S
suicidalpap
Guest
Singapore is a full participant in the global financial process that seeks to fight illicit money flows.
Prime Minister Lee Hsien Loong said this in response to a question at a business forum in Houston, Texas which is part of his current visit to the US.
He said that Singapore, like all other financial centres, may have to deal with "hot money" that could have links to terrorism and drugs.
It is therefore important for countries to cooperate to deal with such illegal money.
Mr Lee said Singapore has measures in place to investigate hot money flows and ensure that its financial systems are sound.
He said: "We are in good standing internationally and if there's any issue which needs to be investigated we have processes that can be taken up with our authorities, our courts and properly dealt with. There has to be proper handling, because money is shy.
"Even if it's reputable, honourable money.....there has to be proper safeguards so that we don't become the subject of fishing expeditions. But other than that, I think we are in good standing."
Mr Lee said that Singapore also participates in activities organised by the Financial Action Task Force, an inter-governmental body that develops international policies to combat money laundering and terrorist financing.
He also said that Singapore has established standards laid out by the Organisation for Economic Co-operation and Development (OECD).
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A money laundering hub participating global fight against illicit money flows. Don't let Indonesia hear it, LOL.
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Prime Minister Lee Hsien Loong said this in response to a question at a business forum in Houston, Texas which is part of his current visit to the US.
He said that Singapore, like all other financial centres, may have to deal with "hot money" that could have links to terrorism and drugs.
It is therefore important for countries to cooperate to deal with such illegal money.
Mr Lee said Singapore has measures in place to investigate hot money flows and ensure that its financial systems are sound.
He said: "We are in good standing internationally and if there's any issue which needs to be investigated we have processes that can be taken up with our authorities, our courts and properly dealt with. There has to be proper handling, because money is shy.
"Even if it's reputable, honourable money.....there has to be proper safeguards so that we don't become the subject of fishing expeditions. But other than that, I think we are in good standing."
Mr Lee said that Singapore also participates in activities organised by the Financial Action Task Force, an inter-governmental body that develops international policies to combat money laundering and terrorist financing.
He also said that Singapore has established standards laid out by the Organisation for Economic Co-operation and Development (OECD).
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A money laundering hub participating global fight against illicit money flows. Don't let Indonesia hear it, LOL.
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