S. Korea, Singapore to share financial info on local residents

South Korea said Friday it has signed an agreement with Singapore to share some financial information on their nationals residing in each other’s territory.

It’s meant to help tackle offshore tax evasion and other illegal activities, the Ministry of Strategy and Finance said.

Under the deal, the two sides will automatically exchange some details on their bank accounts each year starting in 2018.

The information to be shared include individuals’ names, addresses, tax numbers, account numbers and account balances, as well as types of interest and dividend income. The history of financial asset transactions will be also shared starting in 2019.

South Korea and Singapore have already traded information on their local residents’ tax status under an accord that took effect in 1981, but only when a partner country has requested such info.

The ministry stressed the new agreement will raise the level of information sharing between the two countries.

South Korea plans to automatically share financial information with 38 countries starting next year, followed by 31 more nations beginning in 2018.