MAS has not issued a directive – tacit or otherwise – to banks to keep quiet about the origins of wealth inflows
STATEMENT BY THE PRIVATE BANKING INDUSTRY GROUP
Singapore, 14 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.
2 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.
3 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.
4 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.
5 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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