accept TINs as: Evidence of legal personality Proof of beneficial ownership Basis for jurisdiction under bilateral treaties Links to compliance history in regulated markets Global Cooperation and Treaty Enforcement TINs are shared through: OECD's Common Transmission System (CTS) U.S. IRS data-sharing under FATCA IGAs EU DAC2 and DAC6 directives Interpol's Global Financial Crimes Database UNODC's Asset Recovery Networks With this cooperation in place, prosecutors can now access financial histories from: Banks in Switzerland, Singapore, and Liechtenstein The company is registered in Belize, the BVI, and Cyprus Crypto exchanges in Estonia, Malta, and South Korea How Amicus Clients Prepare for Legal Scrutiny Clients facing exposure or litigation risk undergo: TIN timeline reconstruction to map historical financial footprints to map historical financial footprints Legal identity synchronization to match across passports, TINs, and trusts to match across passports, TINs, and trusts Jurisdictional exit planning to close high-risk structures with legal compliance to close high-risk structures with legal compliance Voluntary disclosure coordination to mitigate civil or criminal risk to mitigate civil or criminal risk Pre-litigation financial structuring to defend assets before judgment This preparation ensures that clients remain within the law while minimizing risk, especially in cases where past structures were created before the TIN crackdown. Conclusion: The Age of Legal Identity Has Arrived In 2025, your TIN isn't just a tax number—it's a legal artifact. It is evidence in courtrooms, a signal in databases, and a target in asset recovery. Whether you're a private citizen, a multinational CEO, or a trust administrator, your exposure is only as secure as your TIN compliance. In a world where legal frameworks are evolving faster than criminals, a proactive strategy is the most effective protection. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram About Amicus International Consulting Amicus International Consulting offers global clients strategic legal, compliance, and identity solutions in an era of expanding TIN-based regulations. With expertise across over 25 jurisdictions, Amicus empowers lawful transparency, financial defence, and reputation management under the strictest legal scrutiny. TIME BUSINESS NEWS
Time Business News
3 days ago
- Business
- Time Business News
Regulatory Trends: How Jurisdictions Are Embracing Banking Passports
VANCOUVER, British Columbia — The global financial ecosystem is undergoing a quiet but significant transformation. Amid tightening regulations, rising de-risking, and digital compliance automation, jurisdictions around the world are beginning to adopt the banking passport, not as a loophole, but as a legal instrument for facilitating global financial mobility. Amicus International Consulting, a global leader in legal identity structuring and offshore compliance, releases this in-depth analysis on the evolving regulatory landscape that is legitimizing and integrating banking passports into standard cross-border onboarding practices. What began as a necessity for politically exposed or geographically restricted individuals is now being formalized by forward-thinking regulators as a tool for de-bureaucratized banking, risk balancing, and inclusive financial access. The Banking Passport: A Legal Financial Identity Portfolio. At its core, a banking passport is a set of verified documents and jurisdictional structures that allow an individual or entity to: Open international accounts. Comply with Know Your Customer (KYC) and Enhanced Due Diligence (EDD) requirements. Operate across borders with fiscal legitimacy and transparency of risk. These typically include: A second citizenship or residency in a low-risk jurisdiction. A Tax Identification Number (TIN). A legally registered International Business Corporation (IBC). Proof of legal residence and address. Source of funds documentation and KYC compliance bundle. When properly constructed, banking passports provide a coherent and legally sound identity narrative that meets banks' increasingly algorithm-driven compliance demands. Why Governments Are Warming to Banking Passports. Historically, offshore financial identity tools have been viewed with suspicion. Today, three key trends are shifting that narrative: ✅ 1. De-risking and Overcompliance Since 2015, major banks have dropped clients in high-risk jurisdictions (including entire regions) to avoid compliance fines. This has left many legitimate users — mainly from Africa, Latin America, and parts of Asia — financially disenfranchised. Banking passports offer a way for these users to Acquire low-risk citizenship. Re-establish credibility under OECD-compliant documentation. Re-enter the financial system with precise risk segmentation. ✅ 2. CRS and FATCA Normalization: As more jurisdictions implement the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) regimes, governments recognize that identity fluidity is inevitable. By embracing structured multi-jurisdictional banking identities, they can: Retain high-net-worth individuals (HNWIs). Attract legitimate offshore business. Ensure tax compliance across mobility. ✅ 3. Fintech Inclusion and API-driven KYC Digital banks and payment providers now rely on API-driven KYC systems. Structured banking passports — with clean metadata, consistent identifiers, and digital proofs — integrate more easily into these systems than fragmented or outdated local documents. Case Study: Panama's Regulatory Upgrade Boosts Banking Passport Demand. In 2024, Panama passed reforms to its residency-by-investment program, aligning it with OECD substance rules and FATF guidelines. This made Panamanian tax residency and IBC ownership more attractive for banking passport strategies. Amicus