Indonesia said to be probing US$1.4bil transfer to Singapore

The greenback took a heavy hit after Trump told the Wall Street Journal that the dollar "is getting too strong".

JAKARTA: Indonesia is investigating reports that US$1.4bil (RM5.92bil) held by Standard Chartered Plc in Guernsey, mainly on behalf of Indonesian clients, was transferred to Singapore just before the island moved to new tax transparency rules, officials said.

A source familiar with the matter said late last week, confirming news reports, that the Monetary Authority of Singapore (MAS) and Guernsey’s Financial Services Commission were looking into that movement of assets in late 2015 – months before the Channel Island adopted a global framework in the exchange of tax data.