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Fertile ground

The tightening of anti-money laundering laws has slowed-down, although not yet significantly, the on-boarding of new business, observes Marcus Hinkley

22 September 2014

Singapore relies heavily on business from Indonesia and its ASEAN neighbours. It's often the case that it is a difficult and time consuming process to check the legitimacy of the wealth derived from emerging economies. By their nature, wealth derived from infrastructure, heavy industry, large land projects, and government contracts can pose difficult problems for compliance officers. In addition, some of these countries have been categorised as high risk by the OECD because of the prevalence of a bribery culture and the imposition of western standards on countries where certain forms of corruption are merely seen as part of doing business, which will always create difficulties. By and large, Singapore has seen a slow-down both from trust companies and private banks in the on-boarding process, although for those international businesses which have 'group...

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