To discourage the entry of tax evasion monies into Singapore's financial system and to protect Singapore's reputation as a trusted financial centre, Singapore will be designating tax crimes as money laundering predicate offences in Singapore with effect from 1 July 2013. In this connection, the Monetary Authority of Singapore has stipulated certain staggered timelines for financial institutions (including fund management companies, financial advisers and trust companies) to complete their tax-risk reviews and to submit reports of their findings.
The developments and the implications in this regard have been discussed at our recent event.
We are pleased to share with you the presentation slides for your reference.
If you have further queries, please reach out to your usual PwC contacts.