Swiss Fight Against Tax Cheats Aids Singapore’s Banking Quest

Monday, February 6th, 2006

Swiss Fight Against Tax Cheats Aids Singapore’s Banking Quest:

For decades, the ultrarich looking for discreet banking services gravitated to Switzerland, where account secrecy was sacrosanct. But when Swiss authorities acceded to pressure from the European Union to discourage tax evasion, the door opened for a new challenger to woo the world’s wealthy: Singapore.
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In Singapore’s asset-management business, which includes private-banking, total funds under management rose to more than $356 billion at the end of 2004, from $94 billion at the end of 1998, according to the Monetary Authority of Singapore, the nation’s financial regulator. Roman Scott, a director of Boston Consulting Group in Singapore, estimates private-banking assets account for about $125 billion of the total.

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