This is nothing. Don't forget that for a century or more, Switzerland specialized in coaching & helping customers evade taxes of other countries and helped by hiding their money in secret accounts.
@@harry797442 The point is that corruption is a fact of life everywhere and there are much bigger fish in Switzerland and especially where most of the dirty money is - in the US which has an abundance of financial crime whilst hypocritically exempting itself from regulations that it imposes on all other nations vis a vis US citizens, for example FATCA.
HSBC shifted their headquarters to London a while back. They doubled down on their British structure when Xi & the CCP started absorbing and governing Hong Kong.
@@wolfbane8290 That's symbolic HQ. The function HQ is in HK. Asia has more people, economy, and wealth than the rest of the world combined today. The entire real UK economy is smaller than several Chinese *cities* lol. HSBC is mostly in Asia, focused on Asia, and rapidly closing throughout the west. HSBC bank recently left US and Canada.
Because of US sanctions. As long as the transactions are conducted in USD whether the transaction took place in Singapore or elsewhere, the bank will be fined in millions of $$$. And HSBC has been fined heftily before 🤣Also, do you still remember Huawei’s Meng case? HSBC had to expose her otherwise the bank would be in deep trouble 🤣
In March of 2006 I was in the DBS Bank on Orchard Rd in Singapore. A guy from China was was also waiting for a bank agent to serve him. He opened his bag and proceeded to pull out brick after brick of Chinese 100 yuan notes. He had no less than 2 dozen of these stacks of cash. Later I estimated that each stack was 100,000 yuan for a total of around $75,000USD. I asked my real estate agent who was helping me find an apartment. She said mainlanders routinely bring wads of cash into Singapore. In fact she had helped a 12 year old Chinese mainland boy rent an apartment as his parents had sent him to Singapore to attend school. He arrived alone by plane with a similar bag full of cash. Corrupt banking involving illicit money is as common as a bowl of steam boat or curry crab.
Precisely, Singapore is the World's rank 3rd Important Financial Centre, becos of such incredible efficiency to deal with Depositors' / Investors' monies; CASH / BANK DRAFTS / SWIFT REMITTANCES / Foreign Currencies futures / trading etc. etc. Personally, also encountered to declare CASH equivalent amount of SGD20,000 /- higher to ICA officers, at Singapore Airport, with documentations/source of the origin of the CASH and purpose of such importation. Actually, myself finding your story of a local bank, DBS Bank accepting stacks and stacks and stacks of Chinese Yuan 100 Cash notes making deposits, seemingly not possible, as if not mistaken, Singapore DBS Bank, does not accept direct physical Foreign Currency CASH bill notes deposits, only in Singapore Dollars Bill Notes. Are sure of this re-collection, or mistaken in Hong Kong, the Branch of DBS Bank there ??. Or the Chinese National observed, were depositing Stacks of Singapore 100 bill notes, where its orange color may be mistaken for the pink colored Chinese Yuan 100 bill notes?
@@Fr.VeniceLAI LOL you mean crooks. LKY and the whole lot of them are corrupt. Prostitution is rampant in SG, just go to Geylang and see it on the streets.
If the system managed to pick it up, and the authorities acted on it, to me that means the system is working. What is Singapore without their credibility? That's their biggest currency, after all. I think the problem for SG authorities is trying to trace down the illicit gains of wealth without, ruffling the hairs of some very important people in - for example - the Communist Party of China. They want to clean up shop, but not upset a key trading partner
Greetings from Singapore. The chinese government does NOT nor need to launder profits via Singapore; it just brings them to China and buys gold. That's why China has 200K metric tons of audited physical gold today worth $18-trillion, more than all other countries combined.
@@davidrichards1741 you’re looking at it wrong. Not the CCP as its own, whole entity. But certainly individuals who’ve benefited from any position they may hold within the Party
@@CameronAdamsify Possibly so but this pales compared to the corruption, bribery, and illegal insider trading conducted bu US politicians. Nancy pelosi is a half-billiionare on an $80K svg lifetime salary, Obama owns two $16M houses after lifetime earnings of $3.2M before tax, etc. The list is endless and it doesn't add up, does it.
That's why, in May 2023, a group from the Cayman Islands went to Singapore and Hong Kong. They aimed to make progress in opening an office in either city. The Cayman Islands are trying to keep up with Singapore and Hong Kong, which are becoming popular places for Asia's hedge funds and wealthy people to keep their money.
Songapore GDP is inflated by these dubious financial transaction and services...its manufacturing and service sectors are too small to make up its GDP. Despite its gdp per capita its ordinary citizens purchasing power is not much different from its neighbours middle class.
The dirty money destroyed Canada by sending the cost of living into the stratosphere. Now all our locals are leaving the country and our dollar is dying as the Bank of Canada tries to reignite the biggest housing bubble in the world.
