Banking in Singapore - confidential?

[Mutisso]

Hi
would you know if banking in Singapore is as confidential/anonymous as claimed, that is, banks would never release your info to other governments offices if asked?
thanks
M

[JR8]

Hi
would you know if banking in Singapore is as confidential/anonymous as claimed, that is, banks would never release your info to other governments offices if asked?
thanks
M

Where is this claimed? I've never heard of Singapore 'secret banking'.

Genuine banking secrecy entails you existing to a bank only as a code-number. So you are '123ABZ', rather than Mutisso, of South Street. Your account is 'HAM' (Hold All Mail - i.e. nothing is physically posted to you (useful in some countries where the postman reads/steals your mail, and sells the info on your assets to the local militia who then come and kidnap your wife and children)).

IME in Singapore, there is a lot of money being invested from neighbouring countries that one could regard as 'unsettled', i.e. where local funds and property might be lost in war/civil-unrest etc., so the money is seeking security.

The banks here (as elsewhere) are only too happy to take on new clients, but they also don't want to wake up to headlines the next day that their new client is a mass-murderer back home. So they will generally seek to ascertain that the clients funds are 'clean', and that he has a clean 'profile' (life/background).

The rigour of such checks varies, and changes year to year as countries try to shake off 'banana republic' status. Switzerland used to be a mine of questionable money (I've heard of people in the bank I worked for, in the Geneva branch, having people walking in with a suitcase of cash!?), but not any more, it's all in Liechtenstein or Panama, and so on, and so it goes.

IME, the regulators/govt here keep a close handle on banking, after all it is one of their biggest industries. It is above board, and there's very little hanky-panky. If a bank here was asked to disclose information would it do it... like a shot I'd have thought, it has no choice (that I'm aware of).

[sundaymorningstaple]

Yep, and a lot of Yanks are very upset about that. And FATCA.

[aster]

Hi
would you know if banking in Singapore is as confidential/anonymous as claimed, that is, banks would never release your info to other governments offices if asked?
thanks
M

If they have reason to believe something is off with the money or the account holder they will open up to official enquiries, of course depending on how credible the other jurisdiction is.

Seriously, go through life without risking your personal freedom. If your door gets bashed in at 6am and half-a-dozen armed officers swarm your bed you want to be able to smile and say, "sorry guys, but I think you got the address wrong."