Japanese Finance Minister Kaoru Yosano welcomed Singapore Finance Minister Tharman Shanmugaratnam’s pledge, the Finance Ministry official told reporters after the two met on Monday.

World leaders said at a Group of 20 summit this month that they would crack down on tax havens, including sanctions against non-cooperative jurisdictions, by using information from the OECD.

Singapore’s government has previously denied suggestions that the country is a tax haven. It has strict bank secrecy laws and has been promoting itself as a rival financial center to Hong Kong to attract banks such as UBS, Credit Suisse and Citigroup to manage money for rich local and foreign clients.

Tharman also told Yosano that he hoped officials could agree on a broad range of measures, including expanding currency swaps, at a meeting of the Association of Southeast Asian Nations (ASEAN), China, South Korea and Japan on May 3, according to the official.

Asian countries pledged last year to pool bilateral currency swap arrangements under the Chiang Mai Initiative in an $80 billion multilateral fund that could be tapped in emergencies. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Source: Reuters