What surprises me is that they are talking about this like it's new, I've heard about stuff since the 90's lol and that's just what I had heard... And I'm European. Singapore is to Asia what Marbella is to Europe. And what Dubai is to worldwide organized crime
7:17 "so we have to ask ourselves, what can we do better?" that's what I love to hear. Unlike Germany where people tend to use weaker and poorer countries as examples to say they're doing better than them. If you're number 1 in the world, you can still do better and remain number 1.
From this report it's obvious they are not poor. At all. Why can they have many children while the West are continuing abortions ? Noticed the differences ???...
If the dirty money flowing through Singapore somehow helps to expand their economy, then I'm afraid I fail to see how the government would enforce any measures that at face value could negatively affect their economic growth.
Thing is though, Singapore built its reputation as 1 of Asia's cleanest places to do business, so having such a thing like this happening is an incredible stain on the country, especially considering the sheer scale of what was uncovered. I'm more of the view that they will try and stamp this out very hard and close the loopholes that were used to facilitate this whole operation because not doing so would significantly reduce Singapore's standard in the world of finance and business, which in turn could lead to investments being channeled elsewhere.
The Singaporean government had known about Chinese 🇨🇳 money laundering organizations operating in Singapore 🇸🇬 for a long time but *quietly looked the other way.* - Singapore only started investigating them when there were reports circulating around in the West.
They knew abt this kind of dirty money all along. The Indonesians hv been doing this before the mainlanders came. The decision to zoom in came only when the price is right.
"The issue is, Singapore operates with strict governance, limiting public dissent, which has led to concerns when it comes to purchasing property or a vehicle."
@@AhmetTekin101 ever been to SG? Check the news you see a little of the money laundering which was caught. Most of these things are not really reported by SG media.
@@parkerbohnn most of the laundered money gets hidden in SG GDP as they have a lot of private businesses used to wash the stolen capital which report fake business transactions and hence fake profit.
Money from mainland china make Singapore more expensive for the local people to keep up prices of housing skyrocketing .in the 8:56 end, Singaporean cannot afford to buy affordable houses for low and middle income group. No matter how smart pm or policy maker , please don't go to Singapore invest.
There is a belief among responsible tax professionals in Australia that any client whose money is coming from Singapore should be heavily scrutinised or better be avoided. They know the Australian Tax Office will put an end to their professional career if something goes wrong.
Yet the US has by far the most dirty money & corruption in the world. The entire continent of Latin America, Central America, plus all the corrupt US politicians launder many trillions yearly in the US, which refuses to comply with standard CRS, AML, AEOI global standards agreed on by all other nations, because the US knows almost all its cash inflows is dirty but US needs it to stay financially afloat.
@@Thekidisalright Yet Singapore is always ranked lower than New Zealand. So what? Neither Australia nor New Zealand is acting like we're better. The dodgy elements are still there hiding in plain sight in Singapore. You can act like rest of the world doesn't notice crime in Singapore, but it does.
The system is running at par, maybe better. It's got one of the best bank secrecy laws in the world, that's how they keep the country so well maintained. It's Asia's Swiss, what do you expect.
Singapore's thirst for money is known. It is a business country rather than just a country, unlike US or China. It opens up to anyone who can throw money into the country. Hope the money laundering issue can wake up these bunch of politicians to look more into this open economy.
Singapore is a sunny place for shady people. Banking system cracks down on small operators, but lets big corrupt fish swim freely in their system. Terrible place for international banking for anyone with less than a few billion who can bribe government officials for a few million. Singapore officials don't care if they are catering to the worst people in the world, as long as they keep 10 figures in the banking system.
@@tjm2218 please provide evidence. COE $100k, Honda Accord over $200k. Actual price is $250k USD. Banking, try to open international account with less than $10 mil, no chance. $100 mil + banks will charter private jets. This is Singapore.
The way says its his system and NOT "our" or "Singapore's" at 07:54 shows the impression as if that the country only belongs to them. Best to say our system instead of just my system.
I think you might be projecting a little here. The government runs and implements a system to run the country, so he may be referring to it as a system that he put in place
I’m not into finance but any ordinary people can see that a sizable amount of money in the global finance system is a dirty money, I’d say 10-20%. In Singapore’s case, you can’t filter all the predators in the ocean.
The worst of all by far is the US. Becuase nothing there is enforced or reported. The US is the only nation to not report accounts but it forces all other countries to report all data to the US. Hypocrites as usual. US also refuses to comply with international CRS, AML, and AEOI standards that almost all other nations have agreed to.
Besides money laundering, China has been using Singapore 🇸🇬 as a cover for its operations in other countries, including: - getting around US semiconductor restrictions and - hiding affiliation with the Chinese regime.
