With increasingly stricter and more complex regulations, tax transparency is the new name of the game. This brings about additional considerations for high-net-worth individuals (“HNWIs”) in their wealth management planning. Similarly, there is also heavier pressure on legal professionals and intermediaries to effectively advise clients on regulatory compliance with minimal impediment to clients’ objective of optimal return on investments.
Presentations at this talk will provide an overview and update on the implementation of the Common Reporting Standard (“CRS”) in a global and Malaysian context, as well as the Mandatory Disclosure Rules (“MDRs”) that apply to various offshore institutions. There will also be discussions on private client foundations as the emerging wealth planning solution for HNWIs, by comparing and contrasting their legal framework to other planning structures.
2:00 pm: Registration and Refreshments
3:00 pm: Welcoming Remarks
3:10 pm: Common Reporting Standard (“CRS”): An Overview and Global Update
Financial transparency is the new global standard. The Organisation for Economic Co-operation and Development’s (“OECD”) CRS has expanded the scope of cross-border financial account disclosure originally introduced by the US Foreign Account Tax Compliance Act (“FATCA”). In order to counter attempts of CRS avoidance, the OECD recently published the Mandatory Disclosure Rules (“MDRs”) that provide the basis on which CRS Avoidance Arrangements are required to be disclosed and later exchanged with relevant foreign tax authorities. With Malaysia as a fully committed member of the CRS Multilateral Competent Authority Agreement, extensive measures are being put in place to facilitate this exchange of financial information. This session will discuss the above global initiatives with emphasis on MDR provisions and developments surrounding the US FATCA, as well as updates on Malaysia’s adoption of CRS.
Zac Lucas, Founder, Centenal Advisory
4:10 pm: Private Client Foundations for Malaysian HNWIs
In an age of uncertainty, wealth management and planning has become a necessity for all regular folk. For high-net-worth individuals (“HNWIs”), the need is even greater, as they face more complex and substantial planning considerations. Albeit many are now cognisant that writing up a will is a prudent minimum step, cases of intestacy are still prevalent — and can be both problematic and costly. This session intends to foray into other available planning structures, in particular the civil law creature known as “foundations”, and how it can be a better alternative even for those entrenched in common law persuasions.
Carolyn Oh, Messrs Carolyn Oh & Co.
5:00 pm: Networking and Refreshments
Zac Lucas is the Founder of Centenal Advisory, part of the Centenal Legal Technology Group.
Zac is a practising lawyer with over 20 years of legal experience, admitted to practice in England and Wales. He is a former Partner of various international law firms, including Ogier and Lawrence Graham LLP, advising on all areas of international private client law.
Zac has particular expertise in relation to the OECD CRS. As a result, he has been engaged by a number of leading private banks, trust companies, wealthy individuals and families, and a governmental authority, to advise on the practical implementation of the CRS.
Zac has now taken the step, in founding Centenal Legal Technology Group, to leverage the power of information technology to create innovative enterprise application software, for use by financial institutions, business professionals, and ultra-high-net-worth families and individuals.
Carolyn Oh is the Principal of Messrs Carolyn Oh & Co., a boutique law firm based in Penang, which serves a select group of local and international clients. Her firm focuses on high-value private / commercial property conveyance, family law, and estate and wealth management / succession planning.
Carolyn Oh has had significant experience in the areas of advising private families and individuals with regard to structuring, establishing, managing and monitoring their family structures and assets therein, which includes the formation of private trust companies, and trust and foundation vehicles as required by such clients. She is a strong advocate of “bespoke-structures”, which she feels is “key” because each individual and/or each family is different, with varying sets of considerations, all of which should be catered for specifically.
Carolyn Oh read law at the University of Kent at Canterbury, UK, attaining her Bachelor of Law degree with Honours (LLB (Hons)) in 1993, and thereafter went on to qualify as a Barrister-at-Law from Middle Temple, UK in 1994. She was admitted as an advocate and solicitor of the High Court of Malaya in 1995 and has continuously practised over 23 years in the legal profession.
Terms and Conditions
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Cancellations must be made in writing at least 48 hours prior to the event.
If you have failed to inform the organiser on your cancellation for three consecutive times, you may be blacklisted for future events.
Refunds will be processed after the event is completed. This may take up to 30 business days. The conditions for refunds are as follows:
- Full refunds will be issued if the cancellation is notified to the organiser three business days before the event.
- No refunds will be issued if the cancellation is notified to the organiser less than three business days from the event.
The organiser reserves the right to modify, cancel or postpone the event, should circumstances arise that make such action necessary, whereupon all registration fees paid will be refunded.
You are allowed to transfer your place to another participant, but you must notify the organiser with the necessary details.
CPD points will not be awarded to lawyers and pupils in chambers from Peninsular Malaysia who arrive more than 15 minutes late, are not present throughout the event, or leave before its scheduled end.
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