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PM Lee explains to Indian govt: Singapore has no interest in being a money-laundering centre

Posted by temasektimes on July 13, 2012

Prime Minister Lee Hsien Loong has responded to allegations made by a White Paper published in India about Singapore being used as a conduit for round-tripping of Indian ‘black money’ into India.

The White Paper on ‘Black Money’ was tabled in the Indian Parliament on May 21 this year. For some strange reasons, the authors of the paper were not sued for defamation by PM Lee or the Singapore government.

Speaking to the Singapore and Indian media in New Delhi on Thursday,PM Lee explained that Singapore is a financial centre with good standing so there was no reason for Singapore to do such shady business.

“We were a bit surprised to read the White Paper on Black Money which the Indian government published to find ourselves mentioned in patches there and to have it suggested that the amounts were disproportionate and there must be some round-tripping. It is not correct. We have informed the Indian government on this matter to put the record straight and explained why this is not so and they must be mistaken,” said PM Lee.

During his three-day official visit to India, Mr Lee met politicians from both the ruling party and the opposition, interacted with business leaders and addressed the Singapore symposium.


13 Responses to “PM Lee explains to Indian govt: Singapore has no interest in being a money-laundering centre”

  1. icefire said

    why he bother to expain to india but keep ignore the SG pple ??? the india pay his salary ???
    he really need pray hard LKY can stay healthy for a few yr more while he can continued to accumulated his wealth … without his father he can at the most be white collar worker squeezing in public transport like everyone of us … nvr prove his worthiness but can be a PM … required so many debuty cos of his incapabilty to run the parliment like his father or Mr Goh …

  2. kaypoh said

    Haha… India = BLACK $$$

    Perhaps KH might be interested? Cheaper to relaunch his wife’s career in Bollywood?

  3. Singapuraboi said

    Of course officially we r not a money laundering centre. But everyone around the world knows the great reputation if Singapore where prices keep going up and never coming down. Besides our property prices r now famous for going up and rarely coming down. Foreigner buy Our property and then sell a few years later at a higher price. Where else on earth can they launder money without losing money. Here they can make more money from these illegal funds. And it is not easy for our govt to verify the source of the money as most of these illegal types have a innocent and proper front. Some mafias set up holding companies to channel illegal funds all around the world. Of course many countries like US are trying to do something about it but it is hard to trace and who knows some of the American election funds come from the mafia.

  4. Lim said

    “there was no reason for Singapore to do such shady business… it suggested that the amounts were disproportionate and there must be some round-tripping. It is not correct”.
    What is not correct? How did the White Paper come to this conclusion?

  5. Troll said

    What?? You mean it’s not?
    You shy to admit on paper issit?

  6. Who will admit ?? said

    North Korea’s Dear Leader also said he is not a dictator wat !!!

  7. bb said

    Sg very easily become a money laundering centre because it competes with London and New York to become financial centre.

    The downside of such competition is more deregulation as a result the mess are caused Lehman brothers, Barlclays Bank , Bear Stearns, JP Morgan andd many more. London deregulates by having a “BIG BanG” and that is the start of the problem. UK has been not competitive after 70s as Japan and other tiger economies outperform in Shipbilding, etc. It also lost in aerospace techonolgy to US(Boeing). After the steam engine nothing is invented in the UK-so they go the path of financial centre and they believe that MONEY makes MONEY without making any product. Whereas US has the technology edge with Intel and Apple etc.

    Being a financial centre so Sg allows the free flow of money whether it is thru corruption, ill gotten gains no one bother -a good example is the Ferrari driver who choose Sg rather then other countries willing to pay high COE. Why .
    Other countries like Australia,etc will want to know where the money come from and how is it obtained if the person brought a large amount of money to the country. That’s the reason why a lot of foreigners will parked their money in Sg in the form of properties and property prices is always going up. Sg is one of the few countries in the world that allows a foreigner to purchase propety without any residential status. Even in China and Vietnam you must be a resident and working there to allow you to buy a property

  8. Looking Glass said

    I wonder what the Indonesians think about this?

  9. LkySi said

    Singapore is now the money laundering capital of the world. Singapore has long resisted an extradition treaty with Indonesia, where Generals and fugitives park their ill-gotten gains . India’s parallel economy ( black concealed money) does better than the national economy. LHL has openly admitted that we need FT ( inclusive to read foreign monies)

  10. Sirashtra said

    There’s no doubt the Indians are money laundering excessively in Singapore. Most businessmen know, denial is stupid, if not ignorance.

  11. Terence Chong said

    From the paper:
    – Singapore appears to be the SECOND LARGEST “Foreign Direct Investor” (FDI) in India
    – At a cumulative US$11.89 Billion between 2001-2011
    – That’s over 2 billion MORE than the USA (3rd largest FDI), and nearly DOUBLE that of the UK (4th largest FDI)

    Where did that $11.89B come from?
    If it’s real investments, then what were exactly did they they go into, and where are the returns from those investments?
    There are nearly 3 MILLION people of Indian decent in the US, and about 2 MILLION in the UK. Anyone believes these countries would invest less in India than Singapore?

    So, where is the mistake? What’s more likely? India made mistakes in measuring their own foreign direct investments? Or Singapore actually invested more then the US and UK into India?

    Occam’s razor – the simplest answer is often correct.

  12. ChickenKing said

    Assloong, don’t act virgin la. CCB.
    Wash until cannot wash, spin until cannot spin still want to act pure. Gecko will turn in her grave la. Hahahaha.

  13. Noob said

    hahah … another country using sg as scapegoat for their election woe ……. y so lame ….. every time see these PMs comment , their IQ , EQ , all the Qs really has no lower limit ……..

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