SG government makes huge profits on money laundering especially MLaw, Law Society, the judges, liquidators, lawyers etc. Chinese cultural activities lab.
All the world's major financial and banking centers have the same problems. Name one for me that is better. They are incentivized to bank with dirty money, and their vibrant economies depend on it. There is no upside for cracking down. They always rationalize to their conscience and moral bearing, if any left, like drug cartels that if I don't do it someone else would. I am not making excuse for Singapore, but just stating the fact.
singapore has always looked the other way to foreign money, no questions asked. this is nothing new. im surprised this news broke - or allowed by the government to be mentioned.
So what happens to all the money & assets the Singapore government confiscated? Are they going to be returned/shared to the people and developments or just kept for the authoriteies own use? People need more transparency
What do you think? The government is angry not because bad people abused their system to profit, but rather because they didn't get a cut of those wealth obviously
Zaobao has published dentical columns as the China Daily, blurring the line between Chinese 🇨🇳 state media and this privately held Singaporean 🇸🇬 newspaper.
Lin Baoying and Zhang Ryujin Has Partner in Philippines Called" Alice guo". A Local Mayor suspected chinese spy and connected to Chinese online gambling.
These notes are harder to use in the real world. Long time ago when my mom brought me to the bank, she deposited $10K notes and she is required to bring her identification card as well as verify where the funds are sourced from. If anything, these are sort of a "trap" for money launderers.
@@RUHappyATM I really dislike when USA and their media go around the world pointing finger at "dirty money states" while being themself the biggest "dirty money state". Cheers from Switzerland.
Gambling is a disease that destroyed so many family mostly from poor background. That's why our government (Indonesia) ban gambling including online betting. But the online casinos found their safe heaven in Singapore, operate from there but targeting surrounding countries poor people. Its really frustrating. Come on Singapore, you already so rich. Do not help to destroy the life of poor people in other countries.
Ever heard of personal responsibility? People who want to gamble will always find casinos, especially on the Internet. It is not the casino that is a disease, but the lack of self-control and discipline.
Singapore does not have natural resources and depend on high FDI to grow the economy. That's why DBS was fined over S$1 million for being tied to the 1MDB money laundering case
Do you really think all these people that are caught have these kind of money? There are top or higher rank/company behind all this money laundering cases. These is a large sum you are talking about.
When any government get money from all kind of sources & schemes, it never gets dirty. Even when they crooked out lots of money just by forcing taxes from the very honest earner, never will.
People praise SG like crazy but on stepping down from the plane, you see how the aged and Infirm have to go around washing bathroom and clean just to get by. So I don't really see what it gets all the respect for. Living there is nothing more than highway robbery!
At least the over $2B were actually gained from the exchange of goods or services, where there are mostly proponents whom got what they paid for illegal or not, and those gains would flow back into the economy anyway- whereas $2.6B in Malaysia... lol I dont think we need a further description of what happened there.
For more than 100 years Switzerland was the bank haven for Cartels and criminals and nobody talked about it. In contrary, Singapore proactively goes after dirty money and managed to catch such a huge criminal networks and yet Bloomberg call it Singapore Dirty Money Problem! The media bias towards successful Asian nations like Singapore and shoving problems of west (Crime, Wokeness, Education quality drop etc) under the carpet is disgusting.
Their is no evidence provided about the claimed dirty money in this video. Just discussion regarding the too much inflow of money from a certain country, which gives a hint of systematic financial racism. Just one question: How are things working in Switzerland, Luxembourg, London, NY, dubai, and some rich island nations?? Tons of documentaries can be made about them.
1.5 trillion of 'investment' in 2022 - is that just foreign money parked in banks or is there actual productive investment in Singapore's economy? Being a financial warehouse provides little toward the broader economy beyond a small numbet of ppl working for financial institutions.
This would have been a more impactful story if the example was more concerning. People who run an online gambling company doesn’t seem dangerous or corrupt.
What do you do with the billions? Please distribute to the poor community…..it’s not a legal earnings so the gov shouldn’t keep them as this are unethical, is like robbing
Singapore so stringent and calling itself a financial hub. How could it be a laundering hub. Already 1MDB a big deal now this one a syndicated .... who else involved.... How such a large amount go undetected. A big fish ...:or fishes....
They have a lot of scams there... The oil bunker cargo scams, fake shipping cargo scams, and tons of sham accounts going on to wash money. That's what Singapore is for.
But what did they do to launder so much money what were they really laundering 2 billion dollars for and the authorities don’t speak of the products they might have sold
I'm amazed at how well Singaporean officials speak English very well. Is this the case for ordinary people too? Bc in some countries people who hold important positions in the politics cannot even neatly speak their own languages.
If one undergoes 16 years of education in the sciences and humanities with English as the language of instruction and still has problems speaking English competently then something is very wrong.
