S'pore Ranked No 1 In Asia On Financial Secrecy Index 2009
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http://www.financialsecrecyindex.com/2009results.html
Key findings
Singapore achieved a positive result for less than three of the questions we asked. A transparency score of 21 per cent has been awarded for the positive assessment of indicator number 11 and 12 and the partial positive assessment of indicator number 7. The negative assessment of all other indicators yields an opacity score of 79 per cent overall.
This weak opacity score arises because Singapore:
1. Provides banking secrecy;
2. Does not put details of trusts on public record;
3. Does not comply sufficiently with international regulatory requirements
4. Does not require that company accounts be available on public record;
5. Does not require that beneficial ownership of companies is recorded on public record;
6. Does not maintain company ownership details in official records;
7. Did respond to one of Tax Justice Network’s requests for information;
8. Does not participate in the European Union Savings Tax Directive;
9. Has few tax information agreements;
10. Does not have adequate access to banking information;
11. Does not allow company redomiciliation;
12. Does not allow protected cell companies
Read Full Report Here:
http://www.secrecyjurisdictions.com/PDF/Singapore.pdf
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Related News:
http://www.themalaysianinsider.com/index.php/business/41995-singapore-among-economies-to-blame-for-financial-secrecy
Singapore among economies to blame for financial secrecy
LONDON, Nov 1 — Leading economic centres, including the United States, Britain and Singapore, are among the countries most to blame for promoting international financial secrecy, according to a new index comparing the harm allegedly done by tax havens and rich nations.
Full Story
http://www.taxjustice.net/cms/front_...php?idcatart=2
TAX HAVENS CAUSE POVERTY
Tax havens offer not only low or zero taxes, but something broader. What they do is to provide facilities for people or entities to get around the rules, laws and regulations of other jurisdictions, using secrecy as their prime tool. We therefore often prefer the term "secrecy jurisdiction" instead of the more popular "tax haven."
The corrupted international infrastructure allowing élites to escape tax and regulation is also widely used by criminals and terrorists. As a result, tax havens are heightening inequality and poverty, corroding democracy, distorting markets, undermining financial and other regulation and curbing economic growth, accelerating capital flight from poor countries, and promoting corruption and crime around the world.
The offshore system is a blind spot in international economics and in our understanding of the world. The issues are multi-faceted, and tax havens are steeped in secrecy and complexity – which helps explain why so few people have woken up to the scandal of offshore, and why civil society has been almost silent on international taxation for so long. We seek to supply expertise and analysis to help open tax havens up to proper scrutiny at last, and to make the issues understandable by all.
Full Story__________________
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Singapore News Alternative
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Haha I find that really funny. I wonder how many of the less honest Malaysian elites have placed their money here just for that financial secrecy.
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With so many issues left on the table that remain unresolved, it is unlikely that there will be any contribution from the Singapore Government to help the Malaysian side to trace all the ill-gotten monies.
Indonesia may have signed an extradition treaty with the Singapore Government in which Indonesians taking refuge can be returned to Indonesia for prosecution.
Unfortunately for the Indonesians, when their Parliament refused to endorse the Treaty that was signed in conjunction with a Military Co-operation Treaty - the painstakingly prepared treaties were all negated.
It will be interesting to see how the PAP Government will resist and allow its operating principles not to be compromised under pressure from bigger neighbors holding a larger economic clout that will push aside the claims of banking secrecy to protect Singapore's banking reputation.
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How much money is this lky family worth? 10-20 billion(a newspaper reported his family asset of being between 5-10 billion, I don't recall the exact figure)? With that kind of money they are not even listed among top wealthiest world leaders.
The king of Thailand is reported of having wealth worth of 30 billion which makes him the richest world leader. Second in place is the sultan of Brunei with about 20 billion worth.
The top 2 richest man in the world are Bill Gates(roughly 40 billion) and Warren Buffet(over 30 billion).
Another interesting note is Saddam is not among the list or ever was listed. So does Soeharto. These people along with lky are surely as rich as the world's richest but the question is why in the world they are not listed?
The answer to that is obvious of course. -
It doesn't necessarily mean outright corruption but they certainly gain much or the majority of their wealth through their position. There's no doubt about this. This points to misuse of power to enrich themselves or their family and cronies. Imo this is the sole reason why these people want to hold on to power for as long as possible. To make money...for themselves.
And with money they can buy the whole world