Private banking industry group denies MAS directive on source of wealth inflows
The Private Banking Industry Group (PBIG) has denied claims made in a recent report by the Financial Times that the Monetary Authority of Singapore (MAS) had issued a “tacit directive” to banks instructing them to avoid discussing the sources of wealth inflows into the country.
The report claimed that the directive was made during a meeting of an industry group comprising bankers and regulators on 20 February.
However, in a statement issued on Friday, the PBIG said that the MAS has not instructed banks to “keep quiet” about the origins of wealth inflows into Singapore.
The group said that at the 20 February meeting, it was noted that “while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows into Singapore in fact remain diversified”. The increased fund flows into Singapore were from high net-worth individuals from different markets, said the group.
