The Wall Street Journal, 7 May 2009, Costas Paris-DOW JONES NEWSWIRES
SINGAPORE (Dow Jones)--Singapore, which styles itself as Asia's Switzerland for offshore investors, is coming under pressure to open its books to Western authorities worried about money laundering and tax evasion.
The city-state is in the sights of U.S. and European authorities who are broadening their attack on bank secrecy beyond such current targets as Switzerland, Luxembourg, Liechtenstein and Andorra. The tax regimes in those countries came under intense scrutiny at last month's summit of the Group of 20 industrial and developing powers.
Singapore is willing to concede on some demands but is ready to fight moves it thinks would endanger the island's status as a mecca for overseas wealth, according to people familiar with the early talks.
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