Jul 04 2011

Secretive Singapore “gloats” about lax regulation

Posted by: Nick Shaxson in: Thoughts

From GFS News:

Singapore firms are “gloating” after attracting huge capital inflows as a result of political upheavals and regulatory clampdowns elsewhere around the world, asserts Raj Rajkumar, vice chairman of the Singapore Venture Capital and Private Equity Association.

Another article, from the same source, adds:

“Hedge fund managers coming to Singapore benefit from an “extremely light” regulatory regime.”

As Treasure Islands explains, this is clear offshore activity. Relax regulations, and watch the money roll in. Tighten secrecy, and watch the money roll in. Singapore ranks eighth in the Financial Secrecy Index.

For more on Singapore as a tax haven, these (admittedly slightly old) articles written by a Singaporean opposition official, are well worth reading. The analysis is quite shocking. For the very latest in Singapore-related corruption news, click here. And, to end on a gloomy note, the Straits Times has a story noting that:

Singapore will become the world’s top wealth management centre by 2013, thanks to growth in emerging markets, and the decline of Switzerland and London in the wake of tougher regulations. The findings came from a PricewaterhouseCoopers (PwC) report out yesterday . . .

2 comments so far

Terence 10th October, 2011 6.56 am

I wouldn’t consider Chee Soon Juan to be a reliable commentator on Singaporean affairs…

Nick Shaxson 10th October, 2011 8.08 am

you are entitled to your opinion, of course; though martin wolf did call him globalisation’s most effective critic

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