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Indonesia joins probe on StanChart over US$1.4B of client transfers

The government of Indonesia is investigating whether citizens linked to the transfer of US$1.4 billion of assets by Standard Chartered Plc have complied with tax amnesty requirements, Bloomberg News reported Oct. 9, citing Ken Dwijugiasteadi, the country's director-general for taxation.

Indonesia's finance ministry received information that 81 private citizens were involved in the transfer, 62 of whom were tax amnesty participants, Reuters reported the same day, citing Dwijugiasteadi. None of the participants were government officials, law enforcement or military officers, according to the report.

The move comes after the Monetary Authority of Singapore and Guernsey's Financial Services Commission started an investigation into a series of events that led to the transfer of US$1.4 billion of assets, mainly for Indonesian clients, from Standard Chartered's Guernsey trust unit to Singapore. The transfers were made late in 2015 before Guernsey adopted the Common Reporting Standard, a global framework for the exchange of tax data, at the start of 2016.

Hestu Yoga Saksama, a spokesman for Indonesia's tax office, said they were looking into annual tax reports and reports of assets of citizens who participated in the tax amnesty program.

The Indonesian government expects to finish the investigation by the end of October.

Standard Chartered declined to comment on the matter, Reuters added.