In August, Switzerland agreed with Germany and Britain to tax money kept by their residents in secret Swiss accounts and also introduce a withholding tax on future interest payments that still preserves strict bank secrecy.
Singapore, a major Asian private banking centre, also plans to introduce tougher penalties if someone violates laws against money laundering or terrorism financing, Ravi Menon, managing director of the Monetary Authority of Singapore said.
It also plans to boost resources such as police manpower to deal with suspicious transactions reported by financial institutions.
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