We’ll be tougher: Atty Gen Sundaresh Menon

Tougher penalties will be in place to combat tax evasion and money laundering in Singapore, which has $1.2t worth of assets under management.

A Bloomberg report said, “The Asian city state, which has the highest proportion of millionaires of any place in the world and with economic growth of 14.5 percent last year boosted by two new casinos, has been criticized in a March U.S. State Department report as being vulnerable to money launderers.”

Attorney General Sundaresh Menon was quoted as saying, “We’ve gone out of our way to make sure that we’ve got as strong and robust a framework as possible.” The Bloomberg report noted that Singapore will seek tougher penalties for white-collar criminals and co-operate more with global agencies.

In addition, Menon reportedly dismissed suggestions that Singapore’s bank secrecy laws attract tax evaders and money launderers.

View the report here.