Singapore not ready to take the full plunge with automatic exchange agreements

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Singapore has signed the OECD’s Multilateral Competent Authority Agreement on Automatic Exchange of Financial Accounting Information; however the city-state has planned to implement exchange agreement on a bilateral basis with only provincial jurisdictions which have the necessary safeguards against privacy and confidentiality; including similar agreements in place with relevant financial centres, including Switzerland and Hong Kong. Public discussions and consultation on the agreement will remain open until July 13th 2017.