Singapore, the world's fourth largest offshore centre, is set to crack down on cross-border tax cheats by adopting new measures that will make it easier to share information on individuals and companies with other countries.       

The move follows a review of the current exchange of information framework for tax purposes which it endorsed in 2009, the Monetary Authority of Singapore said in a statement.

The MAS would take four key steps to further strengthen its information exchange framework that will more than double the number of jurisdictions it currently exchanges information with from 41 to 83.

Among the changes, it will extend exchange of information (EOI) assistance to all its existing tax agreement partners and sign the Convention on Mutual Administrative Assistance in Tax Matters.

Singapore will also sign an inter-governmental agreement with the US that will enable financial institutions  to comply with the Foreign Account Tax Compliance Act, and it will also allow its tax authority to obtain bank and trust information from financial institutions without having to seek a court order.

The Singaporean government said it will make the legislative amendments necessary for the changes before the end of the year.

Singapore has already bought in stricter rules that compel banks to identify accounts they suspect of fraudulent or wilful tax evasion and close them.

From 1 July 2013, Singapore will also criminalise the laundering of proceeds from serious tax offences, the MAS said.

Governments in Europe and the US have recently stepped up their efforts to clamp down on tax evasion and secrecy.

Last week, the UK's HM Revenue and Customs announced it was working with the US and Australian tax administrations to investigate hundreds of accountants, lawyers and other professional advisors as part of its ongoing crackdown on offshore tax evasion. For more on this story, click here.