Singapore Banking Secrecy

Moving to Singapore and Hong Kong is an alternative to bank secret that Swiss banks have been under attack. A Norwich Pharmacal order a Bankers Trust order pre-action discovery under the Rules of Court and a bankers books application under the Evidence Act.

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Singapore promised on Friday to relax its strict bank secrecy laws in a sign of the escalating international pressure on tax evasion.

Singapore banking secrecy. There are broadly four possible avenues for pre-action discovery in Singapore. View Notice Notice 634 Banking Secrecy Conditions for Outsourcing 831 KB This notice applies to all banks. Singapore has bank secrecy.

It sets out the conditions for outsourcing operational functions when such functions involve disclosure of customer information and which will be performed outside Singapore. In addition to local banks in Singapore or Hong Kong offices have been opened in these locations by several Swiss private banks. Its clearly the end of bank secrecy abused for tax purposes OECD tax director Pascal Saint-Amans told reporters in Paris on Tuesday.

Stringent bank secrecy laws and the lack of routine currency reporting requirements make Singapore a potentially attractive destination for drug traffickers transnational criminals foreign corrupt officials terrorist organizations and their supporters seeking to launder money or fund terrorist activities. Hong Kong decided to bring its tax transparency up to. In the United States and Europe began hunting down tax evaders in recent years and chipping away at Switzerlands banking secrecy.

Welcoming clients from all over the world. A symposium was held at the Faculty of Law National University of Singapore from 4 to 5 December 2014. Only inquiries from public institutions supported by strong and reliable documentation to prove a case of tax evasion are accepted.

Governs the licensing and regulation of banks merchant banks and related institutions including their credit card and charge card business. Evolving Anti Money Laundering and Bank Secrecy Act Enforcement 1. Most often associated with banking in Switzerland banking secrecy is prevalent in Luxembourg Monaco Hong Kong Singapore Ireland and Lebanon among other off-shore banking.

Amongst other things MAS 634 requires banks to notify the MAS of all outsourcing arrangements involving the disclosure of customer information upon entering into the relevant outsourcing agreement. Section 47 states that customer information shall not in any way be disclosed by a bank in Singapore. Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act.

Switzerland and Singapore are renowned for their status as. Banking secrecy act singapore. This paper seeks to analyse the impact of Singapores current banking secrecy regime on pre-action discovery.

Banking secrecy in Singapore is regulated pursuant to section 47 of the Banking Act. Banking secrecy alternately known as financial privacy banking discretion or bank safety is a conditional agreement between a bank and its clients that all foregoing activities remain secure confidential and private. Associate Professor Sandra BOOYSEN and Associate Professor Dora NEO.

If any outsourced function is to be performed outside Singapore the bank must comply with the MAS Notice to Banks entitled Banking Secrecy Conditions for Outsourcing MAS 634. If any outsourced function is to be performed outside Singapore reference must be made to the MAS Notice to Banks entitled Banking Secrecy Conditions for Outsourcing MAS 634. Many jurisdictions recognise that customer information held by banks should be protected from disclosure to some extent.

9 Where in the course of an inspection under section 43 or an investigation under section 44 or the carrying out of the Authoritys function of supervising the financial condition of any bank the Authority incidentally obtains customer information and such information is not necessary for the supervision or regulation of the bank by the Authority then such information shall be treated as secret by the Authority. A revised version of Banking Act Cap 19 of Singapore allows banks in Singapore to exchange information for reasons such as willful tax evasion. International Narcotics Control Strategy Report INSCR in 2011 added that.

Banking secrecy in Singapore is governed by section 47 of the Banking Act Chapter 19 which prohibits banks incorporated in Singapore or foreign banks with branches in Singapore from disclosing any customer information to any other person except as expressly provided by the Third Schedule of the Act. In relation to a bank incorporated outside Singapore a supervisory authority which is responsible under the laws of the country or territory where the bank or its parent bank is incorporated formed or established for supervising the bank or its parent bank as the case may be. Full Bank Locally Incorporated Full Bank Branch Wholesale Bank Branch Wholesale Bank Locally Incorporated CreditCharge Card Issuer Merchant Bank Branch Merchant Bank.

Singapore has developed its banking secrecy laws over the past decade. Switzerland and Singapore have both agreed to share data and tax information under a groundbreaking new treaty signed by some 47 nations worldwide.

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