MAS Refutes Dow Jones Report On Changing Banking Laws In S'pore

Source : Channel NewsAsia, 13 October 2007











The Monetary Authority of Singapore (MAS) has refuted claims made in a Dow Jones news report on 11 October, which said Singapore is "a potential haven of suspicious money from launderers and terrorists".

MAS said the allegation is baseless, and contrary to what the report said, MAS has no plans to change Singapore's banking laws.

The authority said Singapore's banking laws provide customers the right to confidentiality of information, but do not shield criminal activity.

And Singapore operates a rigorous regime against money laundering and financing of terrorism, which is benchmarked against international standards.

MAS said the laws allow transparency in combating criminal activity while safeguarding investors' interest for safety and security.

In the Dow Jones report, a member of the European Parliament was quoted as saying Singapore and the European Commission were discussing a trade agreement, but a stumbling block was over banking secrecy.

The MAS said this so-called stumbling block refers to the issue of withholding tax on customer savings.

It said Singapore does not allow the collection of taxes on behalf of a foreign country.

MAS said this is a different issue from tackling money laundering and financing terrorism. - CNA/so