For many years, high net worth Asian families have relied on banking secrecy, trustee confidentiality and the incorporation of companies in secretive offshore jurisdictions to ensure that their assets and profits would not be disclosed to tax authorities, regulators and others. But in the recent years, secrecy has been under attack by governments, not only in the United States and Organisation for Economic Co-operation and Development (OECD), but also in Asian jurisdictions.

The recent Paradise Papers scandal involving the leakage of 13.4 million files relating to offshore investments by well-known personalities has further captivated the attention of the media in Asia and globally. Banks and consultants have been prosecuted for assisting their clients to hide their wealth, and have been forced to implement complex procedures to promote transparency.

In light of a growing international push for transparency and exchange of information amongst jurisdictions for tax purposes, Dentons Rodyk conducted the Global Transparency: Threats and Opportunities for Asian families seminar on Thursday, 23 November 2017, with Senior Partner Edmund Leow, SC as the speaker of the event.

At the seminar, Edmund addressed how transparency is a global trend that will continue, and suggested possible structures for high net worth Asian families as they navigate their way through the complexities. An estimated 30 attendees turned up to hear and learn about adopting a legitimate tax planning approach, with Edmund delving into general principles and key takeaways of setting up trust and corporate structures.

About Dentons Rodyk

Dentons Rodyk is one of Singapore's biggest law firms and part of the world’s largest, with a team of around 200 lawyers offering clients a full suite of legal services necessary to do business locally and globally. With over 160 years of establishment, consistently ranked highly in leading publications, we pride ourselves on providing the highest quality advice to our clients while maintaining strong working relationships with key public sector agencies and leading organisations in the private sector. Our combination with global law firm Dentons, makes us part of the world’s largest law firm with more than 12,500 professionals in over 160 locations in more than 80 countries.

Designed to be different, Dentons Rodyk can help you grow, protect, operate and finance your business. Our polycentric and purpose-driven approach, together with our commitment to inclusion, diversity, equity and ESG, ensures we challenge the status quo to stay focused on what matters most to you.

The first global pan-ASEAN law firm, Dentons ASEAN has an established history in Indonesia, Malaysia, Myanmar, the Philippines, Vietnam and Singapore and will continue to grow our presence through combinations with exceptional local firms across the ASEAN region and help clients navigate change wherever they are located.

In the new dynamic decade, clients continue to be confronted with complex scenarios and want to work with a purpose-driven law firm that has the experience and confidence to help them thrive at wherever they are located. Through our combinations with firms that are leaders in their respective communities and local markets, along with the partner firms in Dentons’ Nextlaw Referral Network, Dentons is ideally positioned to support our clients everywhere in ASEAN and around the globe.