atans1

Panama Papers: What Roy doesn’t tell S’poreans

In Uncategorized on 11/06/2016 at 4:39 am

And never will.

Roy was pretty vocal criticising our authorities over the matter.

He’ll not tell us the following:

1 Authorities doing something

Singapore’s tax authority is checking on local taxpayers identified in the leaked ‘Panama Papers’ for any non-compliance with local tax laws, the ministry of finance and MAS said in a statement late on Wednesday.

“Banks and company service providers (CSPs) have been asked to ascertain that their customers are using offshore vehicles strictly for legitimate purposes. If there are any grounds for suspicion, they are required to file suspicious transaction reports and step up monitoring of these transactions or arrangements.”

The statement said the MAS and Accounting and Corporate Regulatory Authority are also conducting checks to ensure that the intermediaries under their supervision have acted in compliance with their anti-money laundering obligations.

Reuters contacted several large banks operating under MAS and HKMA jurisdiction, but they declined to comment when asked if they had received letters.

According to the two sources, HKMA and MAS were trying to ascertain whether banks operating in their jurisdictions carried out due diligence and checked the source of funding when dealing with clients named in the Panama Papers, they said.

From the u/m Reuters report

Asian Regulators Said to Ask Banks to Reveal Panama Papers’ Links Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leak documents known as the Panama Papers, Reuters reports, citing people familiar with the requests.

NYT Dealbook

2 S’pore shell cos not that [p[ular

 

Map

3 S’pore intermediaries not that active. In fact they are indolent.

Panama Papers Countries with the most active intermediaries.png

 

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  1. Its the individuals I was asking you about πŸ™‚ Much more juicy than the entities πŸ™‚

    • Hey this not gossip sheet like Indian. Nor is this per se anti-PAP Go read Uncle Redbean, Goh Meng Seng or Roy for that. If I come across any cedible dirt from reputable sources, I’ll publish. ))))

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