Singapore was a British colony. When it gained independence, its leaders decided on English as a common working language amongst its multi-racial population.
Pada format hukum yang kuat dalam suatu negara didukung dengan perangkat keamanan yang terampil akan mudah mengatasi jaringan kriminal apa saja terutama mafia dalam keuangan yang cukup rumit sekalipun
Malala and Java have the most dangerous climate and tectonic position on the planet. Nothing like Hong Kong or Singapore. Maybe new Clark City in -Louisiana- Luzon is the answer for room to move.
In every country facing lot of problem . Rich growth richer but middle and lower case become poor , Because of house rent increases. The government ownt take steps its becoming biggest fall of the richest cities . House renting rise every thing becomes rice .
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Singaporeans do this all the time
I'm Singaporean, and I'm really mad at this. So much dirty money passing through my country, and I don't even get a cut.
😂😂😂😂
Didn't you already received your Government cash vouchers and rebates? That is effectively your share of the cut, from the revenues earned
Get in on it, facilitate some
It used for drug money
I hope you're not watching this from a HDB flat ...
This is nothing. Don't forget that for a century or more, Switzerland specialized in coaching & helping customers evade taxes of other countries and helped by hiding their money in secret accounts.
i wonder if CERN is another money laundering, they cool nevertheless
Well its nothing is it, big money is moving. Bigger money might be else where, but its not invalid.
@@harry797442 The point is that corruption is a fact of life everywhere and there are much bigger fish in Switzerland and especially where most of the dirty money is - in the US which has an abundance of financial crime whilst hypocritically exempting itself from regulations that it imposes on all other nations vis a vis US citizens, for example FATCA.
whataboutism comment right here
@@davidrichards1741 Same. Switzerland for US, Singapore for China which is much more corrupt
How is HSBC not involved?!😂
And they don't realize Credit Suisse is long no more.
HSBC shifted their headquarters to London a while back. They doubled down on their British structure when Xi & the CCP started absorbing and governing Hong Kong.
2B is way too small...
@@wolfbane8290 That's symbolic HQ. The function HQ is in HK. Asia has more people, economy, and wealth than the rest of the world combined today. The entire real UK economy is smaller than several Chinese *cities* lol. HSBC is mostly in Asia, focused on Asia, and rapidly closing throughout the west. HSBC bank recently left US and Canada.
Because of US sanctions. As long as the transactions are conducted in USD whether the transaction took place in Singapore or elsewhere, the bank will be fined in millions of $$$. And HSBC has been fined heftily before 🤣Also, do you still remember Huawei’s Meng case? HSBC had to expose her otherwise the bank would be in deep trouble 🤣
Just as seeds need time to grow into trees, investments need time to grow into wealth.
In March of 2006 I was in the DBS Bank on Orchard Rd in Singapore. A guy from China was was also waiting for a bank agent to serve him. He opened his bag and proceeded to pull out brick after brick of Chinese 100 yuan notes. He had no less than 2 dozen of these stacks of cash. Later I estimated that each stack was 100,000 yuan for a total of around $75,000USD. I asked my real estate agent who was helping me find an apartment. She said mainlanders routinely bring wads of cash into Singapore. In fact she had helped a 12 year old Chinese mainland boy rent an apartment as his parents had sent him to Singapore to attend school. He arrived alone by plane with a similar bag full of cash. Corrupt banking involving illicit money is as common as a bowl of steam boat or curry crab.
Precisely, Singapore is the World's rank 3rd Important Financial Centre, becos of such incredible efficiency to deal with Depositors' / Investors' monies; CASH / BANK DRAFTS / SWIFT REMITTANCES / Foreign Currencies futures / trading etc. etc. Personally, also encountered to declare CASH equivalent amount of SGD20,000 /- higher to ICA officers, at Singapore Airport, with documentations/source of the origin of the CASH and purpose of such importation. Actually, myself finding your story of a local bank, DBS Bank accepting stacks and stacks and stacks of Chinese Yuan 100 Cash notes making deposits, seemingly not possible, as if not mistaken, Singapore DBS Bank, does not accept direct physical Foreign Currency CASH bill notes deposits, only in Singapore Dollars Bill Notes. Are sure of this re-collection, or mistaken in Hong Kong, the Branch of DBS Bank there ??. Or the Chinese National observed, were depositing Stacks of Singapore 100 bill notes, where its orange color may be mistaken for the pink colored Chinese Yuan 100 bill notes?
@@Fr.VeniceLAI LOL you mean crooks. LKY and the whole lot of them are corrupt. Prostitution is rampant in SG, just go to Geylang and see it on the streets.
Curry crab is quite hard to find.
Lol just make things up
Cute story, but that didn't happen. You can't bring in bags of cash into retail banks, this is not a cartoon.
