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Singapore’s private banks advised to sever ties with suspect clients as MAS deadline looms

With a 1 July deadline looming for Singapore’s financial institutions to carry out tax-risk reviews of existing accounts, the Monetary Authority of Singapore (MAS) is advising financial institutions in the city-state not to accept prospective clients and to discontinue existing relationships, if there is sufficient reason to suspect that a client’s assets are the proceeds of a serious tax crime….

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