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PaperSculptureOctopus

Penetrating offshore structures and family trust controllers, the firewall of the old money is about to fail.

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MeNews
Hong Kong's first CRS criminal case conviction announced, mandatory reporting of crypto assets included in CRS 2.0
A private banking client in Hong Kong was sentenced to six months in prison and fined HKD 500k for submitting false information in CRS declarations, marking the first criminal conviction under CRS in Hong Kong and signaling stricter enforcement. CRS 2.0 and CARF will upgrade global information exchange, taking effect in 2026; Hong Kong plans to implement related regulations in 2027, complete CARF legislation in 2026, and launch cross-border crypto asset exchanges in 2028.
Core reforms: including crypto assets in mandatory reporting, dual tax residents must report to all jurisdictions without choosing, strengthening transparency and reporting of offshore shell companies, family trusts, and other structures, and revealing ultimate beneficial owners.
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