Reference: http://www.financialsecrecyindex.com/2009results.html
Key findings
Singapore achieved a positive result for less than three of the questions we asked. A transparency score of 21 per cent has been awarded for the positive assessment of indicator number 11 and 12 and the partial positive assessment of indicator number 7. The negative assessment of all other indicators yields an opacity score of 79 per cent overall.
This weak opacity score arises because Singapore:
1. Provides banking secrecy;
2. Does not put details of trusts on public record;
3. Does not comply sufficiently with international regulatory requirements
4. Does not require that company accounts be available on public record;
5. Does not require that beneficial ownership of companies is recorded on public record;
6. Does not maintain company ownership details in official records;
7. Did respond to one of Tax Justice Network’s requests for information;
8. Does not participate in the European Union Savings Tax Directive;
9. Has few tax information agreements;
10. Does not have adequate access to banking information;
11. Does not allow company redomiciliation;
12. Does not allow protected cell companies.
Full Report
