- Banking in Singapore
Banking in Singapore is a
service industrythat has grown significantly in recent years. Total bankingassets under management in Singaporerose from about $92 billion in 1998 to about $350 billion in 2004.
Singapore has attracted assets formerly held in
Swiss banksfor several reasons, including new taxes imposed on Swiss accounts and a weakening of Swiss bank secrecy. Credit Suisse, the second largest Swiss bank, moved its head of international private banking to Singapore in 2005. Tax evasionis illegal in Singapore; however, according to an Organisation for Economic Co-operation and Developmentofficial, Singaporean authorities tend to cooperate with other countries' tax authorities only when evasion of Singaporean taxes is involved.
The finance industry in Singapore is regulated by the
Monetary Authority of Singapore.
List of banks in Singapore
* [http://www.post-gazette.com/pg/06037/651083.stm Singapore tax policy attracts Swiss account money]
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