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StanChart: Full review of $1.9 billion transfer from Guernsey conducted

Standard Chartered Bank said it has conducted a full review regarding a transfer of US$1.4 billion (S$1.9 billion) of private bank client assets from the English Channel isle of Guernsey to Singapore.

A StanChart spokesman told The Straits Times yesterday that its report has been made available to the authorities. "The bank is currently working closely with regulators, and therefore we are unable to provide any more information," he added.

The assets, which were held in the bank's Guernsey trust unit for mainly Indonesian clients, were moved in late 2015, Bloomberg reported.

This was made before Guernsey - known to be a low-tax, offshore financial centre - adopted the Common Reporting Standard at the start of last year. StanChart closed operations on the island last year.

StanChart's response comes after the Monetary Authority of Singapore (MAS) said on Monday night that it takes a serious view of the matter. - THE STRAITS TIMES


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