Probe cites IFSCs as money laundering, tax evasion hotspots

Friday, April 27, 2018

International Financial Services Centres (IFSCs) have emerged as the country’s top sources of money laundering and tax evasion. This is according to the latest report by Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

The report attributed the high vulnerability in the IFSC segment to lack of cross border supervision and monitoring, as most of them are foreign-owned.

Locally some of the IFSC-accredited firms include giant corporations such as Letshego Holdings, Choppies, Motovac, Flotek, a range of asset firms, financial services units and others.

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Probe cites IFSCs as money laundering, tax evasion hotspots

International Financial Services Centres (IFSCs) have emerged as the country’s top sources of money laundering and tax evasion. This is according to the latest report by Non-Bank Financial Institutions Regulatory Authority (NBFIRA).