CORPORATIONS that do not disclose their beneficial owners will have to pay higher penalties, as well as face nonfinancial penalties, starting next year.
December 21, 2022 | 12:32 amcial owners will have to pay higher penalties, as well as face nonThe Securities and Exchange Commission issued Memorandum Circular No. 10, which increased the penalties on corporations that fail to disclose their bene“It has been observed that despite the promulgation of the 2019 revision on the GIS to include beneficial ownership information, a significant number of corporations have yet to declare their beneficial owners with the Commission,” the regulator said.
This is in line with the recommendation of the Financial Action Task Force , which placed the Philippines in its “gray list” of jurisdictions subjected to increased monitoring for “dirty money” risks. It has been on the list since June 2021.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
P48B and public corporationsA few days ago, PLDT announced that it had discovered overspending of about P48 billion in capital expenditures over the past four years. For a company that reported P182.1 billion in revenue for
Baca lebih lajut »
Agri output may expand up to 2.5% next year - BusinessWorld OnlineTHE COUNTRY’S agricultural production is expected to expand up to 2.5% in 2023, according to the Department of Agriculture (DA). Agriculture Undersecretary Mercidita A. Sombilla said the agriculture sector may grow faster in 2023 compared with this year. “Hopefully we will be at 1.2% growth, so far we are expecting around 1.2% to 1.5% for […]
Baca lebih lajut »
Senators want periodic review, agri boost with extended tariff cut - BusinessWorld OnlineSENATORS on Monday expressed support for the reduction in tariffs on imported pork, corn, rice and coal for at least another year, but called for measures that should be undertaken alongside the extended tax cut. “Yes, looks like we have no choice as of the moment because we don’t produce enough food for our people,” […]
Baca lebih lajut »
More benefits, eased requisites continue to pull nurses abroad - BusinessWorld OnlineTHE PHILIPPINES continues to see a migration of nurses as more foreign countries are now offering even more attractive economic packages, according to the Filipino Nurses United (FNU). “According to government data, no less than 19,000 nurses migrate per year,” FNU Secretary-General Jocelyn S. Andamo told One News Balita in Filipino on Monday. “We can […]
Baca lebih lajut »
Shares down on PLDT’s budget overrun, Wall Street - BusinessWorld OnlineLOCAL stocks closed lower on Monday, mirroring Wall Street’s decline amid recession fears and as investors priced in the news of a budget overrun in PLDT, Inc. The benchmark Philippine Stock Exchange index (PSEi) declined by 82.23 points or 1.26% to close at 6,414.27 on Monday, while the broader all-shares index lost 32.82 points or […]
Baca lebih lajut »
Peso’s plummet in value and its impact on Filipinos - BusinessWorld OnlineThe Philippine peso has seen its value depreciate against the US dollar (USD) during the past months. After reaching a record-low of P56.77 to $1 on Sept. 2, the local currency hit several record-lows subsequently plunging to a historic low of P59 per US dollar during the week of Oct. 10 through 17. The weakness […]
Baca lebih lajut »