Singapore’s private banking industry was booming, managing $1 trillion in assets, a third of Switzerland’s total, but still making it one of the largest offshore centers on the planet. The city-state already had a reputation as a place for corrupt Indonesians, Chinese, and Malaysians to hide money. Now, it was attracting more European and U.S. clients trying to escape the increased scrutiny from Western regulators, who were fed up with tax cheats. The Financial Action Task Force, the Paris-based group which sets anti-money-laundering standards, recently had singled Singapore out for failing to
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