If the system managed to pick it up, and the authorities acted on it, to me that means the system is working. What is Singapore without their credibility? That's their biggest currency, after all. I think the problem for SG authorities is trying to trace down the illicit gains of wealth without, ruffling the hairs of some very important people in - for example - the Communist Party of China.
They want to clean up shop, but not upset a key trading partner
For every case opened and prep caught, how many gone under the radar. 1MDB scandal went through Singapore banking system and no one is charged.
Greetings from Singapore. The chinese government does NOT nor need to launder profits via Singapore; it just brings them to China and buys gold. That's why China has 200K metric tons of audited physical gold today worth $18-trillion, more than all other countries combined.
@@davidrichards1741 you’re looking at it wrong. Not the CCP as its own, whole entity. But certainly individuals who’ve benefited from any position they may hold within the Party
@@CameronAdamsify Possibly so but this pales compared to the corruption, bribery, and illegal insider trading conducted bu US politicians. Nancy pelosi is a half-billiionare on an $80K svg lifetime salary, Obama owns two $16M houses after lifetime earnings of $3.2M before tax, etc. The list is endless and it doesn't add up, does it.
based on your logic the system will always be working to you, because if it doesnt pick it up you wouldnt know
That's why, in May 2023, a group from the Cayman Islands went to Singapore and Hong Kong. They aimed to make progress in opening an office in either city. The Cayman Islands are trying to keep up with Singapore and Hong Kong, which are becoming popular places for Asia's hedge funds and wealthy people to keep their money.
Offshore bank accounts are legal Money luandering from China is and has always been illegal.
Without dirty money, Singapore will collapse. Same with other financial centres.
and those from Indonesia, Russia, and the Middle East😅
Songapore GDP is inflated by these dubious financial transaction and services...its manufacturing and service sectors are too small to make up its GDP. Despite its gdp per capita its ordinary citizens purchasing power is not much different from its neighbours middle class.
@@hijazzainsI don’t think you have been to Singapore. It’s definitely not the same as Malaysia Thailand etc. maybe only comparable to HongKong
The dirty money destroyed Canada by sending the cost of living into the stratosphere. Now all our locals are leaving the country and our dollar is dying as the Bank of Canada tries to reignite the biggest housing bubble in the world.
What surprises me is that they are talking about this like it's new, I've heard about stuff since the 90's lol and that's just what I had heard... And I'm European. Singapore is to Asia what Marbella is to Europe. And what Dubai is to worldwide organized crime
7:17 "so we have to ask ourselves, what can we do better?" that's what I love to hear. Unlike Germany where people tend to use weaker and poorer countries as examples to say they're doing better than them. If you're number 1 in the world, you can still do better and remain number 1.
From this report it's obvious they are not poor. At all. Why can they have many children while the West are continuing abortions ? Noticed the differences ???...
Yes, they need to do better covering it up.
If the dirty money flowing through Singapore somehow helps to expand their economy, then I'm afraid I fail to see how the government would enforce any measures that at face value could negatively affect their economic growth.
I agree.
SIn has always depended on foreign money.
Thing is though, Singapore built its reputation as 1 of Asia's cleanest places to do business, so having such a thing like this happening is an incredible stain on the country, especially considering the sheer scale of what was uncovered.
I'm more of the view that they will try and stamp this out very hard and close the loopholes that were used to facilitate this whole operation because not doing so would significantly reduce Singapore's standard in the world of finance and business, which in turn could lead to investments being channeled elsewhere.
@@Unazaki
It's all smoke and mirrors.
its worked pretty well for UK
Same as London in the UK
The Singaporean government had known about Chinese 🇨🇳 money laundering organizations operating in Singapore 🇸🇬 for a long time but *quietly looked the other way.*
- Singapore only started investigating them when there were reports circulating around in the West.
Oh and we should believe you😂
@@NewmaticKeWho's "we"? The Chinese?
And we should listen because lastChang represents the pinnacle of truth and impartiality 🤣
The world's most efficient laundromat - Singapore.
They knew abt this kind of dirty money all along. The Indonesians hv been doing this before the mainlanders came. The decision to zoom in came only when the price is right.
Indonesian chinese you mean. Not all Indonesians are rich la
"The issue is, Singapore operates with strict governance, limiting public dissent, which has led to concerns when it comes to purchasing property or a vehicle."
yes
When was this mentioned in the video? O.o
People are sickened...until they are bought.
There is no such thing as non dirty money, only legalised crime.
🥱🥱
The $2B money laundering case shows Singapore 🇸🇬 is a haven for Chinese money laundrers.
This is only a floating part of an iceberg.
@@mingzmings88Any report on what you said or you are just trying to smear?
Not just Chinese. SG is a pupular hub for laundering and tax avoidance.
