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Expert to offer advice on new market risks

Posted on Wed, 04/14/2010 - 11:39 in

(CNS): The potential risk to offshore financial centres now doing business in the world's fastest-growing economies -- China, India and Russia -- will be highlighted by DC Page, Senior Vice President, Consulting and Investigations with US-based risk mitigation firm Andrews International at this year’s OffshoreAlert conference in Miami. With the aggressive stand against OFCs by the United States Page says there are tremendous opportunities in these new markets but it is important to do business with the right people.

In 2007, India and China had the fastest-growing number of millionaires in the world, while Russia had the tenth biggest increase, according to the 2008 World Wealth Report compiled by the Capgemini consulting group and Merrill Lynch Wealth Management. In 2008, China overtook the United Kingdom in terms of countries with the most millionaires, with an estimated 413,000 such high net worth individuals, placing it behind the USA, Japan, and Germany. Many consider it to be only a matter of time before China claims the number one spot.
"At this time of general economic contraction, the Chinese, in particular, have the money and are investing, or spending, it overseas in amounts that are mind-boggling," said Page. "There is a tremendous opportunity for offshore and onshore financial services providers to tap into this highly lucrative market. Key to a successful relationship, however, is doing business with the right people and refusing to do business with the wrong people.”
He explained that Andrews International has seen requests for due diligence and investigations grow more on Chinese individuals and companies than any other country.
“The inquiries range from due diligence checks for financial institutions in order to verify a Chinese national's source of wealth to background screening of applicants for investor visas in the US," he added.
Page will be among risk experts who will show financial service providers how to conduct due diligence and investigations in China, Russia, India and Latin America at The 8th Annual OffshoreAlert Financial Due Diligence Conference, in Association with Grant Thornton, which will take place at The Ritz-Carlton, South Beach on May 2-4, 2010. Our speakers will include investigators and intelligence-gatherers that live in Russia and India.
The conference will focus on Offshore Financial Centres, Fraud & Asset Recovery, Money Laundering & Compliance, and Investigations & Intelligence and will be attended by more than 300 people from over 30 countries.
 

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