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UPDATE 1-Singapore to meet OECD tax standard after France deal

Wed Nov 11, 2009 5:49pm IST
 
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* Tax deal with France to mark 12th info exchange agreement

* Deal means Singapore to be removed from OECD tax grey list

* Liechtenstein says on Wednesday will be off OECD grey list

* Private bankers expect transparency to boost business (Updates with details, Liechtenstein move)

By Neil Chatterjee and Saeed Azhar

SINGAPORE, Nov 11 (Reuters) - Asian financial centre Singapore is set to be taken off the OECD's "grey list" of countries not implementing international standards on information exchange, giving a boost to its fast-growing wealth industry.

France will sign the agreement with Singapore on Friday, according to an invitation from the French government.

The agreement features the new internationally agreed standard that requires governments to disclose financial information upon specific foreign requests to chase tax evaders.

It marks the 12th such agreement Singapore has signed, the number of treaties required to be removed from the OECD list.   Continued...

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