Singapore Private Banks Report Tax Amnesty Indonesians
Singapore Private Banks are sharing with local police the names of clients who embrace the Indonesian tax amnesty. Singapore’s Commercial Affairs Department (CAD), a police unit that deals with financial crime, told banks last year they must file a suspicious transaction report (STR) whenever a client took part in a tax amnesty scheme.
After initial resistance from the banks, worried they might lose clients, the message was reinforced again this year by the Monetary Authority of Singapore (MAS), when Indonesia launched a tax amnesty aimed at wooing back some of the cash its wealthy citizens have stashed in Singapore.
News Source: Reuters
About Monetary Authority of Singapore
Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
- Origin : Singapore
- Assets : USD 385.12 billion
- Revenue : USD 1.89 billion
Official Website: www.mas.gov.sg
News & Media: Press Release
Updated on 8th August 2016