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Indonesian tax amnesty could spark outflow from Singapore

Undeclared US$200b has been squirrelled away in Singapore, sources say

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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