US warns Singapore over money laundering

Singapore's state controlled newspaper The Straits Times of Feb 10, 2012 has the story "Singapore banks seek exemption from US compliance rules". It says "DBS (a Singapore bank) chief executive Piyush Gupta said that if banks had to go through with all the compliance activities in the United States, the costs could be quite prohibitive" It refers to the US demand that under the "US Foreign Account Compliance Act (FATCA)which will require Singapore financial institutions to look for and report American Account holders or face 30% withholding tax on American investments from 2013". Gupta further says "Some of the provisions are clearly to my mind extra judicial and extra territorial and they wind up with a huge cost impact on international financial institutions". Prior to this, the US had gone against Switzerland, in particular it's UBS Bank forcing them to reveal American ...

Full article: http://singaporedissident.blogspot.com/2012/02/us-warns-s...

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