There is growing speculation that Singapore will attract more deposits from high-net worth individuals following the recent collapse of Switzerland’s oldest private bank Wegelin. Authorities in Singapore had taken steps to ensure that it does not become a tax haven even as it seeks to grow its share of the wealth management industry and new legislation is expected to be introduced this year, which will criminalise tax evasion as a predicate offence for money laundering. Bernard Lee, CEO of  HedgeSPA, said the onus of identifying legitimate private banking business almost always resides with the private banker. If the international regulators outside of Singapore see that Singapore – or any other jurisdiction – is not doing its job, it will be forced to go around twisting people’s elbows.
Channel NewsAsia