SINGAPORE TAKES STEP CLOSER TO ABOLISHING BANK SECRECY
Singapore moved a step close to opening up its famously strict bank secrecy laws when its parliament signed a bill Monday which allowing the island to adopt the OECD standard on tax information exchange. Earlier this year, Singapore was placed on a gray list by the OECD becaused it had not signed the required number of treaties for financial transparency. This bill, which amends income tax law, will delight high-tax officials and strike fear into the hearts of wealthy denizens of offshore banking.
