Singapore top destination for tax dodgers

The former British
colony of Singapore
is becoming a haven for tax dodgers to hide their
offshore earnings, according to website

It reported that while Singapore has a stable banking system it has not
signed the EU Savings Directive which obliges banks paying interest on ex-pat
accounts to report the details to the customer’s home tax authority.

Furthermore, research by foreign exchange dealer
Currencies Direct found that the
majority of its transfers are made by UK residents looking to emigrate or
purchase property abroad.

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