Money laundering by China-born suspects highlights risks of ballooning family offices
Singapore has always been a hub for illicit deposits. There's even street talk of the island nation is where the military junta of Myanmar keeps their wealth. That's why it's now more commonly known as the Swiss bank of the East.
For obvious reasons the ruling mob party that runs it will deny anything blatantly but it's common knowledge for every business entity.
Set a thief to catch a thief? No this is a long tradition of Singapore's secret banking system of laundering money of the murderous Suharto regime, the drug money of the late Khun Sa alias Lo Hsin Han who entered into a joint venture or two with Temasek, Singapore's sovereign fund. When SBS journalist Helen Vatsikopolous published her investigative documentary on Temasek and Lo Singapore declared her persona non grata.
What is being suddenly discovered by the Western media about Chinese migrants flush with cash is disingenuous to say the least for two reasons.
For several decades Singapore was a conduit for black and blood money from all corners of the world. They had a policy of "don't ask don't tell" where black and blood money was concerned. Singapore was prepared to turn a blind eye to this sort of money laundering as long as it suited them and the crimes behind that money was not committed in Singapore.
Australia is a little more brazen in how it treats Chinese black money as the Melbourne and Sydney skylines and local planning laws will attest to.
Bill Majcher a retired Canadian Mountie intelligence operative now a private investigator based in Hong Kong will attest to the money trail as he did on a special ABC Australia 4 Corners programme 4 years ago.
Not all Chinese money flowing to the West and the state of Johor and Singapore is clean money. In fact most of it isn't. And the assistance given to these thieves by Singapore and the West is appalling.
Singapore needs to really tighten its banking system and impose very large fines and close the family offices,freeze all the assets of any individuals who are party to money laundering,need to track down the source of these funds and take action
The banks need to be reprimanded,they have obviously not done their AML due diligence,greed and manipulation needs to be firmly dealt with.The banks who accepted all the i'll gotten gains need to be fined heavily and given a very stern warning