Ravi Menon, who is the chief of the Singapore’s de facto central bank, expressed hope on Monday that technologies underpinning cryptocurrencies and the blockchain would survive a crash in the former, news agency Reuters reported.
The Managing Director of the Monetary Authority of Singapore (MAS) said at a UBS Wealth Insights event that he hoped an eventual crash in cryptocurrencies will not undermine the much deeper, and more meaningful technology associated with them.
Singapore banned two more financial professionals over breaches related to 1Malaysia Development Bhd., taking to eight the number of prohibitions handed down by the city in connection with the troubled state investment fund, Blooomberg reported on Tuesday.
The Monetary Authority of Singapore issued a lifetime prohibition order on former private banker Yeo Jiawei and placed a three-year ban on Kevin Scully, the former chief executive officer of NRA Capital Pte, it said Tuesday.
The United States has called the 1Malaysia Development Berhad (1MDB) scandal "kleptocracy at its worst", just as Prime Minister Najib Razak is preparing to rally Malaysia’s ruling party at its last national congress before a general election due within months.
Speaking at the Global Forum on Asset Recovery hosted by the US and UK in Washington, US Attorney General Jeff Sessions said on Monday that the Department of Justice (DOJ) "is working to provide justice to the victims of this alleged scheme".
After punishing six bankers, Singapore is now investigating Goldman Sachs Group Inc’s relationship with 1MDB – the Malaysian investment fund at the centre of global money laundering probes.
Bloomberg reports today that the island republic’s Commercial Affairs Department, the police’s economic crime unit and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Berhad. 1MDB is a multi-billion national investment board for Malaysia that is aimed on encourage economic development and business creation.
Swiss watch exports to Singapore surged 90 per cent in September from a year ago, making the island Republic the biggest importer of luxury timepieces that month – after Hong Kong and the United States.
Shipments to Singapore jumped from 94.5 million Swiss francs (S$130.41 million) in September 2016 to CHF 179.2 million last month, figures released by the Federation of the Swiss Watch Industry show.
On Monday, representatives for Switzerland and Singapore signed a bilateral deal to exchange data from 2019, pending approval from Swiss parliament for the deal. The two offshore centers, which have maintained extremely close ties in recent years, also signed a pact to cooperate even more closely on financial services.
Under the agreement, Switzerland will automatically exchange with the Singapore financial account information of accounts in Switzerland held by Singapore tax residents while Singapore will automatically exchange with Switzerland financial account information of accounts in Singapore held by Swiss tax residents. The agreement would apply from January 1, 2018, with the first exchange of data in 2019.
Former BSI banker Yeo Jiawei was on Wednesday sentenced to four-and-a-half years jail for money laundering and cheating, in a case linked to an investigation involving Malaysian state fund 1Malaysia Development Berhad (1MDB).
Yeo, 34, had set up multiple suspicious transactions involving 1MDB, and admitted he secretly profited at least $3.5 million from the illicit transactions. He laundered a portion of the money by transferring at least $500,000 into his parents’ bank account.
Prosecutors identified Yeo as a central figure linked to Malaysian financier Low Taek Jho, who was characterised by US investigators as the controller of a plan to drain billions from 1MDB.
Global private wealth gained momentum in 2016, but wealth managers face a host of challenges if they hope to fight off competitors, deepen client loyalty, and put both revenue and profit growth on a sustainable positive trajectory, according to a new report by The Boston Consulting Group (BCG).
Switzerland remains the world’s No. 1 offshore wealth management hub with $2.4 trillion in assets, twice as much as Singapore’s, the report showed. BCG expects this number to rise to $2.8 trillion by 2021.
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