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Indonesian tax amnesty could spark outflow from Singapore

Undeclared US$200b has been squirrelled away in Singapore, sources say
Tuesday, July 26, 2016 - 05:50

MAS's Mr Menon says that he does not expect big outflows of funds, nor will Singapore take action to stem any such transfers.


SINGAPORE'S wealth management industry is likely to suffer a bad dent as rich Indonesians move some money back home to take advantage of a tax amnesty, but the exodus of funds is not going to be as big as Jakarta is predicting.

Around US$200 billion of Indonesian money

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