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Indonesia says investigating StanChart US$1.4 billion transfer to Singapore

Reuters Published on Mon, Oct 09, 2017 / 9:33 PM GMT+8

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JAKARTA (Reuters): Indonesia is investigating reports that US$1.4 billion ($1.9 billion) held by Standard Chartered Plc in Guernsey, mainly on behalf of Indonesian clients, was transferred to Singapore just before the island moved to new tax transparency rules, officials said.

A source familiar with the matter said late last week, confirming news reports, that the Monetary Authority of Singapore (MAS) and Guernsey’s Financial Services Commission were looking into that movement of assets in late 2015 - months before the Channel Island adopted a global framework in the exchange of tax data.

Under those rules, countries automatically share annual reports on accounts belonging to people subject to taxes in each nation. Britain, Guernsey and Singapore have all signed up, but Guernsey implemented the rules ahead of Singapore.