theSunDaily, 23 Aug 2012Singapore's central bank said it had warned banks last year to guard against funds being transferred in to the island state to evade taxation elsewhere, with eye to new tax treaties being implemented in Europe.
A German media report put an unwelcome spotlight on Singapore, Asia's prominent wealth management centre, earlier this month, saying that some Swiss bankers had advised clients to transfer funds there before the implementation of a deal to tax German assets held in Swiss banks.
But a spokeswoman for the Monetary Authority of Singapore (MAS) said the central bank does not tolerate such flows and Singapore was cooperating with other countries to prevent abuse of its financial system. Full story
