Hard truths series #004 - indian & money laundering in s'pore

[cunnosieur]

www.trimexgroup.com/about_us.asp

Pradeep Koneru is an Executive Director and CEO Trimex Industries. Madhu Koneru is a Group Executive Director.

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WOOLY WOOLY WORLD OF INDIAN FTs....

CAN U TAHAN HARD TRUTHS???

 

[cunnosieur]

Despite PAP’s insistence that it is tough on money laundering, this was not the first case nor is it the last. Now Indian politicians have been caught with depositing black money in UBS banks in Singapore ( http://indiatoday.intoday.in/site/S...d-hasan-ali-khan-park-money-in-singapore.html ).

What is revolting is that UBS is not giving due cooperation with Indian authorities. It is not clear how much cooperation MAS has provided. This case has captured the headlines of Indian media and has dealt a serious blow to Singapore’s reputation. Till today the local media has been keeping silent on this case and refused to cover it. Commercial Affairs Department (CAD) should have sprung into action on UBS but that seems to be not happening. MAS should have also started an investigation but one can only see MAS’s inaction.

These consequently lend support to growing criticisms that Singapore has become an international money laundering hub. No matter how much Home Affairs Minister Shanmugam may deny this, the lack of action by authorities seem to speak otherwise. So far they have done nothing substantial but cosmetic action such as passing laws etc.

In fact the seemingly coordinated inaction by the media, MAS, CAD, Ministry of home affairs etc only seem to suggest that nobody within the authorities or state controlled media want to pay any attention to money laundering cases that have blow out of proportion.

Concerned Singaporean

 

[winnipegjets]

Foreign banks here operate like Indian banks ...the executives are mostly Indians, they host Indian food parties, they do business the Indian way. The only difference is the relationship managers are Chinese.

Clients who use foreign banks here are better off using banks in India. They don't need to pay a bomb for the same level of service they are currently getting.