Panama Papers: Singapore is not so clean afterall

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An honorable member of the Coffee Shop Has Just Posted the Following:

Panama Papers: $1 “shell companies” were set up in Singapore “to continually move and hide assets”

By The Independent -
April 5, 2016







By: Roy Ngerng
Have to read the Australian, British, Hong Kong, Irish and Malaysian news to find out how Singapore is involved in the Panama Papers.

How come cannot find out anything from the Singapore’s newspapers ranked 153rd in press freedom ah?

Also, how come nobody seem to care ah?

For example, do you know that Singapore is one of the top 10 countries with the “most active intermediaries involved in offshore tax havens”?

And that Singapore is one of the top 5 “worst offenders” of “national jurisdictions based on their secrecy laws and the scale of offshore financial activities in the country”?

Irish Times reported that “A Singapore company … helped clients set up offshore companies and trusts in the British Virgin Islands, the Cook Islands and other tax havens.”

Singapore actually has 48 clients, 135 beneficiaries, 2,275 shareholders and 4,081 companies involved – one of the highest in the world.

Singapore got such companies meh? Which ones ah? I didn’t know have such companies!

Vice also reported that $1 “shell companies” were set up “in order to continually move and hide assets”.

It also reported that these shell companies “can’t be tied directly to the politician because the company is technically owned by someone else – a stand-in owner … to run the company on paper, but, in reality, doesn’t own anything.”

Singapore doesn’t have such companies, right? I don’t remember!
Singapore is so clean and green wor.
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Republished from Roy Ngerng’s Facebook.


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