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Singapore to comply with FATCA

Tuesday, the Monetary Authority of Singapore (MAS) issued the following statement: Agreement to Facilitate Compliance by Singapore Financial Institutions with US Tax Laws 1. Singapore and the US have substantially concluded discussions on an Intergovernmental Agreement (IGA) that will facilitate compliance with the US Foreign Account Tax Compliance Act (FATCA) […]

Singapore goes the way of FinCEN on Virtual Currencies

The Monetary Authority of Singapore (MAS) issued a notice last Thursday announcing its intention to regulate virtual currencies in order to manage AML/CTF risks: 2 Virtual currency transactions, given their anonymous nature, are particularly vulnerable to ML/TF risks. To address this, MAS will introduce regulations to require virtual currency intermediaries1 […]