clients using Panamanian structures saw: Reduced onboarding times in Singapore and Dubai. Higher acceptance rates with Swiss Tier-2 private banks. Faster crypto-fiat conversion access due to clearer documentation trails. Panama now markets itself as a 'mobility jurisdiction,' encouraging compliant multi-national individuals to base their financial identity legally in-country. How Jurisdictions Are Embracing Banking Passports: A Global Overview Jurisdiction Integration Strategy Portugal Golden Visa residents can use local residency and TIN for EEA banking UAE Recognizes residency-based banking passports for non-citizen clients Malta Citizenship-by-investment includes full banking compliance certification Dominica Offers digital banking onboarding for CBI holders Mauritius Encourages global TIN registration through Fintech Sandbox access Singapore Accepts structured offshore identities with FATF-aligned declarations These jurisdictions recognize that banking passports reduce onboarding friction, support compliance goals, and attract globally mobile capital. From Fringe to Framework: The Legal Normalization of Banking Passports. Over the past five years, multiple institutions and regulatory bodies have released guidance legitimizing multi-jurisdictional financial identities: OECD Tax Transparency Initiative (2022): Encouraged the harmonized use of TINs for globally mobile individuals. Encouraged the harmonized use of TINs for globally mobile individuals. FATF Recommendation 10 : Recognized risk-based onboarding using layered identity profiles. Recognized risk-based onboarding using layered identity profiles. Basel Committee (2023): Recommended flexible identity criteria for fintech inclusion. Amicus collaborates with regulators in emerging markets to create sandbox-compliant banking passport templates — pre-approved identity packages that meet the requirements of onboarding systems at scale. Case Study: African Startup Founder Uses Structured Identity to Bank Globally. A Kenyan fintech founder faced rejection from multiple payment platforms due to local Know Your Customer (KYC) limitations and nationality-based risk assessments. Amicus structured: A second passport through St. Lucia's donation program. A Singapore-based fintech holding company with tax transparency. A crypto wallet identity trail backed by financial statements. He now banks in Estonia, Hong Kong, and Mauritius — fully compliant and no longer limited by regional systemic bias. Digital-First Governments Are Leading the Way. Several jurisdictions are proactively embedding banking passport logic into their e-residency or digital identity frameworks: 🇪🇪 Estonia E-residency enables global entrepreneurs to obtain EU TINs, register EU companies, and access digital banking — all without requiring physical presence. 🇦🇪 UAE Free zones now accept 'banking passport profiles' for international account setup, provided TIN and tax domicile are clear. 🇺🇾 Uruguay Latin America's most progressive mobility jurisdiction, offering low-tax residency to banking passport holders, with automatic OECD alignment. Amicus is working with multiple ministries to develop Banking Identity Certification Platforms — government-backed identity attestations with blockchain verification layers. Second Citizenship: The Regulatory Pivot Point. The backbone of many banking passports is a second citizenship. Countries embracing this as part of their financial inclusion strategy are: Country Program Type Regulatory Notes Antigua & Barbuda Citizenship by donation Full FATF compliance, aligned with EU blacklist avoidance St. Kitts & Nevis Real estate and donation-based CBI Includes banking letter and TIN upon approval Malta Exceptional Investment Naturalization Includes EU TIN, passport, and tax planning module Vanuatu Citizenship via offshore escrow Working to meet AML targets under FATF pressure Each of these programs has begun pre-validating clients through compliance units — making their documents easier to integrate into offshore banking platforms. Regulators Benefit from Embracing Banking Passports. When jurisdictions adopt structured banking identities, they gain: Increased capital inflows through residency and citizenship programs. through residency and citizenship programs. Improved tax revenue through declared TINs and economic substance. through declared TINs and economic substance. Enhanced AML oversight via pre-vetted, centralized identity portals. via pre-vetted, centralized identity portals. Reputation boost among private banking and fintech institutions. Instead of blocking mobile clients, these jurisdictions attract them with rules that protect both the client and the system. Case Study: A Political Risk Insurance Broker Uses Dual Identity to Navigate Sanctions. A Belarusian insurance professional found that his nationality placed him under enhanced sanctions screening, despite never being politically active. With Amicus: He secured dual citizenship in Dominica. Used his new nationality to register a brokerage in Cyprus. Filed a new TIN under the European framework. His banking passport enabled him to clear risk assessments and open brokerage escrow accounts in Switzerland and the UAE — legally, with the cooperation of the relevant regulators. Looking Ahead: Global Banking Identity Registries Amicus predicts that jurisdictions will soon participate in cross-certified banking identity registries — cloud-based or blockchain-backed repositories of: TINs KYC files Economic substance certificates Risk assessments. These registries will Expedite onboarding for clients with banking passports. Allow institutions to validate multi-jurisdictional structures instantly. Lower the compliance cost for both banks and clients. Best Practices for Clients and Policymakers. For clients: Avoid inconsistent documentation