Financial Times, 6 Mar 2009, Vanessa Houlder in London and John Burton in Singapore
Singapore promised on Friday to relax its strict bank secrecy laws in a sign of the escalating international pressure on tax evasion.
Hong Kong decided to bring its tax transparency up to international standards, and both moves advance the campaign against tax havens.
John Withers, deputy chairman of Step Worldwide, a professional body for wealth advisers, said: “If Singapore is moving in that direction it narrows down the places to which undisclosed money can easily be banked and it puts pressure on Switzerland to follow suit. It is the beginning of the end of bank secrecy.”
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Spore acts on bank secrecy laws - money.ninemns.com, 6 Mar 09
