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Asia countries move to claw back undeclared wealth parked in S'pore

Indonesia, India among nations trying to recoup funds from abroad

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Singapore, Asia's second-largest offshore centre by assets behind Hong Kong, has thrived as a banking centre due to its political and economic stability, low taxes and rule of law.

Singapore

SINGAPORE-BASED wealth managers, already under pressure from a global move towards tax information sharing, face a more immediate threat as Asian countries including Indonesia and India look to chase undeclared money in the low-tax city state.

A global crackdown on tax