Singapore To Exchange Information with Belgium and Luxembourg

On March 10, the Government of Singapore signed Agreements on the Automatic Exchange of Financial Account Information with Belgium and Luxembourg. Luxembourg's Finance Minister Pierre Gramegna pointed out "green finance", alternative investment funds and fintech as the areas to deepen the cooperation with Singapore, and stressed the importance of open financial centers.

Reporting Information

The agreements require financial institutions to report information regarding certain accounts and to follow related due diligence procedures. The information is to be exchanged with respect to 2017 and all subsequent years and will be exchanged within nine months after the end of the calendar year to which the information relates.

Deepen Cooperation

Luxembourg's Finance Minister Pierre Gramegna informed that Luxembourg is looking to deepen the cooperation with Singapore in the areas of "green finance", alternative investment funds and emerging sectors like fintech. Mr. Gramegna said Luxembourg is already a gateway to Europe and could be poised for a bigger role in the wake of Britain's exit from the European Union, The Straits Times reported.

Protectionist Sentiment

Luxembourg's Finance Minister Pierre Gramegna noted that open financial centers like Singapore and Luxembourg have a role to play in promoting sustainable finance. He further stressed that such small, internationally open economies have a role to spread the message of free trade in the face of rising protectionist sentiment around the world. "We are proof that by being open you can be successful, contrary to what's fashionable today," he said.

Source: Singapore-Belgium Agreement, Singapore-Luxembourg Agreement, The Straits Times


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