The ongoing 1Malaysia Development Bhd scandal has forced Singaporean authorities to deal with the extent to which the country’s banks are vulnerable to abuse and threaten its reputation for financial integrity. The country’s financial system may face another shock – the use of so-called “freeports” -- massive warehouses used by wealthy patrons to store and move fine art, wine, classic cars and various other luxury items without being taxed. A growing number of watchdogs suspect these freeports, including one
Singapore’s Dirty Financial Secrets
The ongoing 1Malaysia Development Bhd scandal has forced Singaporean authorities to deal with the extent to which the country’s banks are vulnerable to abuse and threaten its reputation for financial integrity. The country’s financial system may face another shock – the use of so-called “freeports” -- massive warehouses used by wealthy patrons to store and move fine art, wine, classic cars and various other luxury items without being taxed. A growing number of watchdogs suspect these freeports, including one
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