All the laundered money is in Vancouver, Canada real estate about half a trillion dollars worth.
@@AhmetTekin101 ever been to SG? Check the news you see a little of the money laundering which was caught. Most of these things are not really reported by SG media.
@@parkerbohnn most of the laundered money gets hidden in SG GDP as they have a lot of private businesses used to wash the stolen capital which report fake business transactions and hence fake profit.
Money from mainland china make Singapore more expensive for the local people to keep up prices of housing skyrocketing .in the 8:56 end, Singaporean cannot afford to buy affordable houses for low and middle income group. No matter how smart pm or policy maker , please don't go to Singapore invest.
very rare to read comments like yours.. but it must be exposed singapore is just a refugees country from china, criminals escape to. so beware.
There is a belief among responsible tax professionals in Australia that any client whose money is coming from Singapore should be heavily scrutinised or better be avoided. They know the Australian Tax Office will put an end to their professional career if something goes wrong.
Yet among all corruption index around the world Australia always ranked lower than Singapore lol
Yet the US has by far the most dirty money & corruption in the world. The entire continent of Latin America, Central America, plus all the corrupt US politicians launder many trillions yearly in the US, which refuses to comply with standard CRS, AML, AEOI global standards agreed on by all other nations, because the US knows almost all its cash inflows is dirty but US needs it to stay financially afloat.
@@Thekidisalright Yet Singapore is always ranked lower than New Zealand. So what? Neither Australia nor New Zealand is acting like we're better. The dodgy elements are still there hiding in plain sight in Singapore. You can act like rest of the world doesn't notice crime in Singapore, but it does.
Cringe u can’t name 5 that think that LOL acting like most of the money in singapore is dirty
@@commentatorxyz5514 In fact there's more crime in Australia in a week than there is in Singapore in a year. Reutrn it to its rightful owners.
...wait...wait... wait... people are JUST figuring this out?
Nice work!
The system is running at par, maybe better. It's got one of the best bank secrecy laws in the world, that's how they keep the country so well maintained. It's Asia's Swiss, what do you expect.
Just too expensive living there. Look at the property prices
What a very light sentence
Singapore's thirst for money is known. It is a business country rather than just a country, unlike US or China. It opens up to anyone who can throw money into the country. Hope the money laundering issue can wake up these bunch of politicians to look more into this open economy.
No wonder mainlanders are parking their families and wealth in SG. Pity the locals, though.
Singapore is a sunny place for shady people. Banking system cracks down on small operators, but lets big corrupt fish swim freely in their system. Terrible place for international banking for anyone with less than a few billion who can bribe government officials for a few million. Singapore officials don't care if they are catering to the worst people in the world, as long as they keep 10 figures in the banking system.
You have no idea what your talking about.
@@tjm2218 please provide evidence. COE $100k, Honda Accord over $200k. Actual price is $250k USD. Banking, try to open international account with less than $10 mil, no chance. $100 mil + banks will charter private jets. This is Singapore.
The toilets are clean but money is dirty.
@@tjm2218 So innocent. So cute.
What Singapore is to mainlanders now is essentially HK 10 to 15 years ago. Singapore needs to learn the lesson of HK.
The way says its his system and NOT "our" or "Singapore's" at 07:54 shows the impression as if that the country only belongs to them. Best to say our system instead of just my system.
I think you might be projecting a little here. The government runs and implements a system to run the country, so he may be referring to it as a system that he put in place
Isn't that how Singapore maintained its status?
exactly. it's "don't ask, don't tell". not sure why this case was made public in the first place cause it's just the norm
@@endor8witch It's advertisement, "we are open for business"
@@adamchan1998 🤣🤣🤣
@@adamchan1998😂😂 they are way too lenient in Singapore with foreign money 😂
one coin has two sides, letting money flowing in def. attracts money laundry or "dirty" money.
SIN now finds it made a deal with the D*vil?
Above board or Under board, still uses the same board, by simply flipping over.
yes
I’m not into finance but any ordinary people can see that a sizable amount of money in the global finance system is a dirty money, I’d say 10-20%. In Singapore’s case, you can’t filter all the predators in the ocean.
The worst of all by far is the US. Becuase nothing there is enforced or reported. The US is the only nation to not report accounts but it forces all other countries to report all data to the US. Hypocrites as usual. US also refuses to comply with international CRS, AML, and AEOI standards that almost all other nations have agreed to.
Besides money laundering, China has been using Singapore 🇸🇬 as a cover for its operations in other countries, including:
- getting around US semiconductor restrictions and
- hiding affiliation with the Chinese regime.
U don’t know anything bot
True
my country is basically dealing with this money laundering problems right now and the government is having hard time to deal with it
SG government makes huge profits on money laundering especially MLaw, Law Society, the judges, liquidators, lawyers etc. Chinese cultural activities lab.
