“The Southeast Asian city-state has grown into the world’s fourth-biggest offshore financial center but, with U.S. and European regulators on the hunt for tax cheats, the government is clamping down to forestall the kind of onslaught from foreign authorities that is now hitting Switzerland’s banks. Before July 1, all financial institutions in Singapore must identify accounts they strongly suspect hold proceeds of fraudulent or wilful tax evasion and, where necessary, close them. After that, handling the proceeds of tax crimes will be a criminal offence under changes to the city-state’s anti-money laundering law.”
http://www.reuters.com/article/2013/05/05/us-singapore-banks-crime-idUSBRE9440CM20130505
Related posts:
Huge landslide shuts down largest mine in the world in Utah
Czech Republic Legalizes Medical Marijuana Use
Federal judge: ‘Clipping’ news articles violates copyright law
'The Fight Over Medical Marijuana’
Britain fights EU's 'Big Brother' bid to fit every car with speed limiter
KnCMiner Debuts Most Powerful Bitcoin Miner in History
Benghazi 'falls to al-Qaeda-linked rebels'
Angry with Washington, 1 in 4 Americans open to secession
Gambling Website’s Bitcoin-Denominated Stock Draws SEC Inquiry
Obama moves towards sending military weapons to Somalia
Ten years after war, Iraq emerges as a major arms buyer
New Hampshire cop to plead guilty to sexually assaulting a teenager
Should you lose your gun rights if you visit a shrink?
Sales Of Public Data To Marketers Can Mean Big $$ For Governments
The Army's secret Cold War experiments on St. Louisans