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Lawrence Wong: Singapore authorities worked closely with UK authorities on their Investigation and prosecution of former Formula One CEO

Deputy Prime Minister and Finance Minister Mr Lawrence Wong, representing the Prime Minister shared that Singapore’s MAS, Police Force, and Attorney General’s Chambers have reportedly worked closely with UK authorities investigating former Formula One CEO Bernie Ecclestone’s alleged $650 million trust.

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SINGAPORE: On Wednesday (2 Aug), Members of Parliament for Seng Kang GRC from the Workers’ Party filed questions about the controversial case involving former Formula One CEO Bernie Ecclestone’s alleged trust of S$650 million in a Singapore bank.

Mr Chua Kheng Wee Louis questioned whether the Monetary Authority of Singapore (MAS) was satisfied with the anti-money laundering measures at the bank where Ecclestone’s funds are allegedly held. Concurrently, Ms He Ting Ru asked if the Singapore Government had received any requests from UK law enforcement agencies regarding the Ecclestone case, and, if so, what the nature of the provided assistance was.

In response, Deputy Prime Minister and Finance Minister Mr Lawrence Wong, representing the Prime Minister, stated, “It is our policy, in line with international practice, not to comment on whether a foreign government has made a request for legal assistance on specific cases.” He added that the MAS, Singapore Police Force, and Attorney General’s Chambers “have worked closely with UK authorities on their investigation and prosecution of Mr Ecclestone.”

Moreover, he clarified, “Singapore proactively shared relevant information with our UK counterparts, which helped them develop their case.” Addressing the bank inspection, Mr. Wong said, “In 2017, MAS conducted an inspection of the bank cited in recent media reports to assess its controls for mitigating money laundering and terrorist financing risks. During the inspection, MAS specifically reviewed the bank’s handling of its relationship with Mr Ecclestone.”

He elaborated on the findings, stating, “While MAS found that there was room for improvement in the bank’s anti-money laundering processes, it did not find gaps or weaknesses that were systemic in nature. MAS also noted that when adverse news about Mr Ecclestone first surfaced in 2013, the bank promptly subjected the account to enhanced monitoring controls by requiring all transactions to be flagged for scrutiny and approval.”

As for the future, Mr Wong promised, “MAS will continue to work with financial institutions to ensure that our financial sector’s defenses against financial crime remain robust.”

The case revolves around Ecclestone being accused of acting “dishonestly” and intending to gain by providing misleading information about his assets to the UK government’s HMRC officers. The charges stem from an allegation that Ecclestone failed to declare a substantial trust fund held in Singapore, a claim Ecclestone has consistently denied.

On 14 July, the Corrupt Practices Investigation Bureau disclosed that both Transport Minister S. Iswaran and prominent billionaire businessman Ong Beng Seng were arrested on July 11.

They are currently cooperating with the authorities in connection with a case that the CPIB had discovered. However, specific details regarding the nature of the probe were not provided by the CPIB.

Both Mr Ong and Iswaran were subsequently released on bail, with Iswaran’s passport confiscated. The bail amount for Iswaran was not disclosed, but it was known that Ong was granted bail of $100,000.

Prime Minister Lee Hsien Loong has instructed Minister Iswaran to take a leave of absence until the investigation is concluded. The Transport Minister will remain in Singapore during this period and will be denied access to any official resources and government buildings.

However, Iswaran continues to draw his MP allowance, which is estimated at S$16,000 a month, and reduced ministerial pay at S$8,500 a month.

Mr Ong is renowned as the exclusive shareholder of the Singapore Grand Prix (GP), serving as the organizer of this annual sporting event, which forms part of the Formula One World Championship. In addition, he owns various hotels worldwide. Ong and his wife, businesswoman Cristina Fu, are esteemed members of Singapore’s 25 richest couples.

In 2007, he secured the deal to bring the prestigious Formula One race to Singapore, primarily due to his rapport with former Formula One boss Bernie Ecclestone.

While Singaporeans await further information from the CPIB regarding Minister Iswaran’s arrest, reports by the online media outlet Asia Sentinel suggest that the origins of this affair could be linked to the London trial for fraud involving Ecclestone.

A source provided a tip-off suggesting that the F1 accounts were used as evidence to demonstrate corruption. Among the entries, a payment was allegedly made to Ong, serving as reimbursement for covering Iswaran’s expenses related to the use of the VIP lounge at the F1 event in Singapore.

Subsequently, a Singaporean individual reportedly noticed this entry and informed the CPIB, according to the Asia Sentinel.

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Minister Shanmugam rejects request for detailed information on visa-free visitor offences: Cites bilateral considerations

Minister for Home Affairs K Shanmugam rejected Workers’ Party MP He Ting Ru’s request for detailed statistics on visa-free visitors involved in crimes, citing bilateral concerns. He affirmed current screening measures are sufficient, with no plans for an electronic travel authorisation system.

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On 10 September 2024, Minister for Home Affairs and Law, Mr K Shanmugam, refused to provide detailed information requested by Workers’ Party Member of Parliament (MP) for Sengkang GRC, Ms He Ting Ru, regarding visa-free visitors involved in criminal offences in Singapore.

