From The National Post:
The Swiss sting
The Swiss have been surrounded for decades by mountains of snow and dirty money.
That’s why it is indeed welcome news that Washington has been able to pry open Switzerland’s bank secrecy laws this week. UBS will hand over information on the accounts of 4,450 wealthy Americans.
But this should be just the beginning and the next big target should be Singapore, according to Washington-based attorney Jack Blum.
“As a result of the pressure on Switzerland, a lot of the client bank accounts have been shifted off to Singapore. UBS said [last year] it will cooperate in giving up the names, so billions fled and it all appears to be heading to Singapore,” he said in a recent telephone interview.
Singapore is the “preferred destination” for Wall Street denizens, according to Singaporean opposition politicians. Who knows? Maybe some of Madoff’s billions are there.
Bankers are accessories
Singapore maintains that it has weeded out criminals. But that’s what the Swiss said too. There is no way a bank can determine who is behind the person or entity with the numbered bank account. It’s an excuse trying to mask the fact that secrecy havens are willing accessories to crimes.
“Crooks set up offshore corporations in the British Virgin Islands, get a bank account in Singapore or in the Pacific islands or in a trust in the Isle of Man and there’s no way to crack through all of that at the moment,” said Blum.
This is why the UBS deal must be only the beginning of a global crackdown. Governments worldwide have incurred enormous debts to pull the world back from its economic brink, due to banking malpractice, and tax evaders must be pursued to help ease the burden on all taxpayers.
Secrecy invented in 1934
The Swiss invented the secret, numbered bank account to help Jews and others hide money from the Nazis. But the Nazis used this service too because secrecy enables despots, drug cartels and tax evaders of every race, religion and nationality to evade taxes and detection.
Swiss bank accounts have facilitated corruption worldwide and involved high-profile cases in Pakistan, Africa and South America. The late Yasser Arafat stashed $300 million safely away in Switzerland, and safely out of the reach of the Palestinian people to whom it belonged. Likewise, every tinpot dictator, terrorist organization, kickback artist, tax cheat and drug dealer in the world likely has a Swiss gnome protecting his money from police, other crooks, tax authorities and ex-wives.
UBS nickname: used to be smart
This UBS precedent was the result of investigations which followed revelations from a UBS whistleblower about the bank’s “offshore” marketing techniques such as smuggling diamonds in toothpaste tubes for clients.
But UBS is only the tip of the iceberg.
Last week, allegations were made in an Italian court by the daughter of the late Gianni Agnelli, whose family owns Fiat which is Italy’s largest industrial empire, that there was US$1 billion hidden in Lugano banks that her mother was hiding from her.
This dirty money business has gone on for years and there are trillions sloshing around in dozens of countries from Liechtenstein to the Channel Islands, Cayman Island, Vanuatu, Austria plus others.
The Swiss must now also force Credit Suisse and other financial intermediaries to cooperate with foreign tax and police authorities. This bank also came under fire in the 1990s when the World Jewish Congress discovered that there was no effort to help find the heirs to accounts of Jews who were murdered or who disappeared in the Second World War. The money was being used by the bank.
The Swiss have been targeted for some time and now Singapore plus others must become the focus. Ending bank secrecy will reap many benefits for the world such as finding out if public officials and politicans are on the take.
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It’s about time. Singapore’s non-transparency has been in the news for quite some time. Here is another look at Singapore’s possible involvement in Myanmar’s dirty money. A report that dates back nearly 2 years ago.
Dr Chee is right about Singapore’s covert close and questionable relatioinship with Myanmar.
http://wherebearsroamfree.blogspot.com/2007/11/our-squeaky-clean-image-under-scrutiny.html
what about the claims of US $80billion worth of Indonesian money stashed away in Singapore?
what about the claims of billions of ringgit stashed away in Singapore by Malaysian Chinese businessmen to evade taxes?
what about the claims of corrupt politicians, crooked businessmen and orgranized crime in India and China stashing billions in Singapore?
the list goes on… its about time to clarify all these claims.
