atans1

Financial secrecy: S’pore is only 6th

In Banks on 04/10/2011 at 4:29 pm

In a new index on financial secrecy, S’pore is only ranked sixth. The Financial Secrecy Index 2011, puts Switzerland on top, followed by the Cayman Islands, Luxembourg, Hong Kong and the USA.

The Tax Justice Network, the group behind the report, says, “[A] secrecy jurisdiction provides facilities that enable people or entities escape or undermine the laws, rules and regulations of other jurisdictions elsewhere, using secrecy as a prime tool.”

The government’s policy is to encourage the growth of wealth management here so that S’pore can be the Switzerland of the East. Well, the central bank and the Attorney-General’s Chambers have a lot of work to do to make S’pore a better secrecy jurisdiction. Hong Kong is a better secrecy juridiction than S’pore. And S’pore and Hong Kong are rivals in the race to be the leading wealth management centre in East Asia.

At least, this report shows S’pore is a better global citizen than Switzerland, Hong Kong and the USA. But where’s the money in being a responsible, decent chap?

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  1. To be No. 1, Singapore needs to throw away AGC and MAS. The more lawless and corrupt the better. Don’t believe? Just ask PAP or Obama about the druglords’ and warlords’ money in Somalia and Burma. More secret than the most atas private Swiss bank.

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