Saturday, 11th October 2008

 

29 February 2008 - David Bain

Singapore tries to reassure EU over tax haven concerns

The Asian city-state rejects parallels between itself and Liechtenstein.

Singapore on Thursday tried to allay fears in Europe that the Southeast Asian city-state could become a refuge for money fleeing the continent, and said there were no parallels between itself and Liechtenstein, according to a Reuters report.

"Singapore is not a tax haven. We are a low-tax country but not a tax haven," foreign minister George Yeo said. "A situation which arose in Liechtenstein cannot happen here."

Yeo's comments came after European politicians warned that Singapore's refusal to soften its strict bank secrecy laws could scupper negotiations over a free-trade deal.

Singapore, which has been promoting itself as a rival private banking centre to Hong Kong to manage money for rich local and foreign clients, is reluctant to loosen its secrecy laws.

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