Toggle navigation
Crackdown on money laundering a testament to integrity of Singapore as a financial centre: DPM Heng
DPM Heng Swee Keat speaking with moderator Justin Doebele at a dialogue session during the Forbes Global CEO Conference at Shangri-La Singapore on Sept 11. ST PHOTO: GIN TAY
Angela Tan
Senior Correspondent
UPDATED
18 MINS AGO
FacebookWhatsApp
SINGAPORE - Singapore’s recent crackdown on a money laundering case
involving more than $1.8 billion in assets is a testament to the integrity of Singapore as a financial centre, said Deputy Prime Minister Heng Swee Keat.
Singapore’s ability to channel funds flows into productive purposes is critical to the success of the country as a financial centre.
Speaking at the 2023 Forbes Global CEO Conference in Singapore on Monday, Mr Heng said that if funds are channelled into “unproductive or clever manufacturing”, the financial system would collapse. Hence, it is crucial to stay vigilant on money laundering and terror financing.
“We want Singapore to be a financial centre that people can trust,” he said, noting that many wealthy individuals are using Singapore as a base to do their philanthropic work and charities.
The probe came to light in August when the
police arrested 10 foreigners – nine men and one woman, aged between 31 and 44 – following an islandwide raid. The suspects are believed to originate from China.
Mr Heng, who is also Coordinating Minister for Economic Policies, also touched on Mr Tharman Shanmugaratnam’s big win in Singapore’s recent presidential election where
he scored 70.4 per cent of the vote.
He said that the result is a “great sign” that
the electorate is a discriminating one, and that it reflected citizens’ growing understanding of the role of the president, the importance of having a second key in safeguarding the country’s reserves, and in keeping Singapore corruption-free.
Get tips to grow your money and career
Sign up
By signing up, you agree to our
Privacy Policy and
T&Cs.
Rather than an endorsement of the ruling People’s Action Party, Mr Heng said citizens recognised that Mr Tharman, a former senior minister, had been a key member of the Cabinet, and were satisfied with how the party had helped the nation emerge stronger after the Covid-19 pandemic.
While he sees Mr Tharman’s win as a positive sign, Mr Heng said it might be too early to draw a conclusion that Singapore is ready for a non-Chinese prime minister.
“Will we ever have a non-Chinese as a prime minister? It will come one day because the Singapore society is maturing,” Mr Heng said, noting that it was former prime minister Lee Kuan Yew’s legacy to build a multiracial society.
