TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Letter to the editor: Singapore'€™s ambassador clarifies

I refer to your articles “Amnesty for financial crimes” and “Discourse: Putting an end to capital flight by forgiving financial crimes” of June 22 and 23, 2015, respectively

The Jakarta Post
Mon, July 6, 2015

Share This Article

Change Size

Letter to the editor: Singapore'€™s ambassador clarifies

I

refer to your articles '€œAmnesty for financial crimes'€ and '€œDiscourse: Putting an end to capital flight by forgiving financial crimes'€ of June 22 and 23, 2015, respectively.

The two articles'€™ suggestion that Singapore welcomes illicit funds is flawed and misleading. As a global financial center, Singapore consistently adopts a strict zero-tolerance policy toward any form of criminal financial activity. It has always taken decisive action on any substantiated case of criminal activity. This has been applied equally to all within Singapore'€™s borders, whether they are Singapore citizens, permanent residents or foreigners.

Safeguarding the integrity of our financial system against money laundering is paramount in ensuring that Singapore continues to be a financial center trusted by international investors and global financial institutions. Singapore has a rigorous regulatory framework that is in line with international standards to prevent illicit funds, including proceeds of corruption and serious tax crimes, from entering our financial system.

Both Global Forum on Transparency and Exchange of Information for Tax Purposes (GFTEI) and the Financial Action Task Force (FATF) affirmed the robustness of our regime in their last evaluations, with Singapore assessed to be in the top-tier of countries, comparable to the US and UK, for example.

Singapore signed the UN Convention Against Corruption (UNCAC) in 2005 and ratified it in 2009. Singapore is also a state party to the UN Convention Against Transnational Organized Crimes (UNTOC) and the Treaty on Mutual Legal Assistance in Criminal Matters and among Like-minded ASEAN member countries (MLAT).

As Singapore and Indonesia are both parties to the above international legal instruments, there are available channels for Indonesia to provide Singapore with relevant information and evidence to secure the seizure and repatriation of any illicit funds. Singapore has in fact successfully assisted many countries on multiple occasions in respect of such asset recovery matters.

On Singapore'€™s part, our enforcement agencies have always been ready and willing to assist their Indonesian counterparts on such matters. Singapore also provides assistance to our tax treaty partners, including Indonesia, on their exchange of information requests for their investigations on tax offense.

Anil Kumar Nayar
Ambassador of the Republic of Singapore to Indonesia
Jakarta

{

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.