The Financial Action Task Force, a multicountry advisory group set up to combat money laundering, said last year
that Singapore’s financial firms had “a less developed understanding of the risk of illicit flows into and out of Singapore.”
“Singapore is the new Switzerland,” said Andy Xie, an independent economist based in Shanghai.
Lincoln Ng, the chief executive of Le Freeport and a former Singapore police officer, said
local regulators “are aware of the activities through stringent checks and audits.”
Le Freeport, which is controlled by Yves Bouvier, a Swiss art dealer who is also a resident
of Singapore, rents the space to firms that park merchandise there on behalf of clients.
Singapore, a Rising Home for Quiet Money, Comes Under Pressure -
By NEIL GOUGHMAY 12, 2017
SINGAPORE — Last year, American law enforcement officials pressed the Swiss bank UBS about
Henry Hsiaw, a Taiwan-born American whom they accused of failing to file tax returns.
UBS said it had complied with all applicable laws,
but did not elaborate.. Singapore’s monetary authority said Singapore officials “can render assistance so long as there are legitimate grounds
American officials say Mr. Low played a crucial role in laundering hundreds of millions of dollars from 1MDB into the United States.