5/09/2013
New banking laws to rein in playing with dirty money in the banking industry
Jul 1 when the new banking rules kick in, banks handling dubious money will have to face hefty fines, criminal charges and licence gantong. And this is what one European banker said, ‘The good old times in Singapore are over…We don’t need dirty money anymore.’
What this banker knows and is not telling is that the banks are playing with dirty money all the while. Unbelieveable. Isn’t it legal, criminal? With so many stringent controls and all the laws against money laundering and fraudulent practices, dirty money seems to be the main driver of the banking industry. How many banks and bankers are in it with eyes wide open? No wonder there are so many banks here and so many bankers. And this is only the tip of the iceberg. The recent report on the arbitrary fixing of the rupiah rate by bank traders, the continuation of selling toxic products in various forms, derivatives that are no different from betting chips, what else is new?
The clamp down, if real, may see the moving out of some dubious banks to Virgin Island or some new havens for money laundering and illegal banking activities. What is intolerable is to know that this is common knowledge and common practice in the banking industry, and quite prevalent here.
I am seeing a lot of halos hovering around innocent bankers’ heads.
So what is happening?
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16 comments:
Will the financial product professionals move out together or will there be more people becoming jobless?
The banking shit will continue until a big disaster wipe everyone of us out. Get prepare for that.
The 1920s speculator era was cleanse by WW2. Hitler was created with the 1929 stock market crash. The 1945 -1970 is a golden age when all bankers are rein.
God hate usury for reason. Whenever banker prosper, everyone suffer big time.
Why we want to do money laundering, tax evasion, dealing with drug lords, corrupt politicians, murderers, thieves, mafia, to make a living?
Do we know that we are ruining people's life. We also give trouble to our citizen on due to residue collateral. A bloated banking sector often come with asset inflation, public funded bail out, inequality...etc
The day Shenton way go fuck big time, is the day we celebrate our rebirth. Even 90% bankers lost their job is worth it.
We must live honestly. Create value for the world. Then we can be happy and fulfilled.
All ill-gotten wealth can only bring more hate and bitter among us.
You don't need bankers to launder money. There are many other ways to do it, and as long as there is a LUCRATIVE demand for such services, there'll always be people who will supply the "know-how".
For e.g.: why are there so many PRC's who are looking to buy outright small businesses in Singapore?
Singapore is still "small time". The best place to launder money by far is still the USA. You pay a little tax, but your dirty money comes out clean with a stamp of approval from the US Federal Government.
If you're going to be corrupt, go with the best. Don't bother with small time places like Singapore lah.
Sometime back there was a report about a cabby finding US1,000,000 left behind by a passenger. The passenger, a thai national duly appeared and claimed the money. Perhaps he might also reward the cabby for his honesty.I was patiently waiting fot the news paper to do the follow up. Like: Did the Thai declare the money he brought in? If not was it an offence and whether any govt agency investigating and how many such smuggling in a large sum of money and where do the money end up. No there was complete deafening silence about the case. I wonder why.
Hi RB
My reponse to Faz girl in my blog draws close to 50 comments. Broken my record.
I really do not understand why our minority can attribute their every shit to Chinese.
Indian like White skin. Then Chinese fault making them albino-phille.
Keling word got shit from malay. Then "Chinese" fault.
KNN....
Many of them I feel they are too stupid. Never study and full of hate.
I do a lot of study. Sometimes I feel that is very painful. I have to conceal all my real thoughts in everyday life. I always need to prevent myself from making comments in social life and emulate everyone around me.
Having anti money laundering law and enforcing them is two different things. Until uncle sam, george or francis complained, they cannot be bothered to offend the rich and powerful people.
BBC
[BT offers free Premier League football in BSkyB battle]
"BT is to offer free Premier League football coverage to its broadband customers, the telecoms company says."
http://www.bbc.co.uk/news/business-22462525
ST Forum 10May
[Change in mobile terms: StarHub replies]
Cassie Fong (Ms)
Senior Manager,
Corporate Communications
StarHub
"To adapt to prevailing market conditions, improve our services and serve customers better,
we may, from time to time, change certain terms of our service, such as tariffs, price plans and charges."
http://www.straitstimes.com/premium/forum-letters/story/change-mobile-terms-starhub-replies-20130510
Voices, TODAYonline
[Telcos should not change billing terms mid-contract]
from Lim Biow Chuan
"The Consumers Association of Singapore’s (CASE) view is that
even though telco pricing is unregulated,
telcos should not change their pricing policy in the midst of a consumer’s contract period."
http://www.todayonline.com/voices/telcos-should-not-change-billing-terms-mid-contract
Hi Veritas, you are doing a good job to dispel a malicious myth. Just go it easy and be objective and not be like the racists blaring out at every little incident that could be something else. You need to be factual and considered in your approach to gain credence and acceptability.
Thank you RB. You give me alot of courage.
I bet you these new laws won't be enforced. Maybe a few unlucky fuckers will get "busted" and told to go somewhere else with their money. My bet is that they'll just go down the road to the next bank.
These laws are in simply to "comply" with international pressure -- OECD, UN etc.
Profit seekers like drugs and arms dealers will still be in business. The Robert Mugabe's of the world will still be ripping off their cuntrees and need to hide their dough. Individuals will still avoid paying tax if they can simply because they don't like paying for someone else's "welfare", or bailing out their stupid fiscally irresponsible governments.
Business as usual in Singapore. Except now the operators will be practicing the 11th Commandment as of July 1st:
"Thou shalt not get caught"
Follow the money $1 trillion + is a lot of money...money Singapore banks cannot afford to evaporate out of their vaults.
Hi RB and Veritas,
As a reader to both of your blogs. You are blessings to Singapore and real Singaporeans in our time. We can see that you have put in so much effort and time and passion and angst into blogging for truth, justice and a better singapore.
Take it easy and take care of your health.
When you see comments from a banker ,
The good old times in Singapore are over…We don’t need dirty money anymore.’
This is admitting to having manipulated dirty money and the Singapore government did nothing over comments like this . What does this really show , they knew about it and did nothing . Singapore is getting the reputation it deserves , and there will be an international reaction .
@334:
Aiyah, please lah. Money holds a strange allure for many people...most people. It has a hypnotic effect and takes over people's minds. People in the finance and investment community -- like bankers -- think about money 24/7/365 -- and it shows. They usually "get the money" -- shitloads of it.
Some of the large hedge funds (where rich motherfuckers put their dough to make even more money) have assets larger than many small cuntrees, and returns that would make those cuntrees envious, or embarrased.
The crafty banker (prerequisite basic #1 in the skillset for banker: craftiness) has to say that to take the heat off his business. Law makers around the world want to bust "tax havens" and a whole heap of new regulations come into effect next month.
I would say the "dirty money" will still be coming in, but disguised and shadowed in ways that make the transactions look "legitimate".
The day a banker gives up money and the opportunities to make more money, is the day I give up pussy, and cut off my cock.
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