BSI – Would Singapore teach the Americans how to run a clean financial system?

‘This will send a chilling message to bankers here, pushing them to ensure robust anti money laundering and counter terrorism financing strategies are at play as  otherwise the risk of losing their regulatory licences is now more pronounced. – Nizam Ismail, Head of Regulatory practices in Singapore law firm RHTLaw Taylor Wessing.

This statement came after the shocking closing of BSI by the MAS and the revoking of its banking licence for its part in the 1MDB case. It was also fined for $13.3m.  Several of its top executives including the CEO are now under investigation while one executive is facing several charges. Some have resigned and some suspended.

Could Singapore do better or just do what the Americans have been doing against rogue banks, not rogue bankers? The Americans have been finding the banks hundreds of billions of dollars for money laundering and improper criminal business activities. And the US govt is pocketing the money happily, hundreds of billions after so many banks were caught with their pants down. And the CEOs and top management of fraudulent banks are also happily continuing with their business, continue to do the same, not guilty of any crime and not having to resign or pay any fines. The heavy fines are paid by the banks, ie shareholders’ money.

Singapore in this case did a few things different. Find BSI a miserable $13.3m but closed the bank. Also one executive is facing charges, ok this is the same in the USA, junior executives would be charged. No big fish involved.  Would Singapore go further to charge the CEO and top executives? They must have known what was going on and approved the dealings. No?

Now, how would this affect this island’s financial system and reputation as a squeaky clean country?  According to a veteran market watcher Mano Sabmani, ‘the problem at BSI are not likely to be contagious…”It is probably the main rotten egg and the entire basket is not necessarily contaminated”.’ I like his confidence in the system. This is like there are negligible foreigners here working using fake degrees or forged credentials because so far only one has been exposed and accepted as no fault, just a slight error in judgement. And the few hundreds caught, small matters. With 2 millions working here, a few hundred is probably all the problem there is. The rest are clean.

So this thing is not contagious. The rest of the banks and bankers would not be caught for such vices. The system is sound and intact, like there are no more foreigners working here under fake degrees and forged credentials. Not to worry. If there is anything different, maybe the CEO and top executives in BSI may not get away too easily in this case. Other than that, all is fine. Singapore is a fine city. How can Singapore’s reputation be dragged down into the mud as one of those money laundering countries? This is only one rotten case.

Who would lead Singapore in the next lap after LKY?

Some may think that we have had 3 generations of leadership in Singapore. To the discerning, Singapore has had only one leader. Now there is a vacuum waiting to be filled. Who would lead Singapore into the next lap of development? I really don’t know. When you see a leader, you know that he is a leader.

China has gone through a few changes of leadership since the days of Mao. Two leaders stood out among the few men that led the country. Every PRC Chinese and people of the world would know Mao and Deng. The rest are just administrators holding the fort for the next leader to take over the rein. Now there is a new leader appearing in China in Xi Jinping. Yes, you know a leader when one steps up on the stage to be recognized.

Where is the next leader that would lead Singapore forward? Not from the opposition camp for sure though a few of them really think they were great leaders of the opposition. They forgot about the story of the land of the blind. Every one eye jack will shine and think he is a leader. If there is a leader in the opposition camp, he has yet to appear or in the process of being forged. A new leader in the opposition camp is sorely needed to lead and maybe to replace the ruling govt should the time come.

In the ruling party camp, everyone thinks he is a leader and the best man or woman available to lead the country. And everyone has a second opinion. You know a leader when you see one. Some are born great, some achieve greatness, some have greatness thrust upon them. Some think they are great and sincerely believe they are leaders.

Anyone think he has seen one? Maybe. But do not mistaken an administrator as a leader or someone given the title leader.  And yes, do not think a robotic conductor is the conductor leading an orchestra.

The shortest path to aristocracy

The general impression of aristocracy is a class of people that are rich and powerful normally by birth. They inherited their titles and wealth from a line of good fortunes. I am not sure what is the right definition of natural aristocracy? Is it natural in the sense of being an aristocrats by birth, by inheritance, or they achieved their status or nobility by merit?

This term natural aristocracy appeared quite recently in our vocabulary that used to be inundated more with terms like coolies, washer women, seamstresses, taxi drivers, or the slightly better off teachers and civil servants. The history of most Singaporeans, other than the babas, dated back only for a generation or two and were mostly of humble origins. Many babas too were from humble origins, leaving China to look for a better life but several generations earlier than the coolies lot. Some made it and prospered but would still not consider themselves as natural aristocrats, like the pioneers of this country.

So maybe this is a new beginning for this breed of people. From what I can gather, this term must be in reference to the political elite, not the old rich babas. They became rich and powerful in one generation in political office.

In Singapore it is one of the rare places where one can become a natural aristocrat in one generation, and from very ordinary beginnings, can be faster, two terms in political office would qualify one to be a natural aristocrat I think. The normal path is to get a scholarship, become a top civil servant, general or police commissioner, then join politics. No need to depend on birth. Oops, join politics must be joining the right political party. I don’t think opposition politicians qualify as natural aristocrats.

And like all nobilities, a natural aristocrat comes with many privileges but more important is the badge of integrity, of flawless character, honour, dignity, selfless devotion to public duty, to serve the people in public service. These qualities cannot be found in opposition politicians.

