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When $1.6 billion isn’t enough
December 2nd, 2010
Everyone knows money is a powerful dissuader. Think of parking tickets. If there were no penalty, most people would be unlikely to feed the machine with a few A variety of activities ranging from smoking to carrying durians is banned on Singapore's Mass Rapid Transit system. quarters. But it’s a small price to pay when the ticket fine is $30 (or $50 if you live in DC). Any Economist will tell you that, by design, compliance with laws is a mix of two important factors. One: the penalty that results if the offender is caught and 2: the probability...
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All’s Peachy in Singapore
November 13th, 2009
Today, Singapore signed its 12th Tax Information Exchange Agreement (TIEA), and thus the jurisdiction is added to the OECD white list. Well that takes care of it! No longer will Singapore be a place to hide money (read sarcasm). Okay, I'm being harsh; to be fair, Singapore knows that it's not fixed yet and will thus turn itself into a fully tax-compliant, transparent jurisdiction by today signing another TIEA with the financial powerhouse of Brunei (read more sarcasm). In reality, Singapore - ranked 8th most secretive in the Financial Secrecy Index - still is and will...
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