Last week, national media outlets reported that Singaporean banks had offered their Indonesian clients incentives to prevent assets being moved outside of Singapore into Indonesia as a result of Indonesia’s newly-implemented Tax Amnesty Program. A statement released by Singapore’s Ministry of Finance and Monetary Authority denies such allegations and noted that Singapore had always been fully committed to internationally agreed standards on combatting money laundering and the exchange of information to prevent or tackle (suspected) cross-border tax evasion.To subscribe please click here
