Singapores's Banks Threatened Indonesian Citizens Participating Tax Amnesty and Sri Mulyani's Defence

The singapore banks are allegedly to report to the local authorities and police the indonesian citizens who participate in tax amnesty program.

Singapore police office, commercial affairs department obliged the banks last year to report every bank customer who participate tax amnesty program.

The indonesian  fund stored in private banks of singapore amounts $ 200 billion or around 40% of total fund of the bank. This is logical if the banks are in state of bankruptcy if not to defer the customers to join tax amnesty.

In 2013, singapore ever declared that an action to join tax amnesty is considered criminal. The state itself has reported suspicious transaction report. One of the officer of singapore corporation wealth management stated: " If ever you join tax amnesty, you have suspicion that your asset is not complied thus you have to report to the authority".

The finance minister responded to the issue claiming she has clarified it to the singapore deputy prime minister tarman and obtaining formal explanation regarding the case. 

According to sri mulyani, singapore has conveyed to their banks to support all the indonesian customers to join tax amnesty. Further any said, in term of bank regulation, there is called fiancial action task force(FATF) to obey by the bank. 

FATF contains a rule obligation for the banks to report all suspicious transaction in order to prevent money laundry. 

This is applicable for all banks worldwide, finance minister said.

However the singapore authority affirmed that the indonesian citizens are not consider to incur criminal investigation. According to this ex world bank director, there should be no worry to join tax amnesty. She promised to work on all the issues regarding tax amnesty and called for the participation to tax amnesty for the large scale tax payers.