No Singapore exit for Swiss bank clients

Forexyard, 30 Nov 2010
ZURICH/SINGAPORE, Nov 30 (Reuters) - If rich Europeans shift cash to Singapore, the Switzerland of the East, to avoid the deals the Swiss have struck with neighbours on banks' undeclared client assets, they should know the taxman won't be far behind.
After yielding to sustained global pressure on tax havens and relaxing its prized bank secrecy, Switzerland has agreed deals with Britain and Germany that will force banks to pay retroactive tax on undeclared cash. Other European countries could follow suit. Full story