Panama Papers' S'pore links

The logo of the Monetary Authority of Singapore on April 14, 2016.
The logo of the Monetary Authority of Singapore on April 14, 2016. PHOTO: AFP

Singapore regulators say they are looking into the latest leaks to come out of the Panama Papers, and will take action if any Singaporeans named in the cache are found guilty of wrongdoing.

The joint statement yesterday from the Finance Ministry and Monetary Authority of Singapore came after the International Consortium of Investigative Journalists (ICIJ) unveiled data on some 200,000 offshore entities set up by wealthy individuals around the world.

The Singapore-linked names in the Panama Papers include entities linked to the local banks as well as corporate chiefs.

The papers have been making headlines globally as hidden riches of top politicians in countries such as Iceland and the Ukraine came to light.

However, the ICIJ itself made clear that there are legitimate uses for offshore companies and trusts.

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A version of this article appeared in the print edition of The Straits Times on May 11, 2016, with the headline 'Panama Papers' S'pore links'. Print Edition | Subscribe