INSIGHT: SOUTHEAST ASIA - Massive money laundering case rocks Singapore - THE TAKEAWAY
26 October 2023
In response to this latest case, strong banking secrecy regulations, has made it an the Singaporean government announced the formation attractive location for foreign investors, which can bring of an inter-ministerial committee to bolster the greater risk of illegal transactions. [...] At least two of the 10 individuals arrested in August in Singapore’s Accounting and Corporate Regulatory Singapore were wanted in China on the same charges. [...] The PAP, led by have not yet been made public, one proposal is to limit Singaporean Prime Minister Lee Hsien Loong, was the number of directorships an individual can hold in already under fire for events that are quite unusual in Singapore, in hopes of increasing accountability and light of Singapore's history and traditions — a corruption oversight. [...] Room for progress and 2022, the number of SFOs in Singapore increased In recent years, Singapore has been hit with several from 400 to 1,100. [...] the establishment of SFOs by foreign individuals and The scandal saw the transfer and embezzlement of provide tax incentives, which makes them attractive to funds from Malaysia’s 1MDB sovereign wealth fund criminals looking to launder money.