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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...

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