ROBUST, TRUSTED, DYNAMIC AND
PURPOSEFUL FINANCIAL CENTRE
- A TRUSTED FINANCIAL CENTRE
- Preventing Money Laundering and Terrorism Financing
- Closure of BSI Bank Limited
- Enhancing Exchange of Tax Information Framework
- Box 1: Dedicated Departments to Combat Money Laundering and Strengthen Enforcement
A TRUSTED FINANCIAL CENTRE
ENHANCING EXCHANGE OF TAX INFORMATION FRAMEWORK
Singapore continued its efforts to promote international tax transparency to combat cross-border tax offences. The first transmission of information under the Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement between Singapore and the US took place in September 2015.
In January 2016, Singapore ratified the Convention on Mutual Administrative Assistance in Tax Matters. The multilateral agreement expands Singapore's network of partners for exchange of information on request to over 100.
Singapore also endorsed the new global standard of Automatic Exchange of Information (AEOI) and committed to implementing AEOI by 2018. Legislative amendments will be made by the end of 2016. Singapore will explore entering into bilateral AEOI arrangements with appropriate partners, subject to:
- Partners having a robust framework of law to maintain the confidentiality of information exchanged and confine its use for tax purposes;
- AEOI being implemented among all key financial centres to create a level playing field; and
- Reciprocity in terms of the scope of information exchanged between jurisdictions.