Dirt is everywhere. It's how the cleaning is being done that's important. This is an open country and therefore its hospitality can be abused.
All the world's major financial and banking centers have the same problems. Name one for me that is better. They are incentivized to bank with dirty money, and their vibrant economies depend on it. There is no upside for cracking down. They always rationalize to their conscience and moral bearing, if any left, like drug cartels that if I don't do it someone else would. I am not making excuse for Singapore, but just stating the fact.
Is there a Bloomberg series on other financial centres like London and New York?
Very clever of SG government to accept the illicit money but NEVER let it get back to the hands of these launderers. A monetary black hole!
Many colluded.
Only $2.2 billion? Try London
A conservative estimate that £100 billion is washed through London every year
singapore has always looked the other way to foreign money, no questions asked. this is nothing new. im surprised this news broke - or allowed by the government to be mentioned.
Yes, they only care about the profit and money laundering is very easy profit. Singaporeans out up an image that is totally false.
Thats the whole idea of printing the SGD$10.000 bill.
So what happens to all the money & assets the Singapore government confiscated? Are they going to be returned/shared to the people and developments or just kept for the authoriteies own use? People need more transparency
What do you think? The government is angry not because bad people abused their system to profit, but rather because they didn't get a cut of those wealth obviously
Someone did say he’d welcome billionaires to Sg. How would his underlings take to his wish?
That old dude on the bicycle might have simply been on his way from his penthouse in Marina One get lunch at One Raffles Place.
You never know. Probably the mastermind behind it all. That's why never get caught.
Zaobao has published dentical columns as the China Daily, blurring the line between Chinese 🇨🇳 state media and this privately held Singaporean 🇸🇬 newspaper.
I assure you nobody young reads zaobao. The chinese textbooks are enough. As for the older generation, they are already mostly pro china.
@@take2762Yeah, but why Singapore allows that?
If you need to wash the dirtiest money you go the best laundromat ie one with most restrict AML policy. Looks like someone was sleeping.
yes
SPF - always sleeping. SG Banks - don't care about money laundering. MLaw - waiting to take their cut.
Lin Baoying and Zhang Ryujin Has Partner in Philippines Called" Alice guo". A Local Mayor suspected chinese spy and connected to Chinese online gambling.
Look even Singapore has such cases. In other countries we can improve our lives too.
Wherever there is financial crimes, you can be sure that Switzerland's name will come up for sure.
Every financial hub has dirty money flowing through it. A minute video that somehow managed to say nothing.
Not surprising from a place once known released a 10000 Singapore Dollar banknote. I mean, that's a very HUGE amount of money in a single banknote.
These notes are harder to use in the real world. Long time ago when my mom brought me to the bank, she deposited $10K notes and she is required to bring her identification card as well as verify where the funds are sourced from. If anything, these are sort of a "trap" for money launderers.
Switzerland of Asia
And the Swiss aren't clean either.
@@RUHappyATM it may have been a decade ago. Nowadays not anymore.
Cannot agree more.
@@RUHappyATM I really dislike when USA and their media go around the world pointing finger at "dirty money states" while being themself the biggest "dirty money state". Cheers from Switzerland.
And USA?
Gambling is a disease that destroyed so many family mostly from poor background. That's why our government (Indonesia) ban gambling including online betting. But the online casinos found their safe heaven in Singapore, operate from there but targeting surrounding countries poor people. Its really frustrating. Come on Singapore, you already so rich. Do not help to destroy the life of poor people in other countries.
Ever heard of personal responsibility? People who want to gamble will always find casinos, especially on the Internet. It is not the casino that is a disease, but the lack of self-control and discipline.
@@huckleberryfinn6578will you say the same thing about drugs?
@@GPAnims how are drugs similar? You mean it can be consumed just by going online?
Any gov’t will ignore the laundering money as long as it going in their countries
I thought Singapore does not have corruption problem.
Anti corruption is exactly why this case got cracked down.
It's similar to Switzerland and Panama
What about kleptocrats from neighbouring countries? Sarawak ministers for example.
True.
...or Suharto?
yup, they keep their stash in SG. Very secure & safe,
Lots of Indian politicians stolen money in Singapore. Also, most Indian bankers in SG are looking to do big money laundering.
Yes agreed
Singapore does not have natural resources and depend on high FDI to grow the economy. That's why DBS was fined over S$1 million for being tied to the 1MDB money laundering case
1:41
Do you really think all these people that are caught have these kind of money? There are top or higher rank/company behind all this money laundering cases. These is a large sum you are talking about.
always remember money makes the world go round, so it's either you ride with the wave or go against it.
I thought this is Singapore main attraction..... Swiss do this too right......
These are not criminals, because gambling is not a crime. Where is the victim?
Its illegal bcos gov cannot tax u.
