Kenneth Rijock

Kenneth Rijock

Sunday, October 30, 2011

SINGAPORE PROMISES STRONGER AML/CFT BUT WHAT ABOUT THE EXISTING PROBLEMS ?

Ravi Menon, the Managing Director of the Monetary Authority of Singapore, in his Keynote Speech recently*, at the  Wealth Management Institute 8th Anniversary, in Singapore, has promised enhanced penalties for AML/CFT violations. These include

(1) Making tax evasion a predicate act under the country's money laundering laws.

(2) Doubling the manpower of the Suspicious Transaction Reporting Office.

(3) Increasing the penalties for white-collar crimes.

We are 100% per cent behind the efforts of the Government of Singapore to upgrade its anti-money laundering regime, and further support its recent arrests of individuals who were sending improvised
explosive devices to Iran, for use against NATO forces in the Middle Eastern Theater, in close coordination with the United States.

That being said, we challenge the Government of Singapore to examine the following:

(A) The accounts of Burmese Generals in Singaporean banks. Exactly how did those officers earn all those millions, I wonder ?

(B) The facilitation of North Korean ballistic missile & Weapons of Mass Destruction (WMD) sales to Iran, and Syria.

(C) The newly-arrived accounts of American tax cheats and narcotics kingpins who are fleeing the onset of transparency and reporting of their accounts to US regulators and law enforcement.

We hope that you will take the appropriate action.

______________________________________________________________________
The speech, in its entirety, can be found on the Authority's website;
http://www.mas.gov.dg/

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.