Foreign banks can operate in the country as a branch or wholly owned subsidiary, with the Bangko Sentral taking into consideration strategic relationships and reciprocity rights in accepting applications.
The tax amnesty program looked to impose an amnesty charge equivalent to a portion of the taxpayers’ outstanding unpaid taxes in exchange for immunity from civil, criminal and administrative penalties.
This is the region where fintech disruption has been most potent. Underbanked and with large populations comfortable with smartphones, Asia has been fertile ground for technology-enabled payments providers with a knack for crunching big data.
On Tuesday, shadow treasurer Chris Bowen said a Labor government would introduce a "Tax Haven Blacklist", including places like the Cayman Islands and Bermuda.
He has pleaded guilty in the NSW District Court, Australia, to three counts of dishonestly obtaining client funds under the NSW Crimes Act.