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28th July 2017

MAS working with group of Singapore banks to build joint KYC utility for countering money laundering and terrorism financing

In a speech delivered at the Association of Banks in Singapore (ABS) Financial Crime Seminar on July 2017, Mr. Chua Kim Leng, Assistant Managing Director, Monetary Authority of Singapore (MAS) talked about how banks can work smarter on the AML/CFT (anti-money laundering / countering the financing of terrorism) front. The subject… Read More

27th July 2017

Singapore: MAS, banks working on new tech to help fight against money laundering, terrorism financing

The Monetary Authority of Singapore (MAS) has intensified efforts to stamp out money laundering and terrorism financing, but more could still be done, assistant managing director Chua Kim Leng said on Thursday (July 27). Mr Chua told a financial crime seminar organised by the Association of Banks in Singapore that… Read More

25th July 2017

Computer scientists reveal the hidden architecture of untaxed financial flows

We know there are tax havens. We just can’t agree on where they are. Although many countries recognise that major corporations divert tax revenue—there’s a reason, after all, why US multinationals hold more than $2 trillion overseas—collective action is tough. Read More

17th July 2017

Is Trump’s USA the new tax haven?

What exactly is a tax haven? As far as we are aware, there is no universally accepted definition. Typically, the term is used to describe a jurisdiction that offers favorable tax or other conditions. It is therefore a relative term. So relative to Indonesia, Singapore appears to be a tax… Read More

13th July 2017

Singapore: ex-BSI banker jailed 4½ years for cheating, money laundering

Former BSI Singapore banker Yeo Jiawei was sentenced to 4½ years in jail yesterday for money laundering and cheating. It was the longest sentence meted out so far over the massive global probe involving billions of dollars allegedly misappropriated from Malaysian state fund 1Malaysia Development Berhad (1MDB). Read More

12th July 2017

Malaysia’s 1MDB a ‘victim’ of Jho Low, prosecutors say

Prosecutors in Singapore said that Malaysian financier Low Taek Jho is the central figure in probes linked to 1Malaysia Development Bhd. and that he used money traceable to the state fund for his own benefit. Low received “huge” sums of money, the prosecutors said in court filings made public on… Read More

11th July 2017

Singapore releases overarching Cybersecurity Bill for public consultation

Critical information infrastructure (CII) owners in Singapore must report security breaches, and cyber-security vendors providing highly sensitive services here will need to be licensed if a proposed Cybersecurity Bill gets the green light. The draft Bill was released on Monday (July 10) for public consultation. Read More

7th July 2017

FSB urges regulators not to double-count bank capital

The world’s biggest banks will need to rely on cooperation between the regulators of the jurisdictions where they operate to ensure they are structured and capitalised most efficiently, after few changes were made in a final report on how their subsidiaries should hold capital. Read More

30th May 2017

Swiss bank fined by Singapore for breaching money-laundering laws

Singapore said on Tuesday it had fined Credit Suisse and a local lender for breaches of the city-state’s anti-money laundering laws relating to a corruption scandal at Malaysian state fund 1MDB. The Monetary Authority of Singapore (MAS), the country’s central bank, said it also imposed lifetime bans on two bankers… Read More

24th May 2017

1 in 5 banks in Asia Pacific says tax evasion will more than double this year despite new rules

One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More

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