Hong Kong Corporate services provider Zetland Applauds Singapore's Banking Secrecy Position, One of Final Countries to Exit Grey List

Top Quote The OECD Grey List, indicating countries that have agreed to, but not yet substantially implemented the new international banking standards, has been home to Singapore for some time now. End Quote
  • (1888PressRelease) December 29, 2009 - Zetland Corporate Services is pleased to note that Singapore should finally exit the OECD grey list by the end of 2009; and are equally pleased that the country has remained on the list so much longer than other jurisdictions.

    Singapore had already incorporated the new internationally accepted exchange of information provisions in 16 of our treaties which have been signed. The corporate offshore banking experts at Zetland believe that the grey list that Singapore has been on since mid-2009 is actually a positive sign for investors.

    "There are several legitimate reasons for wanting corporate offshore banking secrecy, including maintaining privacy regarding your business dealings and being protected from frivolous litigation", says Jason Weatherhead of Zetland. "Being on the grey list shows that a country is carefully considering how to balance the need of its offshore customers for privacy, with compliance with internationally agreed standards", Mr. Weatherhead continued.

    Zetland's offshore investment business advisers believe that Singapore's measures to protect privacy while complying with international sentiment strike an ideal balance.

    This is because:
    Singapore maintains statutory confidentiality for banks and trust companies
    Any request for information must be clear, specific, relevant and backed by sufficient reason
    Permission must be obtained to pierce banking secrecy by the High Court, via the Inland Revenue Authority of Singapore.

    The OECD grey list was created in response to the Swiss banking debacle earlier in 2009, where the US was able to extract names and financial details from Swiss Bank UBS. A new internationally agreed banking standard was set down, which required jurisdictions to sign Exchange of Information agreements with at least 12 other countries, or face being labeled as havens for tax evasion and other crime.

    About Zetland Corporate Services:
    The Zetland Financial Group - - provides the offshore investor with fiduciary Services, investment management and corporate advisory services, offering personal service and professional advice with total confidentiality.

    For more information please contact:
    Jason Weatherhead
    Zetland Fiduciary Group
    Email: jason ( @ ) zetland dot biz

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