Oh No! what is gonna happen to s’pore, if any?
In the name of the f…. m…. and the h…ly son.
“Oh No! what is gonna happen to s’pore, if any?
In the name of the f…. m…. and the h…ly son.”
I share your concerns, Mr Aw.
First and foremost, the assets of Singapore politicians should be fully declared if they want to come clean and go clean. This has not been carried out for the cabinet members although PAP had claimed itself of corruption-free governence.
How to believe? In fact personally I suspect our top politicians have been using super-high salary policy to cover up their corruptions in the past. Otherwise, why wouldn’t they open up for scrutiny?
PAP, will you take up the challenge?
We can expect PM Lee to pass the buck to Tharman when Obama comes to town……. the usual disappearing act.
Tharman can tell Obama that having too much transparency in Singapore’s banking system and laws does not serve any strategic purpose…..
….and he is clueless about those obscene deposits from Mugabe, Kim, Burmese military junta, etc, parked in the famiLee bank.
actually i am very interested in what our politicians have in terms of assets and money. most of them, their families have businesses connected to glc etc. i think they would shock every one of us. agree?
They would lose their legitimacy in a drop of a hat.
Billions, billions and more billions???? where these money comes from? its secret, cannot tell, how do you get so much billions? it’s secret, cannot tell again cos we belongs to the corruption-free elites, so still cannot disclose because its an offense to disclose them here in singapore.
Recently , i notice some , if not all, AXS machines only accept DBS, POSB (unsurprisingly) and citibank (our good old friend) cards to pay the bills.
I got frustrated after completing all the information to find that it no longer accepted other local bank cards. I am not sure if this is still the case now and is it for all AXS machines.
anyways, very disappointing. I cursed and swear , figure of speech.
story aside, i think local banks like DBS no scared one lah. open up the books I think they also stedi boon bi bi wan lah. they so bombastic right?
even a foreigner called Chip get to see some secrets, if any.
IMHO so true.
http://www.youtube.com/watch?v=VyddKc4JdaA
Strange, just last night, I was informed by a reliable source that the crackdown is happening in Europe. Spore may not escape the wrath, however its got to be done to stop the rich robbing the poor any further. All hail Obama!
funny nowaday $$$ seems to have legs that can walk and they are so afraid of the poor people.
Haha, now all these rich people have changed from “Swiss Standard of Living” to “Singa Standard of Living” !
Wow, Woody is so right at that time to say Singapore aspire for Swiss Standard of Living but now shift to Singa Standard Of Living cos of Money in the our Secrecy Bank !
Better still, known as “SIN(gapore) Standard of Living”
When it is Internal vs internal,
we know the outcome.
When it is External vs Internal.
ha ha ha
where is the ball ? in whose court?
This is a known fact among bankers especiall those in Private Banking and High Networth banking. Ever wonder why private banking is flourishng in Singapore all this while?
I guess it is just the beginning. Next in line is the activities of Sovereign Funds Sometimes last year IMF did mention that certain SF with deep pocket has been seen as trying to maiplate other countries economy.
IF there are dirty money or ‘black’ money, and IF scrutiny come to singaland,
and these money exodus, what happens?
But i doubt wealthy people’s (who need not be singaporeans) bank info would be scrutinised.
But IF so, I congratulate the people as there will be Transparency.
Obama , Sir, pls come to singapore. I beg you.
The citizens ought to get back their money before the secrecy bubble burst. Obama is coming with a big sharp needle to burst the bubble. He need to burst our old fart’s bubble first.
17) Passerby on August 22nd, 2009 8.19 pm This is a known fact among bankers especiall those in Private Banking and High Networth banking. Ever wonder why private banking is flourishng in Singapore all this while?
\\\\\\\\\\\\\\\\\\\\\\\
Its SomeBody’s credit right?
But downtime is whose?
singapore where got dirty money wan
A timely reminder of one good read here:
Singapore’s future as a financial centre (by Dr Chee SJ)
http://yoursdp.org/index.php/perspective/special-feature/1513-singapores-future-as-a-financial-centre-part-i
I thougt HK IS the financial hub of asia?