across jurisdictions. Ensure your banking passport aligns with the CRS and FATCA requirements. Use government-sanctioned programs for second citizenship or residency. Maintain clear source-of-funds documentation. For governments: Recognize banking passports as compliance tools, not evasion risks. Create centralized identity certification units. Partner with platforms like Amicus to design sandbox models. Align residency programs with OECD and FATF standards. Conclusion: The Banking Passport Is Now a Global Norm — Not a Grey Zone. Jurisdictions that once viewed banking passports as threats are now building infrastructure around them. As the world continues to fragment politically and digitize financially, structured legal financial identities are no longer just a workaround — they are the future. Amicus International Consulting helps clients and governments design that future with integrity, compliance, and financial sovereignty at the center. 📞 Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
Barnama
05-06-2025
- Business
- Barnama
HASiL Ramps Up International Efforts To Tackle Tax Evasion
KUALA LUMPUR, June 4 (Bernama) -- The Inland Revenue Board (HASiL) is stepping up its global cooperation to track down taxpayers who fail to comply, including those transferring assets or income overseas. Its Intelligence and Profiling Department director Muhammad Azhari Tamrin @ Thamrin told Bernama Radio that the agency is harnessing international tools, such as the Exchange of Information (EOI) and the Common Reporting Standard (CRS), to access financial data shared by foreign authorities. 'Tax evaders are becoming increasingly sophisticated. They shift profits offshore, set up offshore companies and use international bank accounts. These are tactics that conventional methods struggle to detect,' he said. In response, HASiL has taken proactive steps by deepening partnerships with tax authorities abroad to share information and trace these financial footprints more effectively. Speaking on the radio programme POV: Perspektif Bukan Persepsi, hosted by Kamal Affandi Hashim and focused on tax evasion, Muhammad Azhari explained that Malaysia's participation in the Forum on Tax Administration and the ASEAN network has helped it adopt best practices and strengthen its capacity through big data analytics and risk profiling. Alongside enforcement efforts, HASiL has also rolled out public education campaigns and adopted a 'Compliance Before Enforcement' approach to encourage voluntary tax compliance. Social media, he added, is an increasingly valuable resource in uncovering suspicious financial activity. 'We analyse lifestyles displayed online and compare them with declared incomes, looking out for undeclared businesses, hidden assets and social or business networks,' he noted. Where discrepancies emerge, he said HASiL will conduct audits and investigations, actions that are targeted and data-driven rather than arbitrary. Muhammad Azhari also urged the public to act as watchdogs, encouraging them to report individuals or companies that live beyond their declared means or operate without proper registration.
Malaysian Reserve
04-06-2025
- Business
- Malaysian Reserve
HASiL ramps up international efforts to tackle tax evasion
THE Inland Revenue Board (HASiL) is stepping up its global cooperation to track down taxpayers who fail to comply, including those transferring assets or income overseas. Its Intelligence and Profiling Department director Muhammad Azhari Tamrin @ Thamrin told Bernama Radio that the agency is harnessing international tools, such as the Exchange of Information (EOI) and the Common Reporting Standard (CRS), to access financial data shared by foreign authorities. 'Tax evaders are becoming increasingly sophisticated. They shift profits offshore, set up offshore companies and use international bank accounts. These are tactics that conventional methods struggle to detect,' he said. In response, HASiL has taken proactive steps by deepening partnerships with tax authorities abroad to share information and trace these financial footprints more effectively. Speaking on the radio programme POV: Perspektif Bukan Persepsi, hosted by Kamal Affandi Hashim and focused on tax evasion, Muhammad Azhari explained that Malaysia's participation in the Forum on Tax Administration and the ASEAN network has helped it adopt best practices and strengthen its capacity through big data analytics and risk profiling. Alongside enforcement efforts, HASiL has also rolled out public education campaigns and adopted a 'Compliance Before Enforcement' approach to encourage voluntary tax compliance. Social media, he added, is an increasingly valuable resource in uncovering suspicious financial activity. 'We analyse lifestyles displayed online and compare them with declared incomes, looking out for undeclared businesses, hidden assets and social or business networks,' he noted. Where discrepancies emerge, he said HASiL will conduct audits and investigations, actions that are targeted and data-driven rather than arbitrary. Muhammad Azhari also urged the public to act as watchdogs, encouraging them to report individuals or companies that live beyond their declared means or operate without proper registration. 'Tax evasion not only drains public funds but also undermines fairness for honest taxpayers,' he said. Information can be submitted securely through HASiL's e-Tax Evasion Reporting System at with protections under the Income Tax Act 1967. Convicted tax evaders risk penalties of up to 300 per cent of the owed tax, fines of up to RM20,000, imprisonment of up to three years, or both. 'Fighting tax evasion is a shared responsibility. It is essential to ensure that national revenue is collected fairly for the benefit of all Malaysians,' said Muhammad Azhari. — BERNAMA
