Banks in Singapore warned against illegitimate funds

Singapore alerted banks from the risk of receiving assets of tax evaders or the proceeds of criminal activities.

The Monetary Authority of Singapore stressed that banks should be particularly wary of funds coming from countries which have recently signed deals to end tax disputes, according to Reuters.

Last month the UK and Switzerland struck a deal to tax money kept by British residents in secret Swiss bank accounts.

"They should be alert to agreements between countries to resolve tax issues and undertake a more critical review of any asset transfers into Singapore from such countries," the MAS guidelines said.