Also, there is the case of France's former budget minister Jerome Cahuzac, who just last month admitted to having an undeclared foreign bank account here in Singapore. Tax evaders from far and wide are using Singapore and this is a fact.
So it is with some amusement that I read that banks in Singapore are now been forced by the Singapore government to scrutinize their account holders. Fearful of U.S. and European regulators who are on the hunt for tax cheats, the Singapore government is forcing the banks to report accounts they strongly suspected of holding proceeds of fraudulent or willful tax evasion. This must be done before July 1, because after that the handling of proceeds from tax crimes will be a criminal offence.
I find this change to Singapore's anti-money laundering law to be hilarious. After
Uh...actually that might work! Let Singapore clean up the banks! Let lift the lid on banking secrecy! Let make sure no more illicit funds comes through to Singapore! As for the money already laundered here; it never happened. You guys get a free pass as long as you get your money out before July 1!
Come July 1; hold and behold, Singapore is a "clean" country once again!