More than 90 percent of attendees to the 4th Thomson Reuters Pan-Asian Regulatory Summit held in Singapore this week said they thought other countries would have a FATCA-type regulation within five years, with nearly two-thirds believing that there will be increased focus from cross-border regulations on FATCA and international taxation.
The summit, held between Sep. 25 and 26, provided a platform for regulators and financial professionals in the region to discuss the regional and global regulatory landscape as it relates to Asia. It was attended by senior executives from financial firms, regulatory bodies, financial associations and exchanges in the Asia-Pacific region.
In spot polls held through the summit, nearly 40 percent said that ASEAN countries should be more aggressive in pursuing economic and financial integration, while some 45 percent of respondents said that the global financial system was now safer as a result of regulatory reform.
Other polls showed that only 26 percent of respondents believed that their organisation was spending effectively on AML/CFT, more than half of respondents thought that financial institutions would be more driven if regulators shared a percentage of fines accrued, and just over a quarter of respondents believed their board was completely connected to what was happening in the firm.
For the full list of poll results, click here.
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