JB politics or Sinkies politics?
2. Casino. Although the earnings of casino is always featured in the headlines and awe many why they can earn so much. Some ask what kind of quality jobs does Casino creates? By simply looking at the direct job contribution by Casino is very little. Even though the promise of bringing in more tourist is a good reason but personally, I felt one of the benefit of bringing in Casino is to increase the competitiveness of our financial sector. Casino is a good place to do money laundering.
In the past, Singapore was able to attract a lot of FDI from Indonesia and Malaysia because a lot of ill gotten money are put here. Indonesia govt appeal many times to sg govt to repritiate these money back but Singapore just won't do it cos these money are GOOD money. Now imagine money from Indonesia and Malaysia can make our financial sector vibrant, think about the money from CHINA and INDIA??? U see, a lot of Chinese earned lots of illegal money in their country but worry about getting caught. So they have to send their child, wife(s) and money aboard. Singapore says, comeon, use our money laundering service (casino) to legalize the money, invest in our financial products, buy house here, keep your families here, study here and enjoy the party. Isn't it wonderful??
But I guess many already knows what are the side effect of these policies.
intriguing. actually how does casino help money laundering?
intriguing. actually how does casino help money laundering?
Not referring to any casino of course. As per my limited layman understanding, Credit is extended/given by the casino or through junkets, etc. Different sources of money can come in and then be converted OR repaid to the credit given. A certain percentage of the balance in the casino is then "lost" and after the rolling is done, the remaining balance of chips encashed and comes out from the casino legally.
There are of course, many other methods to clean it and some do it through multiple steps/process before its finally laundered.
I think there are more than one way depending how much u want to launder at a time and how well u want your tracks to be covered.
Most straight forward way.
A (the guy with illegal money), B (the guy that helps to launder money)
A pass illegal money to B by some way
Both A and B enter casino. Change cash to chips.
Both play a little.
B pass A the chips.
A then cash out all chips as winnings.
The winnings are legal money.
Do you know how much is transacted each day at casino? I don't know but I'm sure it must be an interesting figures. :P
An avid cyclist has written an impassioned open letter to Transport Minister Lui Tuck Yew, repeating a growing call for a 1.5-metre lane to be set aside for road cyclists.
http://sg.news.yahoo.com/open-letter-urges-pm--minister-to-improve-road-safety-for-cyclists.html
I myself does not cycle or recreational or transportation because it is really really dangerous to cycle on our roads.
However, I hope our government could make efforts to promote cycling by setting up cycling tracks, improves road conditions for cyclist, setup more parking lots with cameras to protect bicycle from being stolen, setup bicycle rental at mrt and bus stations etc, we could solve many of our transportation woes. Besides, cycling is healthy!!
If only our government could just think out of the box a little, try to convince their rich elite friends to do with a smaller road for their Ferrari and attempt to consider that many lowly paid people like me could actually do with bicycle for transportation rather than squeezing into bus and mrts like sardines.
I am not siding with the driver who caused the accident but I think there need to be training and licensing for cyclists too. Especially those foreigner cyclists, they can ride in opposite direction, bicycle has no reflector, wear all dark clothes when riding at night, ride across the zebra crossing suddenly.
wow, you and butadesu are so learned...... interesting for me that casinos have a role to play in financial centre creation, among other things like keeping Chinese people happy with the culture of gambling. Thanks guys
Just done with a client meeting. He is coo of a bank here in Singapore. Malaysian from KL. Was chit chatting and touched on Legoland... He was very sceptical and almost convinced that it will NOT open in time in Sep. because of the way Malaysian govt do things here... Hmm... I tried to defend but his cynicism runs deep... A bit annoyed really... ;-p... Wattodo... Just have to wait till Legoland really opens and that will hopefully open up ppl's eyes to iskandar... Which many still sniggers at..
Really draw comfort and lift my spirits from all forumers with regards to IM. Regardless of what the sceptics say, most of them have not even try to understand IM nor been to any of the key areas. Failure often precedes success. Hope Malaysia gets it right this time!