Singapore asks banks to keep quiet on wealth inflows during China boom

[Chase]

Singapore asks banks to keep quiet on wealth inflows during China boom​

https://www.ft.com/content/ea198ae9-7157-4e3c-9832-2db4cf93d1c2

Singapore has asked the world’s biggest banks to avoid discussing the origins of the significant sums of money flowing into the city over the past year, as wealthy Chinese funnel billions into the Asian financial hub. The tacit directive from the Monetary Authority of Singapore was given during a February 20 meeting of an industry group made up of bankers and regulators, according to multiple people who attended.

The flow from China into Singapore has become a politically sensitive issue domestically, and the MAS wants banks to keep public discussion of the phenomenon to a minimum, said three people with knowledge of the talks.

.......it is acutely aware of the potential for domestic pushback against the influx of Chinese money and how it could widen Singapore’s income gap, already a political pressure point given the rising cost of living and soaring rents. “The Chinese presence is being felt everywhere,” said one industry group executive in the asset management industry. “It is not just super yachts and luxury cars anymore, it is being percolated down to everyday people and it is a topic of conversation across all layers of Singapore society. “We haven’t been told explicitly not to talk about” China, the executive added, “but there is a sense in the financial services industry that talking about it publicly will not be welcomed.”

 

[blackmondy]

If those tiong money are clean, I'm pretty sure Piss And Poop will brag about it proudly in the MSM.....

 

[laksaboy]

The flow from China into Singapore has become a politically sensitive issue domestically, and the MAS wants banks to keep public discussion of the phenomenon to a minimum, said three people with knowledge of the talks.

Why so hush-hush? Scared of getting sanctions?

See the inflation around you? This is the main reason why. Unrepentant money-laundering hub but don't want to admit it. It's like a prostitute insisting others regard her as a chaste lady.

It's amazing that they would attempt to impose a 'gag order' on banks... but that's the kind of regime we live in. No surprises. Secrecy, obfuscation, strawman half-truths and gaslighting.

 

[Patriotmissile]

It is the culture of chings to accumulate wealth whether ill gotten or not but mostly is. Then they will stack 7 layers of precious on top of their body inside the coffin.

 

[CPTMiller]

Singapore asks banks to keep quiet on wealth inflows during China boom​

https://www.ft.com/content/ea198ae9-7157-4e3c-9832-2db4cf93d1c2

Singapore has asked the world’s biggest banks to avoid discussing the origins of the significant sums of money flowing into the city over the past year, as wealthy Chinese funnel billions into the Asian financial hub. The tacit directive from the Monetary Authority of Singapore was given during a February 20 meeting of an industry group made up of bankers and regulators, according to multiple people who attended.

The flow from China into Singapore has become a politically sensitive issue domestically, and the MAS wants banks to keep public discussion of the phenomenon to a minimum, said three people with knowledge of the talks.

.......it is acutely aware of the potential for domestic pushback against the influx of Chinese money and how it could widen Singapore’s income gap, already a political pressure point given the rising cost of living and soaring rents. “The Chinese presence is being felt everywhere,” said one industry group executive in the asset management industry. “It is not just super yachts and luxury cars anymore, it is being percolated down to everyday people and it is a topic of conversation across all layers of Singapore society. “We haven’t been told explicitly not to talk about” China, the executive added, “but there is a sense in the financial services industry that talking about it publicly will not be welcomed.”

Many countries know where Singapore get all the inflow monies. Talk or no talk won't make much difference. Singapore government will continue promoting welcome richer rich people.

 

[congo9]

We need tons of money.
But the problem is that PAP is not giving out the money and share with their people.
If PAP give out more money like topping the lease of those aging HDB flats, who cares PAP let in more CECA ? Who cares about costs of living ???

 

[laksaboy]

We need tons of money.
But the problem is that PAP is not giving out the money and share with their people.
If PAP give out more money like topping the lease of those aging HDB flats, who cares PAP let in more CECA ? Who cares about costs of living ???

Why should it? Sinkies are nothing more than cattle to them. Resouces to be exploited and literally milked dry.

 

[borom]

Are we helpless in the face of this?
No, we are not, you can choose to vote them out or continue to suffer rising income inequality, ridiculouus land/housing prices and special treatment for foreigners amongst others.

 

[Leongsam]

There is nothing wrong with an income gap. The smaller the gap the closer the country is to being a communist state.

 

[laksaboy]

There is nothing wrong with an income gap. The smaller the gap the closer the country is to being a communist state.

It is precisely a communist state which eradicates the middle class and has the highest income gap. I'm sure the likes of Kim Jong Un are far more wealthy than his ordinary citizens.

 

[Chase]

If those tiong money are clean, I'm pretty sure Piss And Poop will brag about it proudly in the MSM.....

a lot of money from credit suisse reached our local banks.

 

[Chase]

Why so hush-hush? Scared of getting sanctions?

See the inflation around you? This is the main reason why. Unrepentant money-laundering hub but don't want to admit it. It's like a prostitute insisting others regard her as a chaste lady.

It's amazing that they would attempt to impose a 'gag order' on banks... but that's the kind of regime we live in. No surprises. Secrecy, obfuscation, strawman half-truths and gaslighting.

even chinese state firms use singapore as proxy for their belt-road investments. Eg. when ICBC Singapore invests in Turkey, it is considered a Singapore investment.

 

[Leongsam]

It is precisely a communist state which eradicates the middle class and has the highest income gap. I'm sure the likes of Kim Jong Un are far more wealthy than his ordinary citizens.

The ruler of a communist state owns the country. It is not considered to be "income".

 

[in3deep]

Mahjulah PAP!!! @JohnTan

 

[ChenShuang]

Singapore is not a communist state. Otherwise Khaw Boon Wan would not have instructed Singaporeans to go to JB to seek for medical care

 

[UltimaOnline]

https://motivalena.com/singapore-asks-banks-to-keep-quiet-on-wealth-inflows-during-china-boom/

 

[batman1]

Why so secretive ?

 

[borom]

Could this be the reason why they "cannot" investigate corruption overseas aka Keppelgate , otherwise all these Indonesian,Burmese,PRC's and who knows where big spenders will have to be charged in court.

 

[laksaboy]

Dear Uncle Sam, please sanction Sinkieland.

 

[laksaboy]

Why so secretive ?

Shameful things are done in the dark.