MAS Reviewing Paradise Papers

The Singapore regulator has entered the fray on the high profile data leak. The news comes in the wake of the ICIJ releasing a number of documents from numerous sources including from Singapore based Asiaciti Trust.

Responding to media enquiries the Monetary Authority of Singapore (MAS) said it will take action against any entity that breaches Singapore's regulations. Singapore based firm Asiaciti has denied all wrongdoing in a statement on its website.

«MAS is reviewing the information released by the International Consortium of Investigative Journalists (ICIJ). We will take action against any financial institution or individual that breaches our regulations,» it said on Tuesday in response to Channel News Asia's queries. 

Exposing Offshore Activity

A haul of leaked documents dubbed the «Paradise Papers» have disclosed details about how some ultra high net worth clients utilise offshore tax havens. The latest contains 13.4 million documents mainly from Appleby, an offshore law firm with offices in Bermuda, while there are about half a million records from Singapore company Asiaciti Trust, ICIJ said.

ICIJ also described Asiaciti as a family-run offshore specialist that is headquartered in Singapore and has satellite offices from Samoa in the South Pacific to Nevis in the Caribbean.