Did you see the headline last week regarding Swiss bank? The American authorities got the information they needed after they saw an opportunity in the weakness of UBS. Switzerland and the United States signed Wednesday a deal on the ongoing lawsuit against UBS, in which Washington demanded data on clients who, it claimed, evaded paying their taxes, the government in Bern announced.
What does it have to do with Singapore? Good question, here is a blog post that might get your attention,
UBS will hand over information on the accounts of 4,450 wealthy Americans. But this should be just the beginning and the next big target should be Singapore, according to Washington-based attorney Jack Blum.
“As a result of the pressure on Switzerland, a lot of the client bank accounts have been shifted off to Singapore. UBS said [last year] it will cooperate in giving up the names, so billions fled and it all appears to be heading to Singapore,” he said in a recent telephone interview.