Offshore vehicles not illegal: MAS
Central bank says it has a strict legal and regulatory framework to guard against money laundering and terrorism financing
Singapore
THE use of offshore vehicles, in and of itself, is not illegal, Singapore's central bank said, adding that businesses and individuals may set up offshore vehicles for a variety of legitimate commercial or other reasons.
And Singapore is firmly committed to being a clean and trusted financial centre and does not tolerate the abuse of its financial system as a refuge or conduit for illicit fund flows, the Monetary Authority of Singapore (MAS) said in a statement on Monday.
This came after the Ministry of Finance and MAS said last week that authorities are reviewing the leaked information in what has been dubbed the Panama Papers, and are doing the "n…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Bank of Korea chief signals readiness to deal with volatile currency moves
Banks told to anticipate risks from using AI, machine learning
Earthquake jolts southern Japan’s Ehime, Kochi prefectures
Climate impacts set to cut 2050 global GPD by nearly a fifth
G7 foreign ministers meet in Italy amid calls for sanctions on Iran
IMF calls for fiscal restraint in year with most elections ever