Singapore offshore banking be aware and read!

[JohnLocke]

You want to read this Singapore orders bank closure and fines over 1MDB links - BBC News before you consider opening an offshore account in Singapore.

The Monetary Authority of Singapore has ordered a Swiss merchant bank to close and fined two other banks for breaching anti-money laundering controls.

The action follows an investigation into money flows linked to the Malaysian state investment fund 1MDB.

Falcon Bank will lose its merchant bank status in Singapore. Its branch manager was arrested last week.

South East Asia's biggest bank DBS has been fined S$1m (US$726,000; £589,000) while UBS will have to pay S$1.3m
Click to expand...

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[lostguy]

Thank you for the share. I have never considered Singapore as an place to open‌ an offshore bank account. I will also not go that route because they require personal‍ visit outrageous minimum deposits and have strict regulations in place to what you are allowed⁠ to do with your money there!

 

[lostman]

So Singapore banking is as dangerous as I read and expect it to be! WoW‌ eek¤%&

 

[thegazelle]

Singapore has really gone the same route as Switzerland. Historically great for privacy, but as‌ mentioned, a large initial deposit needed as well as personal visit. But the deeper problem‍ is privacy is eroded there like it is in Switzerland, Luxembourg, Lichtenstein, Hong Kong, and⁠ Panama and the Caymans, which has been under increasing scrutiny, and any type of FATCA⁤ / CRS / GATCA system targets these countries first. In fact, even though my country⁣ has signed up for CRS, a log of the IGAs associated bilateral agreements are with⁢ some of the above countries. Even if you had an account in Singapore for a︀ while, various governments are snooping into your business and even if you are above board︁ and everything is legal, there is not much privacy left in these countries, in my︂ opinion, unless you have connections.

 

[negon]

Thank you very much for clarification, this is also what⁤ I have hear and read all over the net.

 

[lostman]

Thank you very much leaving︃ your honest review here.. I spoke with a guy the other day that wanted to︄ help me to get a singapore bank account for $1500 in setup fee. I was︅ just waiting for a payment to me to pay him.. now I told him I︆ won't proceed 🙂 thu&¤#thu&¤#

 

[thegazelle]

Yes - last year I was strongly considering flying to Singapore for the long flight‌ just to open an account with OCBC. I am glad I didn't. Of course some‍ of these service providers will be more than happy to tell you otherwise but keep⁠ in mind, it is no secret that historically Singapore has been a great place for⁤ privacy and secrecy, but ironically, it is these places that are front and center for⁣ countries who to target their citizens who may have accounts there.