From the blog, Singapore Uncle trader:
On the topic of dirty money, a rather disturbing series of stories kept cropping up about Singapore’s close ties with the Myanmar junta. Back in October 2007, Singapore’s PM denied accusations that it is a money-laundering centre for the Burmese junta.
This issue was raised just a couple of days ago, this time by Earth Rights International, that the generals had transferred almost US$5B into two Singapore banks.
Whatever the case may be, Singapore has to strike the right balancing act. Comply too quickly with transparency requirements, and lose billions. Don’t comply, and risk being branded a tax pariah – and targeted for punitive action – by increasingly strident socialist governments …
Read the full write-up on Singapore Uncle Trader.
