It has been reported that the MOF and MAS are reviewing the information being reported in connection with the so-called Panama Papers, and conducting the “necessary checks”.*
In its statement, the government said, “Singapore takes a serious view on tax evasion and will not tolerate its business and financial centre being used to facilitate tax related crimes. We have put in place a strong legal, tax, and regulatory framework, coupled with a rigorous supervisory regime, to tackle cross-border tax evasion and avoidance."
Now, it has been found that one of MAS' own advisory chairman had been identified inside the Panama Papers. The person is none other than Lee Suan Hiang. You can find his name inside the papers:
http://berndpulch.org/2014/05/23/th...nies-persons-and-adresses-part-147-singapore/
According to the MAS website, he is the Chairman of the Singapore Note and Coin Advisory Committee of the MAS. He is currently also the Chief Executive of the Real Estate Developers’ Association of Singapore (REDAS).
Prior to this, he was Chief Executive Officer of the National Arts Council and MICA Fellow (Creative Industries) (2003-2009), Chief Executive of the Singapore Standards, Productivity and Innovation Board (SPRING Singapore) (2002-Oct 2003), Chief Executive of the Productivity and Standards Board (PSB) (1996-2002), Chief Executive of the National Productivity Board (NPB) and Chief Executive of the Singapore Institute of Standards and Industrial Research (SISIR) (1995-1996).
He and his wife Elizabeth have set up an offshore entity called Grace Holding Overseas Limited.
Mr Lee must explain to the people why he is setting up an offshore entity? Why can't he set up a local company here in Singapore? Why must it be outside of Singapore? For what purpose?
MAS must also need to assure the public that Mr Lee, one of its own people, would be investigated to the fullest extend in order to ensure that our laws are upheld.
In its statement, the government said, “Singapore takes a serious view on tax evasion and will not tolerate its business and financial centre being used to facilitate tax related crimes. We have put in place a strong legal, tax, and regulatory framework, coupled with a rigorous supervisory regime, to tackle cross-border tax evasion and avoidance."
Now, it has been found that one of MAS' own advisory chairman had been identified inside the Panama Papers. The person is none other than Lee Suan Hiang. You can find his name inside the papers:
http://berndpulch.org/2014/05/23/th...nies-persons-and-adresses-part-147-singapore/
According to the MAS website, he is the Chairman of the Singapore Note and Coin Advisory Committee of the MAS. He is currently also the Chief Executive of the Real Estate Developers’ Association of Singapore (REDAS).
Prior to this, he was Chief Executive Officer of the National Arts Council and MICA Fellow (Creative Industries) (2003-2009), Chief Executive of the Singapore Standards, Productivity and Innovation Board (SPRING Singapore) (2002-Oct 2003), Chief Executive of the Productivity and Standards Board (PSB) (1996-2002), Chief Executive of the National Productivity Board (NPB) and Chief Executive of the Singapore Institute of Standards and Industrial Research (SISIR) (1995-1996).
He and his wife Elizabeth have set up an offshore entity called Grace Holding Overseas Limited.
Mr Lee must explain to the people why he is setting up an offshore entity? Why can't he set up a local company here in Singapore? Why must it be outside of Singapore? For what purpose?
MAS must also need to assure the public that Mr Lee, one of its own people, would be investigated to the fullest extend in order to ensure that our laws are upheld.