Singapore has joined a controversial American law FATCA aimed at uncovering the secret financial assets of US taxpayers after the city state was criticised on the international stage.
The step follows the UK, US and Australia identifying Singapore as playing host to a number of suspicious companies and trusts which could be used to evade taxes.
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To clear the doubt that the country is away from dirty money, Singapore said that it will double the number of treaties it has signed to 83 countries with whom it will exchange tax information.
The new additions to the existing list containing 41 countries include neighbours Taiwan, Malaysia, Thailand as well as Israel and Germany.
Singapore’s sign up for FATCA will force foreign banks and financial institutions to hand over details of all US taxpayers who have more than US$50,000 in assets.
The deadline for FATCA’s implementation is January 2014.
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By GlobalDataThe assets under management in Singapore have rocketed from GBP33 billion in 2000 to GBP362 billion in 2011.
