A slew of 'interesting' and scandalous financial news has been coming out of Singapore in recent months. Today, the son of a former Singapore PM was charged with false trading offices. Just what is happening to this leading financial center of the Asia Pacific? Singapore ranks third in the Global Financial Center Index 2002, behind only New York and London...having overtaken Hong Kong in 2022.
Scandals involving banks, real estate firms, and jewelry merchants are affecting Singapore's position as the preferred sanctuary for Asia's affluent. Properties vehicles, bank accounts, luxury items, and even gold bars are being seized. Foreign nationals have been arrested and financial mishaps involving illicit funds seem to be the norm these days. Are the local wealth management industry risk management measures adequate? Shouldn't the major Banks DBS, Deutsche, and OCBC be more vigilant or are they complicit in any of these questionable financial shenanigans?
This is a growing financial scandal that has got a life of its own - and more revelations will soon follow. Enough said for now.
Banks ALL over Earth are THE protector of criminals/cabal/launderers as its worth the "FINES" 🤣🤣🤣