Singapore Private Banking Industry Group on Avoiding Discussion of Wealth Inflow into Singapore: Singapore MAS Did Not Issue Directive to Private Banks to Avoid Public Discussions on Origins of Wealth Inflows into Singapore, Financial Times Reported Singapore Asks Banks to Keep Quiet on Wealth Inflows during China Boom
15th April 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) Private Banking Industry Group (PBIG) has issued a statement on avoiding public discussion on wealth inflow into Singapore – Central Bank Singapore MAS did not issue directive to private banks to avoid public discussions on origins of wealth inflows into Singapore (14/4/23), with Financial Times reporting Singapore had asked banks (during a meeting 20/2/23) to keep quiet on wealth inflows during China boom. Singapore MAS Private Banking Industry Group: “The Private Banking Industry Group (PBIG) in Singapore announced today that, contrary to statements made in a 14 April 2023 article in The Financial Times, the Monetary Authority of Singapore (MAS) has not issued any directive to banks – tacit or otherwise – to avoid discussing the origins of wealth inflows into Singapore. At its most recent meeting on 20 February 2023, the PBIG noted that while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows into Singapore in fact remain diversified. The increased fund flows into Singapore were from high net-worth individuals from different markets. The meeting agreed that, in the face of increased fund flows into Singapore, it was important to maintain robust risk management controls to safeguard against money laundering and terrorism financing risks.” See below for full Singapore MAS statement & extracts from Financial Times.
“ Singapore Private Banking Industry Group on Avoiding Discussion of Wealth Inflow into Singapore: Singapore MAS Did Not Issue Directive to Private Banks to Avoid Public Discussions on Origins of Wealth Inflows into Singapore, Financial Times Reported Singapore Asks Banks to Keep Quiet on Wealth Inflows during China Boom “
Financial Times (14/4/23) – “Singapore has asked the world’s biggest banks to avoid discussing the origins of the significant sums of money flowing into the city over the past year, as wealthy Chinese funnel billions into the Asian financial hub. The tacit directive from the Monetary Authority of Singapore was given during a February 20 meeting of an industry group made up of bankers and regulators, according to multiple people who attended.
The flow from China into Singapore has become a politically sensitive issue domestically, and the MAS wants banks to keep public discussion of the phenomenon to a minimum, said three people with knowledge of the talks. China was not mentioned by name, but it was clear regulators were referring to the country, they added. The influx of mainland Chinese money and people into Singapore comes as China’s President Xi Jinping has launched a regulatory assault on business and an anti-corruption crackdown … … “It was obvious that they [the MAS] were referring to China with all the press about family offices setting up here and mainlanders moving over, though they didn’t single out a particular country,” said one banker from an international bank.”
Tacit ~ implied without being stated, or understood
Singapore Private Banking Industry Group on Avoiding Discussion of Wealth Inflow into Singapore
Singapore Private Banking Industry Group Statement. MAS has not issued a directive – tacit or otherwise – to banks to keep quiet about the origins of wealth inflows
14th April 2023 – The Private Banking Industry Group (PBIG) in Singapore announced today that, contrary to statements made in a 14 April 2023 article in The Financial Times, the Monetary Authority of Singapore (MAS) has not issued any directive to banks – tacit or otherwise – to avoid discussing the origins of wealth inflows into Singapore. (Tacit ~ implied without being stated, or understood)
At its most recent meeting on 20 February 2023, the PBIG noted that while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows into Singapore in fact remain diversified. The increased fund flows into Singapore were from high net-worth individuals from different markets.
The meeting agreed that, in the face of increased fund flows into Singapore, it was important to maintain robust risk management controls to safeguard against money laundering and terrorism financing risks.
The meeting also discussed how to facilitate the deployment of wealth to purposeful causes, given the growing interest from family offices in philanthropy and other activities that will benefit Singapore and the region.
The PBIG was re-constituted in 2011 from the Private Banking Advisory Group and is currently co-chaired by MAS and UBS. It holds thrice-yearly meetings to discuss matters to enhance the trust, reputation and growth of Singapore’s private banking industry.
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