The singapore banking sector is a tax haven that now faces reform – spiegel online

The domestic market for Singaporean banks is very limited. Us anti money laundering laws “But by serving the ASEAN market, we expand our potential customer base from 5 to 500 million,” says Koh. Acams money laundering Five years ago, UOB had 40 billion Singapore dollars (about €20 billion, or $27 billion) in assets under management. What is meant by anti money laundering Today it has S$ 60 billion and in five years it is expected to grow to S$ 100 billion SGD.

The bruising recently sustained by established financial centers, like London, New York and Zurich, has benefitted Singapore and its banks. Trade based money laundering definition After major banks on Wall Street and the Thames were shaken by the financial crisis, many investors turned their attention to Asia.

Source of funds money laundering “We benefit from the flight to safety,” says Elbert Pattijn, the chief risk officer of DBS, the country’s largest bank. Sar money laundering “Singapore has one of the most stable financial systems in the world,” Pattijn notes. What is money laundering in tagalog And one of the most discreet.

When authorities in the United States and Europe began hunting down tax evaders in recent years and chipping away at Switzerland’s banking secrecy, many of the super-rich moved their assets to Singapore.

Whenever bankers like Pattijn are asked about possible illicit money from Europe, their answers are quick and mechanical. Money laundering legislation uk “We don’t want that kind of money,” Pattijn says. Money laundering manchester “We have no appetite for that.” But the revelations the emerged from Offshore Leaks — an April report by the International Consortium of Investigative Journalists which revealed the details of 130,000 offshore accounts — put Singapore in a tight spot. What is money laundering The data trails of the report led directly to Singapore or, more specifically, to Temasek Boulevard.

The Fountain of Wealth, the world’s largest fountain, is a bronze monstrosity located on the boulevard and surrounded by five gray office buildings, the Suntec Towers. Money laundering meaning in tamil The firm Portcullis Trustnet has its headquarters there. Combating money laundering Portcullis builds what amount to virtual catch basins for fountains of wealth, establishes trust companies and moves assets to tax shelters.

Portcullis Chairman David Chong sharply rejected the indirect accusation by the journalists behind the Offshore Leaks investigation that Portcullis helps tax evaders hide their money. Money laundering law In the spring, Chong declared that Portcullis strictly adheres to laws and regulations against money laundering and tax evasion, and that it doesn’t do business with people who may engage in those activities. Sources of money laundering He has been silent since then.

Now the Singapore government and the Monetary Authority of Singapore (MAS) are taking a more aggressive approach to improving the city-state’s poor image. Common money laundering schemes “There is nothing inherently wrong with opening a trust account,” says MAS Managing Director Ravi Menon, when asked about Portcullis. Cartel money laundering So far, he says, the examination of the Offshore Leaks data has not revealed any wrongdoing. Money laundering estate agents “Our anti-money laundering rules apply to the trust companies as well as to the banks.”

Menon likes to portray himself as someone who hunts down tax evaders and those who help them. Money laundering 2007 “It is a serious misperception that there is a large flow of European funds to Asian centers like Singapore,” says Menon. Anti money laundering regulations 2007 Tax attorneys tell a different story, but no one is willing to be quoted. Anti money laundering training The prestigious consulting firm BCG estimates that 14 percent of the roughly $1 trillion (€740 billion) in offshore assets under management in Singapore and Hong Kong comes from Europe.

In 2009, Singapore endorsed the Organization for Economic Co-operation and Development (OECD) tax standard on the automatic exchange of information and integrated it into all double taxation treaties. Money laundering wiki Since July 1 of this year, willful tax evasion and tax fraud have been designated predicate offenses for money laundering. Laundering money In October 2011, the MAS instructed banks to ensure that existing customers were in compliance with the future standards. Money laundering certificate And last but not least, Singapore is about to conclude an inter-governmental agreement that will facilitate Singapore financial institutions’ compliance with the American FATCA law. Money laundering meaning in urdu FATCA would require banks in Singapore to automatically transmit the account data of American citizens to US authorities.

“In principle, we are prepared to enter into a discussion with the European Union over the automatic exchange of information as well,” says Menon. Money laundering meaning “In the long run, this could become the new standard.” For Manon, a level playing field and a strict implementation in all major jurisdictions are preconditions for enhanced information exchange. Money laundering penalties uk “Singapore is extremely anxious not to come under suspicion, because it depends on its good reputation as a financial center,” says Ambassador Viets.

But the new, stricter laws only apply to taxes the city-state collects. Laundering drug money Singapore has neither inheritance nor capital gains taxes. Money laundering hmrc This means that someone who manages to evade taxes by moving his or her German inheritance to Singapore will not necessarily be penalized.

The Singaporeans defend their system, always tenaciously and often from behind a charming smile. Casino money laundering Take, for example, Yah Fang Chiam, who is responsible for tax policy in the Singapore Ministry of Finance. Australian money laundering “We are not a tax shelter,” she says. Money laundering methods “We have competitive tax rates, because we promote entrepreneurship and want to attract companies to invest here and continue to develop our economy.”

The country’s effective tax rates are lower than almost anywhere else in the world. Money laundering pictures The maximum tax rate is a mere 20 percent, and businesses pay a top rate of 17 percent, but there are quite a few exceptions.

Singapore certainly has a health care system that is worth emulating in Germany, even if it be in a modified form. Money laundering tagalog meaning And, while protecting the environment is of course critical, a key industry that is critical in environmental protection is the biotechnology industry. Money laundering meaning in telugu I understand how individuals opposed to the biotechnology industry feel, but this industry is one of the industries which is going to put Germany on the path of progress. Anti money laundering system One thing the German government could do to create jobs and help the growth of science and research is to relax some regulations on the biotechnology industry. Money laundering conference For example, considering human-animal chimeras, the clause of the German constitution which states that human dignity is inviolable could be interpreted in a more liberal fashion. Best money laundering businesses Also, Germany could work to liberalize EU regulations on biotech research, such as requirements that those engineering human animal chimeras be required to first report to a national ethics board (unless the experiment involves viable physical/psychological damage to the chimera). Reverse money laundering In addition, Germany could relax some of its anti-free market laws, one of which states that businesses cannot compare their product to the product of another business…