For centuries, Switzerland has been the sanctuary of choice for wealthy people seeking to hide their fortunes and evade taxes. Now, amid a growing crackdown on Swiss private banking, the rich are flocking to Singapore and Hong Kong, which still offer some of the world’s most secret accounts.Richard Murphy, a founder of the Tax Justice Network, a British research firm focused on offshore havens, said that amid the changes, “Singapore is where the Swiss can now find the banking secrecy they’ve lost at home.” Hong Kong, he said, is a close second. Full story
