Singapore has agreed to endorse the Organisation for Economic Co-operation and Development standard for the exchange of information through what are called Avoidance of Double Taxation Agreements.

The city-state’s finance ministry said it planned to amend laws in the middle of 2009 before asking for parliamentary approval, according to a statement issued just before the weekend.

Singapore said its actions were “in keeping” with its strong regulatory system and was consistent with client confidentiality. The jurisdiction is increasingly seen as being in competition for offshore business with countries such as Switzerland. Meanwhile, Singapore’s actions come against a backdrop of mounting pressure by countries such as the US against so-called tax havens.

“The decision to endorse the OECD standard is in keeping with Singapore's role as a trusted centre for finance and a responsible jurisdiction, with strong and consistent regulatory policies and a firm commitment to the rule of law,” the statement said.

“Following the amendments, Singapore will be able to extend further cooperation on information exchange through its DTAs with other countries, and hopes to negotiate and conclude further DTAs,” the statement said.

“The [OECD] Standard does not preclude countries from having such confidentiality or privacy safeguards, and some OECD countries in fact have such safeguards under their common or civil law systems. Singapore will implement the Standard through our DTAs to assist on bona-fide requests for information rather than information fishing,” the statement added.