Thursday, 9 June 2016

Singapore Bites Bullet In Shutting Down BSI Bank

Singapore Bites Bullet In Shutting Down BSI Bank

This is from the Singapore Straits Times:

(BLOOMBERG) - S'pore's shut down of scandal-plagued BSI reverberating 
Spore's clampdown on BSI over ties to 1MDB 
Swiss-based BSI set up shop in Singapore in 2005
MAS on May 24 ordered BSI to shut 
penalties of US$10 million for money-laundering  
also referred six senior BSI execs to public prosecutor 
Swiss action against BSI related to money flows from 1MDB.
most stringent action in three decades 
regulators determined to root out money laundering

BSI's penalties in S'pore linked to 1MDB
1MDB centre of money laundering, embezzlement investigations around world
direct referral of BSI executives to prosecutors 
indicates officers personally accountable for money laundering 
  • BSI introduced 1MDB to Cayman fund that received a US$2.32 b investment 
  • That investment and transactions are subject of criminal probes
  • including those conducted in Singapore.
BSI said it cooperated fully with 1MDB investigations by Singapore and Swis

actions against BSI far exceeded previous punishments for money laundering
In 2014, financial penalties on six financial institutions 
In 2013, five institutions fined between S$12,000 and S$450,000.
clear message that industry needs to ensure soundness of AML compliance

anti-money laundering, terrorist financing, bribery, corruption will intensify
MAS move last week cause banks to increase their compliance spending 
costs to curb money laundering reach record US$1.5 b in Asia this year
Asia's US$1.5 trillion private-banking industry 
more spending to keep watch for illicit flows
Singapore only Asian country among the 10 least - corrupt nations 
Transparency International's 2015 Corruption Perceptions Index. 
Singapore No 8 ranking 
Malaysia 54, Indonesia 88 among 168 countries 

My comments :  Singapore has not enough water, they have no natural resources other than a natural harbour. In this scheme of things they only have themselves  - their human resources which they value ever so highly. Hence the only statement (from the above news report) that matters is this :   
Singapore No 8 ranking  in the world corruption index.

They will go to substantial lengths to protect their integrity and their reputation. 

Few people  will know the Singapore president's wife's phone number.