Letter of the week: Protect Singapore’s reputation as a global financial hub

The recent arrests of 10 foreign residents for alleged large-scale money laundering were attention-grabbing and sensational because of the staggering $1 billion in cash and assets seized.

The bundles of cash stashed away in homes and more in banks and the long list of assets including luxurious houses and condominium units, top-end cars, gold bars and expensive jewellery, watches and handbags are certainly beyond the reach or even the wildest imagination of most ordinary people.

Some hard questions need to be asked and issues addressed about the presence of these alleged activities.

Chiefly, are our regulatory frameworks finding it difficult to keep pace with the increasingly complex and sophisticated money laundering activities? Is it time to review aspects of our business-friendly environment that make it easy for people to set up a company and acquire all manner of assets? Should there be tighter scrutiny of financial services? 

Did real estate agencies and banks and financial institutions involved in the activities of the 10 arrested people place quick and rewarding profits ahead of stringent due diligence on their clients?

Anyone found guilty of knowingly facilitating dubious transactions should be brought to justice to protect Singapore’s reputation as a global business and financial hub.

Ang Ah Lay