According to media reports, the amount of German money moving to Singapore is in the double-digit billions.
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Both the countries have agreed to incorporate the latest Organization for Economic Cooperation and Development (OECD) standards on exchanging information in their double taxation accord.
Once the accord is ratified in both countries, authorities will share information about all forms of tax, not just income and capital taxes, the German finance ministry said in a statement.
Additionally, the exchange of information will not depend on whether the taxpayer is a resident in one of the two countries or not, while banking secrecy will not constitute as an obstacle in exchanging information.
Meanwhile, Germany is also looking to seal a similar kind of deal with Switzerland in order to resolve a dispute over tax evasion and bank secrecy, which has damaged relations between the neighbors.
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By GlobalDataThe Monetary Authority of Singapore said that financial institutions "must develop and implement policies, controls and procedures to effectively detect and deter the laundering of proceeds from wilful or fraudulent tax evasion through the financial system."