What constitutes a clean country? The Swiss are known to have stolen the golden teeth of gassed Jews and melted it into ingots. If they have the audacity to commit such acts during the World War, the like of teaching the Americans tax evaders to smuggle diamonds in tooth paste are child plays. So, stop fantasising the Swiss standard of living, they are built on bloods & skeletons, a sanitised version of the Burmese Junta. As a child, I was taught that Switzerland is a peace loving country, remaining neutral hence avoiding the 2 World Wars, the fact is the Nazi needs it to fund the military expansion!
And what do you expect from our 2 IRs & booming propery belt from River Valley to Sentosa, perfect combination for money laundering as in the case of HK for the mainland Chinese.
HK is the investment banking center in Asia, while Singapore is the private banking center in Asia. No worries, HK is also under target for its dirty private banking sector now. It’s already on the news. The next in line will be Sinkapore
#25,
you mean if high rollers come here gamble often, is it good for them to put some of their money here?
These money should be clean right?
Why do people with a lot a lot of money gamble?
To exchange for tokens?
kekekekekeke
26) kurt on August 23rd, 2009 9.19 am HK is the investment banking center in Asia, while Singapore is the private banking center in Asia. No worries, HK is also under target for its dirty private banking sector now. It’s already on the news. The next in line will be Sinkapore
======================
oh my f…. lord.
Who will be implicated?
I dread the day!!!
ooooh, so scary wor.
But i hope, if any, bad guys be put to shame and their wealth ill-gotten, be removed from them and given to charities and the orphans and the disadvantaged and cheated like the mini bon bon fiasco extravaganzas.
Down with Evil.
Your time has Come.
You come together.
on your own.
Tks Goodness. Whatever hidden in the dark will be be shown in the Light.
PAP is not keen to have Obama (Democratic) as American President instead prefering John McCain (Republican). When Bill Clinton as president, he was Not even invited to S’pore. But when George Bush Senior & his son were president, both were invited.
MM Lee has even supoported George Bush Senior when Bush wanted to attacked Iraq claimed Weapon of Mass Distruction (WMD)……
But now s’pore govt especially famiLee is preparing for its own WMD none the other but from America.
Maybe it should start by checking on the Swiss how many of our ministers had steshed their money there and get ready to run when Singapore collapsed.
Do us a favour, please check that out. Thanks
i’m sure singapore crack down will bring out the worms out of it’s soil. thanks obama wish you were singapore president and viswa sadasivan the minister or either one.
I only want to know
DID MSM reported this article by world class reporter?
The banks of Swiss is so stupid not to follow the act of our gahmen. No wonder our gahmen are worth millions and extraordinary.
They should ask the USA to fart off by remarking that:
“People do want to know, there is curiosity, it is a matter of public interest. That is not sufficient reason to disclose information. It is not sufficient that there be curiosity and interest that you want to disclose information.”
They should have learnt how to be extraordinary from Uniquely Singapore !
i seriously think there are nothings wrong with singapore’s banking. why is singapore being mention and being targeted now? anyone can park their money here. to us they just customer only. just like a doctor in a hospital who just safes any patients rolled inside, regardless if he is a crook or not. everyone just do their job well. there is nothing we can do if some of them turn out to be terrorists or corrupt officials from china.
agnes,
“i seriously think there are nothings wrong with singapore’s banking. why is singapore being mention and being targeted now?”
That is because the secrecy law of banks in certain country will help attract “criminal” money and protect those criminal eg tax-evasion , money laundering, secrecy fund for terrorism and build Weapon of Mass Destruction.
Think likewise, if a large number of people are siphoning money out of Singapore in huge amount to evade tax/scrutiny to other bank of other country with banking secrecy law, that will eventually cripple the Singapore’s economy, do you think our government will think “i seriously think there are nothings wrong with other country’s banking. why is that country being mention and being targeted now? anyone can park their money here. to us they just customer only. ” ?
