In the wake of its recent tax amnesty scheme the Indonesian authorities could be about to find another rich seam of potential funds.
On the sidelines of the recent G20 Summit in Germany, Indonesia's Finance Minister Sri Mulyani Indrawati, according to Jakarta based publication «The Jakarta Post,» received an offer from Singapore to allow Indonesia to access the financial data of Indonesians in the city-state.
Last week finews.asia reported that Switzerland and Indonesia had declared their readiness to implement the Automatic Exchange of Information (AEOI).
Good Neighbours
The Indonesian Finance Minister estimates that the country's wealth parked overseas amounted to as much as $74.68 billion.
Indonesia has been trawling global financial centres for offshore funds following the closure of its domestic tax amnesty and recently signed an agreement with Hong Kong.
Singapore and Indonesia are also believed to soon be signing a Bilateral Competent Authority Agreement (BCAA) to implement the AEOI between the two countries.
