Still Keeping Secrets? Bank Secrecy, Money Laundering, and Anti-Money Laundering in Switzerland and Singapore by Shiqing Yu

“…Switzerland has long been accused of being one of the main tools of organised crime and the underground economy both by governments and Non-Government Organisations (NGOs), particularly after the class action suit against the Clearstream scandal, the Vatican Bank, and the 9/11 terrorist attacks. In addition to Switzerland, Singapore was ranked 5th on the Financial Secrecy Index (FSI) in 2018,  and faced a delicate conundrum because of the signs of crisis in emerging economies such as Indonesia and India, and came under growing pressure from the U.S. and Europe, which accused it of providing unfair advantages in the competition of tax havens. …”
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