The new laws, which have been expected for over a year now, will apply to both new and existing accounts.
It was in September 2011 that MAS had told banks to remain vigilant against inflows from tax evaders and in October 2011, it had said that it would criminalize the laundering of proceeds from serious tax offences.
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Meanwhile, markets such as Australia, Hong Kong, the Netherlands and the UK have already designated tax offences as crimes.
MAS added that since tax evasion is not on the current list of serious crimes, Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act will be updated to include the designated offences.
In order to prevent the laundering of proceeds from serious tax crimes, MAS has asked financial institutions to use the full suite of the anti-money laundering/ countering the financing of terrorism measures.
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