SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Singapore suffering "reputational dent..." (WSJ) due to large withdrawals from Singapore under Tax Amnesty in Indonesia
Singapore suffering "reputational dent..." (WSJ) due to large withdrawals from Singapore under Tax Amnesty in Indonesia
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
Re: Singapore suffering "reputational dent..." (WSJ) due to large withdrawals from Singapore under Tax Amnesty in Indone
Need to be a subscriber to read, but I get the gist.
Re: Singapore suffering "reputational dent..." (WSJ) due to large withdrawals from Singapore under Tax Amnesty in Indone
AH sorry. Some key clips pasted but not the whole article.
SINGAPORE—A tax amnesty in Indonesia that has pulled billions of dollars in undeclared money out of Singapore is refocusing attention on the challenge facing the city-state as it tries to expand its business as private banker to wealthy Asians while safeguarding its reputation for good governance.
More than half the amount collected—57%—came from Singapore, it said.
SNIP
Prominent bankers and lawyers say privately that more such embarrassments could be in store as Singapore’s financial system becomes increasingly reliant on private wealth.
“This is an occupational hazard of major financial centers,” said Nizam Ismail, a partner and specialist in compliance at RHTLaw Taylor Wessing LLP.
Policing a financial sector with so many foreign clients is challenging. The intergovernmental Financial Action Task Force, which sets global standards on combating money laundering and terrorist financing, said last week that Singapore hadn’t prosecuted as many cases of cross-border money laundering as would be expected given its risk profile.
SNIP
Singapore is home to the regional investment-banking and private-wealth-management operations of many large Western banks, including Credit Suisse AG., Citigroup Inc., Deutsche Bank, and J.P. Morgan Chase & Co. Assets under management grew 30% to nearly $1.8 trillion in 2014, according to central bank figures.
Much of that money comes from wealthy foreigners, drawn by its strong rule of law, respect for banking secrecy and low tax rates. As of 2014, Singapore banks held $1.1 trillion in offshore private wealth, according to the Boston Consulting Group.
SNIP
Singapore has signed up to an increasingly strict international code of conduct on anti-money-laundering and tax-evasion regulation, including an agreement requiring more than 100 jurisdictions—including Malaysia and Indonesia—to automatically share information on accounts and taxpayers covered starting next year.
SNIP
Ong Ai Boon, director of the Association of Banks in Singapore, has welcomed Indonesia’s amnesty “as an opportunity for clients to regularize their tax affairs.”
The biggest blow to Singapore’s reputation has come from the alleged misappropriation of billions of dollars from 1MDB, much of which passed through Singapore’s banking system, according to court records, documents viewed by The Wall Street Journal and people familiar with the probes. The fund has denied wrongdoing and said it would cooperate with any lawful investigation.
SNIP
SINGAPORE—A tax amnesty in Indonesia that has pulled billions of dollars in undeclared money out of Singapore is refocusing attention on the challenge facing the city-state as it tries to expand its business as private banker to wealthy Asians while safeguarding its reputation for good governance.
More than half the amount collected—57%—came from Singapore, it said.
SNIP
Prominent bankers and lawyers say privately that more such embarrassments could be in store as Singapore’s financial system becomes increasingly reliant on private wealth.
“This is an occupational hazard of major financial centers,” said Nizam Ismail, a partner and specialist in compliance at RHTLaw Taylor Wessing LLP.
Policing a financial sector with so many foreign clients is challenging. The intergovernmental Financial Action Task Force, which sets global standards on combating money laundering and terrorist financing, said last week that Singapore hadn’t prosecuted as many cases of cross-border money laundering as would be expected given its risk profile.
SNIP
Singapore is home to the regional investment-banking and private-wealth-management operations of many large Western banks, including Credit Suisse AG., Citigroup Inc., Deutsche Bank, and J.P. Morgan Chase & Co. Assets under management grew 30% to nearly $1.8 trillion in 2014, according to central bank figures.
Much of that money comes from wealthy foreigners, drawn by its strong rule of law, respect for banking secrecy and low tax rates. As of 2014, Singapore banks held $1.1 trillion in offshore private wealth, according to the Boston Consulting Group.
SNIP
Singapore has signed up to an increasingly strict international code of conduct on anti-money-laundering and tax-evasion regulation, including an agreement requiring more than 100 jurisdictions—including Malaysia and Indonesia—to automatically share information on accounts and taxpayers covered starting next year.
SNIP
Ong Ai Boon, director of the Association of Banks in Singapore, has welcomed Indonesia’s amnesty “as an opportunity for clients to regularize their tax affairs.”
The biggest blow to Singapore’s reputation has come from the alleged misappropriation of billions of dollars from 1MDB, much of which passed through Singapore’s banking system, according to court records, documents viewed by The Wall Street Journal and people familiar with the probes. The fund has denied wrongdoing and said it would cooperate with any lawful investigation.
SNIP
Last edited by PNGMK on Tue, 04 Oct 2016 12:04 pm, edited 1 time in total.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
Re: Singapore suffering "reputational dent..." (WSJ) due to large withdrawals from Singapore under Tax Amnesty in Indone
This is why we can't have nice banking things now.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
- martincymru
- Reporter
- Posts: 700
- Joined: Thu, 16 Oct 2008 3:54 pm
- Location: out & about
Re: Singapore suffering "reputational dent..." (WSJ) due to large withdrawals from Singapore under Tax Amnesty in Indone
Why is CPIB parked within the Prime Minister's Office and not the Police?
-
- Similar Topics
- Replies
- Views
- Last post
-
-
COVID-19; NGO's, Amnesty International, Law Society, Human Rights Society are silent
by martincymru » Tue, 20 Oct 2020 3:28 am » in General Discussions - 0 Replies
- 1061 Views
-
Last post by martincymru
Tue, 20 Oct 2020 3:28 am
-
-
-
Pending PR application under Spouse scheme but asked if I'd like to apply under own merits
by lhpmh » Fri, 29 Jul 2022 1:30 pm » in PR, Citizenship, Passes & Visas for Foreigners - 5 Replies
- 1681 Views
-
Last post by PNGMK
Mon, 01 Aug 2022 12:59 pm
-
-
-
Leaving Singapore - Tax Due...
by fac201 » Tue, 30 Jul 2019 10:25 pm » in Careers & Jobs in Singapore - 4 Replies
- 1592 Views
-
Last post by The Ref
Wed, 31 Jul 2019 2:17 pm
-
-
-
Tax resident and double tax for working remotely in Singapore
by Yuk » Tue, 26 Oct 2021 8:51 am » in Business in Singapore - 9 Replies
- 4033 Views
-
Last post by sundaymorningstaple
Tue, 15 Feb 2022 6:39 pm
-
-
-
Rentals for 'large' families
by devangibhuta » Mon, 17 Sep 2018 3:07 pm » in Property Talk, Housing & Rental - 10 Replies
- 2412 Views
-
Last post by Lisafuller
Wed, 28 Dec 2022 1:43 am
-
Who is online
Users browsing this forum: No registered users and 2 guests