The answer is apparent if you put yourself in other’s shoe.
34agnes
don’t be surprise if the corrupted ones not only china but singapore too. just that we can’t see due to all secret and confidential and behind doors.
it’s time to check the goverment, ministers bags
i remember the Dark Knight mention S’pore in the movie… :)
“i remember the Dark Knight mention S’pore in the movie…”
When will Dark Knight come to Singapore and bring justice when the Joker and his expensive henchmen are engaging in SINFUL governing ? The crime has taken a new meaning that does not involve violence but financial burden and blatant leegalized corruption. Will the Dark Knight endup PayAndPay when he import his BatMobile and BatBike ? And will he endup in IMH for dressing so erratically ?
LOL…
It really depends on the individidual govt; whether they want to pursue or not. Likewise, I think countries like China & Middle East may not want to get involve. Therefore, Singapore private banks can still go after Chinese & Arabs money right?
The time is nigh for all who have used the Swiss Model to further their financial interests. It is time to pay the piper his due. Once the screws are applied by the States to uncover tax evaders they will go about it with the tenacity of a pit bull terrier. The effects on Singapore will also be devastating and all unaccounted for money has to be declared not only to the States but also to the authorities within Asean. This will be not to far away and it will then be difficult to talk of ‘package’ deals.
We do not want to make a living out of crooked and blood money from the residents of neighbouring countries. Of course the IR’s will attract a lot of ‘unaccounted ‘ for money but this will be classified differently. Hence the haste in getting the IR’s ready in record time.
Gambling is a different proposition all together from taking in ‘blood’ and ill gotten money to service our banks.
Our banks do not have the critical mass to support financial activities if overseas money is stopped. Work with our neighbours to take advantage of economies of scale-we can still survive in this ever changing landscape.
“Likewise, I think countries like China & Middle East may not want to get involve.”
Why should these countries be involved when money goes into them, and not out of them ? It is only when money goes out of these country that they become concern and enforcing law. When Singapore comes out IR, isn’t China restrict the amount of money their citizens can take out of China ?
37) frog on August 23rd, 2009 10.27 pm
it’s time to check the goverment, ministers bags
I thought MM passed a new bill to forbid anyone to check on the MPs or ministers background? It’s an offence so can obama do anything to overide?
I am pretty sure that most of the ruling Burmese generals with their relatives and their business cronies have private bank accounts in Singapore (they go there for medical treatment). Tay Za, the top business arm of Than Shwe has not only a bank account but also a residence in Singapore (his son used to boast about that on the internet). In any case, my point is that if Western countries, like the UK really want to be serious about economic sanctions against Burma (to support democracy there), they really have to clamp down on these private bank accounts in Singapore which is by the way a Commonwealth(sic) country lol
“it’s time to check the goverment, ministers bags”
Might want to check on their body part too. Their teeth might make of gold and diamond. Haha.
43) tiredsingaporean on August 26th, 2009 1.42 pm
this fu@cking lky all over the mp he put a law and rules so that their corruption can’t be seen and their backgrounds and bags are safe guarded by lky.
coz if every single things been check on them then PAP and lky are in really deep trouble. they know it and that’s why lky safe guard it.
you singaporeans know how much lky and his pap has in personal savings?
their savings is been divided to clear off their names from corruption and maintain clean pockets.
the tip is . they can just walk away and settle down their life as a normal person, and their money can support uncountable generation of their familees
the tip is . they can just walk away and settle down their life as a normal person, and their money can support uncountable generation of their familees
so this is the uncountable they are refering to? wow good retirement plan
lky wi#e got pierce diamond A grade on his pu#sy. how to check that?lol
you touchand check………..! you dare?? he sue you up and down and till your pricks drop.
just X-ray, metals show up well with it. :)
Look at the companies selling UK Land Banking plots that operate in Singapore but are not allowed to operate in the UK.
An investment in the marketing material but a scam in reality is apparently able to operate in Singapore without any questions being asked.