BANK SECRECY LAWS BLUNT SINGAPORE’S ANTI-MONEY LAUNDERING POWERS
April 1st, 2008
BY DINAH GARDNER
SINGAPORE may rank highly on global anti-corruption ratings league tables but it has been coming under considerable fire recently for its strict bank secrecy laws. Last October, in the wake of the brutal crackdown on protests in Myanmar, the island state was accused of being a money laundering hub for top junta officials. Financial watchdogs and experts are divided on whether Singapore is failing in its responsibility to net dirty money or is simply a victim of US political maneuvering.
Singapore is renowned for being one of the least corrupt ...
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