Suansing said the fourth tax reform package will help make the taxes on capital income and financial intermediaries
simpler, fairer and more efficient.
The reduction in deposits in June was mainly on a e1/4421.3m outflow from accounts held by other financial intermediaries
with their balance falling to e1/45.7bn, accompanied by a e1/4100m drop in deposits in accounts held by the general government.
As a result, many financial intermediaries
who maintain significant balances in money market mutual funds are re-evaluating their cash sweep options to determine the most suitable offerings for their clients.
The bank said that it has strengthened its Corporate Banking Insurance and Financial Intermediaries
teams with two new hires.
But it also is expanding more aggressively to the general public through Financial intermediaries
. "It's certainly something that's not going to happen out of the box," he said.
To the extent FinCEN seeks to impose the Section 352 requirements on lawyers, the Section strongly believes that these requirements should be carefully tailored so that they apply, at most, only to those lawyers who act as financial intermediaries
and actually handle the receipt and transmission of cash proceeds through accounts that they actually control in the act of closing a commercial real estate transaction.
At this stage, the financial intermediaries
are CRDB, the East African Development Bank (EADB) and Stanbic Bank Tanzania.
These restrictions are incongruous in the present banking environment, in which banking products have no geographic boundaries and are frequently provided by other financial intermediaries
. The breakdown of geographic and institutional barriers is the inevitable outgrowth of improvements in technology and in information processing.
M2 EQUITYBITES-August 29, 2018--BNP hires financial intermediaries
The monthly decline in deposits in April was the result of e1/4258.6m in outflows of other financial intermediaries
whose deposits fell to e1/46.3bn, followed by a e1/422.3m and e1/410.8m drop in deposits of the general government and insurance companies and pension funds to e1/4942.4m and e1/42bn respectively, the bank supervisor said.