When any government get money from all kind of sources & schemes, it never gets dirty. Even when they crooked out lots of money just by forcing taxes from the very honest earner, never will.
People praise SG like crazy but on stepping down from the plane, you see how the aged and Infirm have to go around washing bathroom and clean just to get by. So I don't really see what it gets all the respect for. Living there is nothing more than highway robbery!
At least the over $2B were actually gained from the exchange of goods or services, where there are mostly proponents whom got what they paid for illegal or not, and those gains would flow back into the economy anyway- whereas $2.6B in Malaysia... lol I dont think we need a further description of what happened there.
For more than 100 years Switzerland was the bank haven for Cartels and criminals and nobody talked about it. In contrary, Singapore proactively goes after dirty money and managed to catch such a huge criminal networks and yet Bloomberg call it Singapore Dirty Money Problem!
The media bias towards successful Asian nations like Singapore and shoving problems of west (Crime, Wokeness, Education quality drop etc) under the carpet is disgusting.
Their is no evidence provided about the claimed dirty money in this video. Just discussion regarding the too much inflow of money from a certain country, which gives a hint of systematic financial racism. Just one question: How are things working in Switzerland, Luxembourg, London, NY, dubai, and some rich island nations?? Tons of documentaries can be made about them.
Why do you think Singapore home and car prices are amongst the highest in the world!😂
Car prices yes, home not even close to many nations.
1.5 trillion of 'investment' in 2022 - is that just foreign money parked in banks or is there actual productive investment in Singapore's economy? Being a financial warehouse provides little toward the broader economy beyond a small numbet of ppl working for financial institutions.
Credit Swiss bank just can’t escape from any scandals hahaha
This would have been a more impactful story if the example was more concerning. People who run an online gambling company doesn’t seem dangerous or corrupt.
This is ASIAN gambling, not hollywood style cosmo drinking martini shaking gambling that the west has an image of.
Is there a commonality between the perpetrators of these dirty illicit activities?
Asking for a friend .
Yes, they all pay bribes to Singaporeans.
What do you do with the billions? Please distribute to the poor community…..it’s not a legal earnings so the gov shouldn’t keep them as this are unethical, is like robbing
Singapore so stringent and calling itself a financial hub.
How could it be a laundering hub.
Already 1MDB a big deal now this one a syndicated .... who else involved....
How such a large amount go undetected. A big fish ...:or fishes....
They have a lot of scams there... The oil bunker cargo scams, fake shipping cargo scams, and tons of sham accounts going on to wash money. That's what Singapore is for.
WHAT!!?? USD$2b only??!! In Vietnam, a well known Vietnamese businesswoman fraudulently took USD$44b‼️😳
Heard about that case, but i thought it was just $18b, do you mind enlightening me 😂
How do I get that share, I really need money.
But what did they do to launder so much money what were they really laundering 2 billion dollars for and the authorities don’t speak of the products they might have sold
2 billion dollar? Wow almost 1/1000 of what the US spends on the military
i'm not surprise.
That's like all the financial institutions and they want to blame crypto, they are just as dirty.
Amazing
yes
Money from China
Illegal Online gambling and Fraud, stealing money from mobile banking app should be arrested !
Don’t be fooled this tiny island stinks to high heaven..
That tiny winy island is filled with Greed
I'm amazed at how well Singaporean officials speak English very well. Is this the case for ordinary people too? Bc in some countries people who hold important positions in the politics cannot even neatly speak their own languages.
our working language is English
If one undergoes 16 years of education in the sciences and humanities with English as the language of instruction and still has problems speaking English competently then something is very wrong.
Yes, we do speak like that unless we want to speak in our street lingo, Singlish.
@TheMrleeyang Didn't know that, thanks.
Singapore was a British colony. When it gained independence, its leaders decided on English as a common working language amongst its multi-racial population.
Pada format hukum yang kuat dalam suatu negara didukung dengan perangkat keamanan yang terampil akan mudah mengatasi jaringan kriminal apa saja terutama mafia dalam keuangan yang cukup rumit sekalipun
often the poorest are the most generous
Cars arent even beneficial in the first place. Two cents
Where iswaran?
These guys operates in the Philippines now. More loopholes to be exact
Malala and Java have the most dangerous climate and tectonic position on the planet. Nothing like Hong Kong or Singapore. Maybe new Clark City in -Louisiana- Luzon is the answer for room to move.
Honestly London is worse.
In every country facing lot of problem . Rich growth richer but middle and lower case become poor , Because of house rent increases. The government ownt take steps its becoming biggest fall of the richest cities . House renting rise every thing becomes rice .
Singapore dirty eeeee
This is nothing compared to the money laundering in Gibraltar.
Young, make a lot of money and end up in jail for the rest of life. What a wastefull
Swiss ?