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SKP Insights - 28 December 2015

Anti-money laundering compliance: Enhanced internal controls for foreign exchange remittance transactions
India’s anti-money laundering (AML) compliance requirements for financial institutions are guided by the Prevention of Money Laundering Act, 2002 and the Reserve Bank of India’s (RBI) Master Circular on AML standards. In the wake of recent incidents of reported money laundering investigations, it is pertinent to examine the internal controls related to foreign exchange (forex) remittance/receipts that could enhance identification, prevention and reporting of potential money laundering incidents through the banking channel.

SKP Insights - 28 December 2015

Six reforms that can change the way money laundering is handled
Money laundering is a means and an end to many other financial crimes in the world. With countries improving their regulatory standards and reporting protocols for suspicious activity, and growing inter-governmental cooperation, financial institutions are faced with an increased need to enhance their internal compliance systems and processes. In this article, we examine the key reforms that can help in enhancing compliance at the industry level.

Taxsutra's Indirect Tax Portal: Expert Column

Place of Supply under GST – Key Driver to the new regime
The advent of Goods and Services Tax (GST) will result in a shift from the current multiple indirect taxation system learnt over the years, and the taxable event would be ‘supply’ instead of manufacture/sale. As a result, the Place of Supply Rules for goods and services will play a pivotal role in determining the place of supply i.e. whether supply would be taxed based on the delivery of the goods, location of the service recipient, location of the service provider, location of property, based on place of performance, etc.

On 3 December 2015, the Model GST Law submitted by one of the sub-Committees of the government to all the state Finance Ministers was made available on a State Commercial Tax Department's web portal. In this article, we have analysed the impact of the 'Place of Supply' under GST as per the Model GST Law.

Taxsutra's Indirect Tax Portal: Expert Column

Indian Model GST law vis-a-vis Global practices - Right foot forward?
GST as a reform has been adopted globally by more than 160 countries, the latest being Malaysia and the largest being the European Union. While no country has a flawless taxation system, analysing and comparing the draft Indian Model GST Law (Model GST Law) with International Tax Laws (especially with large economies such as Canada, Australia and EU), helps us appreciate the best practices being followed globally.

In this article, we discuss the successful implementation of GST in other countries vis-à-vis the Model GST Law to be implemented in India.

The FCPA Blog

Are whistleblower reward programs really a good idea?
The SEC’s office of the whistleblower awards money to individuals who provide tips that lead to successful enforcement actions where recoveries are more than USD 1 million. Money for whistleblower awards comes from the SEC’s Investor Protection Fund, which is funded through disgorgement and penalties.The SEC whistleblower award programme looks like a success. But not everyone agrees on the effectiveness of programmes that incentivise whistleblowing.

CNBC-TV18's The Firm

E-commerce Taxation: Flipkart Not ‘Sale’ing Anymore!
Most e-commerce portals in India usually follow the ‘marketplace model’ where they do not act as a principal seller but only provide online marketplace services and act as a ‘facilitator to sales’ made by the principal seller to the prospective customer. Many State Revenue Departments have challenged the supply flow of goods in this model, disagreeing with the role of online portals as mere ‘facilitators to sales’. In the recent case of Flipkart Internet Private Limited versus State of Kerala, Flipkart filed a writ petition challenging the demand raised by the VAT authorities of Kerala with respect to the sales executed by its registered seller (WS Retail) to customers located within the state of Kerala.

In this article, we discuss the outcome of the Flipkart case and how it may be extended to other online aggregator services. This will also play a crucial part in influencing the GST law at its initiation and in deciphering how e-commerce marketplace services will be perceived in the new regime. 

Forensic Insight

Regulators prosecuting corrupt intent
In many circumstances, efforts by regulators towards anti-corruption are noticed to be against the interest of business. Regulators across the globe are attempting to define the ethical conduct expected by corporations, providing adequate practical approaches towards ensuring compliance. Furthermore, regulators express their expectations from corporations from time to time, on the adoption of compliance in spirit than just words represented in the regulation.

ACFE Insights

6 Cognitive Biases of an Investigator in Corporate Fraud Investigations
Investigation requires an understanding of people and events, as well as the ability to put them into perspective. An investigator, while expected to be independent, should consider the possible cognitive biases he might possess while performing the role; otherwise, he might not approach the investigation professionally.

In this article, we examine the key biases an investigator may possess while conducting a fraud investigation. Further, we explain how biases can be used to help the investigation if used under the right circumstances.

Nexia Global Insight October 2015

Anti-corruption investigations – an Indian perspective
With economic progress, emerging technologies and increasing public agitation, the world is witnessing a heightened need for transparency and better governance. Regulators are increasingly considering international cooperation for criminal investigation and extraterritorial compliance enforcement. This is especially true with respect to corruption issues, as these issues defy the efforts being made towards improving transparency and governance. In this article, we discuss anti-corruptions investigations in India and the steps being taken to identify and clamp down on corrupt business practices.

eForensics Magazine

A Practitioner's Guide to Forensic Email Reviews
While a lot has been said about the approach towards handling emails as a source of evidence in forensic reviews, the approach towards using them as a tool to profile a subject is emerging at a snail’s pace. In our article in eForensics Magazine, we examine the context, approach, and practical reasons regarding such an approach for forensic email reviews.