Ms He had asked for statistics on how many visa-free visitors had been arrested or identified as persons of interest for criminal activities from 2021 to June 2024, along with a breakdown of offences by type, number, and country of origin.

She also queried the consideration of enhanced screening measures and the possibility of introducing an electronic travel authorisation system similar to those in other jurisdictions.

In his written response, Mr Shanmugam stated that with over 150 countries on the visa-free entry list, it would not be practical or meaningful to publish crime statistics specific to visitors from these nations.

He added that doing so could carry bilateral implications and potentially send the wrong message to bona fide visitors from these countries.

Mr Shanmugam affirmed that Singapore’s Immigration & Checkpoints Authority (ICA) employs a risk-based, multi-layered approach to balance border security with traveller facilitation and assured that the current measures are sufficient. He reiterated that there were no immediate plans to implement an electronic travel authorisation regime, as it would increase inconvenience for visitors.

“We are satisfied with the current measures, and for now, do not see a need for an additional electronic travel authorisation regime. Also, such a regime will make visiting Singapore more inconvenient,” said Mr Shanmugam.

This response followed an oral reply delivered earlier that day by Minister of State (MOS) for Home Affairs, Ms Sun Xueling, who addressed a related question posed by Non-Constituency Member of Parliament (NCMP) Mr Leong Mun Wai from the Progress Singapore Party (PSP).

Mr Leong had expressed concerns about the potential rise in crime following the introduction of a 30-day visa exemption arrangement for Chinese nationals in February 2024. He specifically questioned whether the recent burglaries involving foreign syndicates had any link to this exemption and whether automated lanes at Changi Airport increased the risk of non-bona fide travellers entering the country.

Ms Sun refuted Mr Leong’s concerns, clarifying that there had been no increase in arrests among short-term visitors from China since the visa exemption came into effect.

She noted that the arrest rate of Chinese visitors had, in fact, decreased compared to the previous year. While acknowledging the involvement of some foreign nationals in criminal activity, she highlighted that the visa regime alone cannot eliminate all risks. Instead, ICA employs enhanced technology, such as biometrics and advanced data analytics, to screen travellers.

Ms Sun also emphasised the importance of the tourism sector to Singapore’s economy, generating S$27.2 billion in receipts in 2023 and employing over 71,000 workers. She argued that closing borders to prevent crimes would not be a viable solution, especially given Singapore’s competition with neighbouring countries like Malaysia and Thailand, which are also working to attract Chinese visitors.

Despite further calls from Mr Leong for additional security measures and tougher penalties for cross-border crimes, Ms Sun reassured that the government continually reviews its laws, including the Criminal Procedure Code and Penal Code, to address transnational crimes such as human trafficking, drug trafficking, and online scams.

She affirmed that Singapore remains vigilant in adapting its laws and measures to combat evolving criminal trends.

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Leong Mun Wai questions why NTUC leaders often come from the ruling party

During the Platform Workers Bill debate on 10 Sept, Mr Leong Mun Wai, NCMP from the Progress Singapore Party, backed WP MP Gerald Giam’s call for an independent NTUC. He expressed concerns about NTUC’s ties to the ruling party, questioning its independence given that its leaders are often from the PAP.

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SINGAPORE: Mr Leong Mun Wai, Non-Constituency Member of Parliament (NCMP) from the Progress Singapore Party, voiced support for the Workers’ Party and its MP Gerald Giam’s call for an independent and non-partisan NTUC, separate from the ruling People’s Action Party (PAP).

During a parliamentary debate on the Platform Workers Bill on Tuesday (10 Sept), Mr Leong acknowledged that tripartism is a fundamental aspect of governance that all parties, including opposition ones, seek to foster.

He noted that unions naturally seek political power to effect change but expressed concerns about the extent of NTUC’s relationship with the ruling party.

However he questioned the level of NTUC’s independence from the government.

He pointed out that the NTUC’s secretary-general is often a minister or former minister and that many NTUC leaders come from the ruling party.

“Can you find another trade union in the world where the trade union chief is a minister? Are there any countries? Please let me know if there are,” Mr Leong asked, further noting that few opposition politicians are given appointments in NTUC.

“I think we are entitled to think that the independence of NTUC ought to be better than this.”

Earlier, PAP MP Christopher De Souza criticized MP Gerald Giam for using the term “tether” to describe the NTUC-PAP relationship, emphasizing that the NTUC operates through partnership, alliance, and solidarity rather than subordination.

In response, Mr Giam clarified that when he used the terms “tether” or “untether,” he meant that the NTUC and the PAP should be separate and independent organizations.

He sought to ensure that NTUC does not appear to be biased towards the ruling party.

Mr Giam also raised concerns about NTUC’s structure, particularly questioning why the Platform Associations need a Council of Advisors with the power to dismiss the Executive Council and why these advisors are predominantly PAP members or MPs.

He suggested that this structure indicates a lack of independence for NTUC.

The current NTUC secretary-general is Ng Chee Meng, a former PAP minister who assumed the position in 2018 and continues to hold it despite losing to WP’s new team in GE2020.

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