What are the privileges? The right to wear all white is one, a symbol of purity and aristocracy.  And once a natural aristocrat, one becomes omniprescient, all knowledgeable and all knowing and all powerful. Many would then become automatic advisors to anything, any organizations, or chairpersons or directors in organizations, private, public, commercial or social, even clans and sports associations or clubs.

It is too early to tell if this natural aristocracy is hereditary and will be passed down from generation to generation as this is just the beginning of an aristocracy class in this little republic. By the look of it, it will be. Once a natural aristocrat, forever a natural aristocrat, by birth, by hereditary, it is in the DNAs.

Would this be the beginning of a kingdom and more will be knighted as princes, lords, earls, dukes, barons, counts or what not in the tradition of European nobilities?

The American gangsters still treating the rest of the world as fools

This is a report in Channel News Asia coming out of Washington. ‘China is using "coercive tactics" and fostering regional tensions as it expands its maritime presence in the South China Sea and elsewhere, but is avoiding triggering an armed conflict, the Pentagon said on Friday (May 13).’ Now should not this be read as The USA is using coercive tactics instead?  They have just lifted all arms embargo to Vietnam with China in mind, ie to sell more arms to Vietnam to counter China militarily.

The Chinese are reclaiming land from the ocean within their territorial sovereignty and turning the islands into usable land. And it is only natural for them to send in their military to secure the islands for their own safety. Compare this to what the Americans are doing in this part of the world, tens of thousands of miles from the American coast, sending their warships and warplanes to violate the Chinese territorial waters and airspace? Who is the rascal using coercive tactics but avoiding triggering an armed conflict? What right and business have the Americans in the South China Sea and provocatively sailing their warships into the 12nm territorial limits of Chinese islands? This is a perfect example of a rogue, a gangster come knocking and challenging the owner and telling the world it is the owner that is aggressive.

Why is it alright for the Americans to militarise Diego Garcia in the Indian Ocean and Guam in the Pacific Ocean, turning them in military fortresses with nuclear weapons for offensive missions?

But that is not all.  The Americans are building military bases all over the world, thousands of them, more than a hundred in Japan alone. Now in the Philippines, Vietnam, Thailand and Singapore, more American bases are set up. And they are crying out loud that China has a military base or access to military facilities in Djibouti, in Africa where China has a lot of investments and the need to protect them, their nationals and their ships against piracy in the region. To the Americans, having a military base in Djibouti is unacceptable. One small military base with no nuclear weapons is not allowed in the view of the Americans. Only the Americans can have military bases all over the world.

The Americans are still thinking that the people of the world are stupid and must accept the rule of the Americans, that they are the Empire and owner of this planet. Oh, they are still wondering why they are hated, the most hated people in the whole world.  Other than the Arabs killed by the Americans, the Americans themselves are the next most killed people and soldiers in the world, for dabbling in mischiefs and starting wars all over the world….in the name of American peace.

Beware of the wrath of God. God has sent his chosen one, in Donald Trump, to get rid of the evil regime in America. Repent before it is too late. The Americans shall pay a very heavy price for the killings and destructions they are causing to the rest of the world. Wherever there is war, the Americans are involved, overtly or covertly. No need to look for proof. You know the Americans are the instigators, provocateurs and combatants in all the wars on this planet.

Malaysia is the most corruption free country

Singapore used to wear this badge of honour but now Malaysia is stepping up on the rostrum to be seen and recognized as the most corruption free country in the world.  I know that this is a shocking piece of news but I have my facts to prove that what I am saying is justifiable. There is a report in the Today paper this morning about the investigation on Chief Minister Lim Guan Eng’s purchase of a bungalow in Penang. An UMNO MP Shabudin Yahaya asked in Parliament whether Lim Guan Eng’s purchase was below market price. This led to the MACC rushing into action to conduct a thorough investigation.

I don’t think there is any anti corruption agency in the world that is free, willing and transparent, not beholden, in investigating a Chief Minister of a state. I am sure if there is a similar corruption report against the PM or a minister or any MP, the MACC too would rush in to investigate with no fear or favour.  And for the MACC to investigate the Chief Minister of Penang, and no other ministers or politicians, it only speaks well of Malaysia as a corruption free country. In the whole of Malaysia, only one Chief Minister is being investigated, and for supposedly buying a property below market price. The rest of the politicians, ministers, PM etc etc are simply incorruptible as the MACC has no reason to investigate any one of them for corruption. They are all clean.

And the MACC is so professional and meticulous in this investigation against the Chief Minister. Both the Chief Minister and his wife had been interviewed several times by the MACC. And in total 65 witnesses had been called up to assist in the investigation. This is serious business and no stone is left unturned. Anyone, any minister or politician that is corrupt would not get away with such thorough and professional work of the MACC.

These two facts, a highly professional anti corruption agency that would investigate anyone, regardless of position and power, speaks very well of the MACC and Malaysia. And the way the MACC went about its duties also specks very well of the MACC.  And one more, since in the whole of Malaysia, only one politician is suspected of corruption while the rest are clean, how not to conclude that Malaysia is a corruption free country?