Singapore’s Bankers: Nobody Knew!
It isn’t just the bankers. It’s the system
It is truly wonderful to read how utterly stunned some of Singapore’s bankers are to learn that hundreds of millions of dollars are washing through their banking system from a bunch of gangsters who have been fleecing the rubes in Cambodia, the Philippines, Myanmar, and other countries through crooked gambling schemes and other arrangements of thievery.
On September 20, Singapore Police announced they had seized bank accounts with a total of S$1.13 billion (US$825 million), more than 10 times the S$110 million-plus in bank accounts announced on August 16. So far, according to news reports, investigators have discovered that 10 Chinese nationals carrying passports from Cambodia, Cyprus, Turkey, and Vanuatu had socked away as much as US$2 billion in Singapore’s banking system.
Singapore Deputy Prime Minister Heng Swee Keat told the local media the Singapore police’s crackdown on the US$2 billion money laundering scandal is a testament to the integrity of the country as a financial center. Is it?…