Debated in Parliament on 7 May 2024.
Mr Chua Kheng Wee Louis asked the Prime Minister (a) what are the objectives and key messages of the recent briefings by political officeholders to international banks operating in Singapore; and (b) whether there are plans to tighten anti-money laundering regulations and sentencing guidelines in Singapore following recent money laundering convictions.
Mr Chua is likely to be referring to a Financial Times (FT) article that appeared on 20 April 2024. It claimed that the Singapore Government had given international banks an "unusual series of top-level briefings on geopolitics", allegedly to reassure them of Singapore's stability and neutrality amidst rising tensions between China and the West.
It is surprising that such a poorly sourced story, vainly searching for a point, could appear in a major paper like FT, especially after we had repeatedly clarified matters with the reporter, including telling her the briefings were not unusual.
Ministers and officials have been conducting such briefings for decades. We engage not only financial institutions but also numerous other groups, including businesses, professional bodies, voluntary and non-governmental organisations, community and cultural groups, unionists and students. Even among financial institutions, we engaged not only international banks based here but also Singapore banks. In brief, we engage as widely as possible.
It should not be surprising that these engagements address current issues. Besides geopolitical issues and international developments, such as the Russia-Ukraine war and the Israel-Hamas conflict, they also covered a whole range of domestic matters, from the cost of living to the Budget, from education to housing policies and also the ongoing money laundering cases. Our aim is to explain the Government's positions, hear from various stakeholders about their concerns and challenges and gather feedback.
As for the suggestion the Government was somehow conducting these briefings under the radar, FT did not report what we told its reporter: that almost all the briefings her article mentioned had already been publicised by the ministers on their own social media accounts. Senior Minister Teo Chee Hean also posted photographs of his engagement sessions.
It is significant that no reputable media outlet, international or domestic, chose to follow up on FT's story. Several asked us follow-up questions, but decided there was no story once we explained our position.
Regarding the Government's plans to tighten our anti-money laundering regime, the Inter-Ministerial Committee intends to provide an update on our findings in the coming months.
PAPERCUTS