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Singapore: Finance Minister Lawrence Wong told parliament on Wednesday (November 3) that the large-scale leak of financial records known as Pandora Documents did not raise “significant concerns” about money laundering and terrorist financing by Singapore’s financial institutions.
According to reports, after the Singapore company Asiaciti Trust was named in the leaked documents, he was answering questions from two MPs on whether the Monetary Authority of Singapore (MAS) is investigating the matter.
Documents show that Asiaciti Trust has helped at least 25 politicians set up and manage trusts and shell companies in confidential jurisdictions.
“Based on the MAS assessment and the information available so far, the Pandora document does not raise major concerns about the anti-money laundering and counter-terrorism financing (AML/CFT) control of our financial institutions,” said Mr. Wong.
“Nevertheless, MAS is working with relevant agencies to assess whether there is a need to strengthen controls.”
In addition to Asiacity Trust, the Pandora document also mentions Singapore’s Trident Trust Company.
Both are foreign trust companies with subsidiaries in Singapore. Mr. Wong said that they were licensed and supervised by MAS.
Before the leak, the two companies had been subject to regulatory and law enforcement actions in Singapore.
Asiacity Trust Singapore paid a fine of S$1.1 million for failing to implement AML/CFT policies and procedures in July last year. Trident Trust Company was instructed in September last year to resolve the weaknesses found in its risk assessment control.
The International Federation of Investigative Journalists (ICIJ) first obtained the leaked documents and shared them with 150 media organizations, starting an investigation for nearly two years. The survey results were released on October 3.
Although ICIJ stated that it is not illegal to offshore assets or use shell companies for cross-border business, such transactions are “usually equivalent to transferring profits from high-tax countries to companies that only exist on paper in low-tax jurisdictions.” .
ICIJ reports that 336 celebrities from all over the world have established offshore structures to hold assets and are assisted by 14 service providers operating in at least 38 jurisdictions.
Mr. Wong said that the HKMA takes these disclosures “very seriously”.
He admitted that although there are legitimate reasons for setting up offshore structures, these structures often lack transparency and are therefore vulnerable to abuse by illegal activities.
Therefore, MAS has clear requirements for financial institutions in Singapore to identify and verify the identity of the person who is the beneficial owner or effective controller of its customer account.
Financial institutions must understand the reasons for using such structures, take steps to determine that the assets held in these structures are not illegal, and review any abnormal transactions as part of continuous account monitoring.
“MAS also monitors financial institutions to ensure that their boards and management have strong controls over money laundering and terrorist financing,” added Mr. Wong.
“In violation of AML and CFT requirements, the HKMA has taken strong enforcement actions. In fact, the Singapore-licensed trust companies mentioned in the Pandora document have all been under the supervision or enforcement actions of the HKMA.”
Mr. Wong said that Singapore, as a major financial center, always faces the risk of illegal capital flows, but he emphasized that the government attaches great importance to the integrity of the financial industry.
He added: “It is important that we supervise our financial institutions well and take strong enforcement actions when necessary to minimize this risk.”
Singapore: The Public Transport Commission (PTC) announced the first price increase for buses and trains in two years.
Due to the COVID-19 pandemic, after deciding not to raise the fare during last year’s fare review, PTC chose to grant a maximum allowable increase of 2.2% in this year’s review.
To understand what this means to you, read on to learn about fare changes.
Adult commuters When the price increase starts on December 26th, adult commuters who pay with a card will pay an extra 3 cents for a journey within 14.2 kilometers and an additional 4 cents for a journey over 14.2 kilometers.
This means that adult commuters using travel cards will travel approximately 14.2 kilometers between Sengkang and Raffles Place Station, at a cost of S$1.67, which is higher than the current S$1.64.
At the same time, the itinerary from Boon Lay to Pasir Ris will increase from the current 2.13 SGD to the future 2.17 SGD.
Connecting services will also increase by 3 cents.
Students, senior citizens and people with disabilities Students and the elderly, as well as the disabled and low-paid workers, belong to the group enjoying preferential fares.
Card fares for this group will also increase, but the increase is capped at 1 cent per trip.
PTC stated: “About 2 million commuters, or more than half of Singaporeans, will continue to enjoy subsidized fares of up to 70% of adult fares.”
The Ministry of Transportation stated in a press release that low-paid workers will continue to enjoy discounts of up to 25% on adult fares.
The fare for commuters with disabilities will continue to be linked to the fare of the elderly, or up to 55% of the adult fare.
Cash fare, monthly rental discount or travel pass users The price of monthly discounts and travel passes will remain unchanged.
Currently, the mixed monthly concession pass fee for elementary school students is S$43.50, for middle school students and polytechnic students is S$54, and for college students and full-time national service personnel is S$90.50. The elderly pay S$64.
The monthly travel pass for adults costs S$128.
Passengers who use cash to pay for bus fares or buy one-way train tickets will have the same fare.
Currently, adult bus fares (trunk services) and one-way MRT and LRT tickets start at SGD 1.70 for short trips within 3.2 kilometers, and SGD 2.80 for long trips.
More public transport vouchers help families in need PTC also announced on Wednesday that the government will provide a total of 600,000 public transport vouchers, the largest number of such vouchers so far, to help alleviate the impact of fare adjustments on eligible families.
The voucher is worth S$30 and can be used to recharge fare cards or purchase monthly pass discounts.
This year’s public transport voucher campaign will cover households whose monthly household income per person does not exceed S$1,600, and the distribution in 2019 will be S$1,200.
The Ministry of Transportation and the People’s Association stated in a joint press release that this is “in view of the special impact of COVID-19 on many families”.
Taking into account safety management measures, vouchers will be issued in two stages.
In the first stage, families receiving the replacement gold voucher in 2019 will automatically receive a notification letter by mail, without applying. This will be completed by the end of December.
The second phase will start in early 2022. Families who meet higher income standards but have not received vouchers in the first phase can apply online.
In the final stage, those who prefer to apply in person or need additional help can apply at the local community center.
All vouchers must be redeemed before March 31, 2023.
Why did the fare increase? PTC stated that since the beginning of the COVID-19 pandemic, the number of passengers on public transport has dropped “dramatically”, resulting in a decline in fare revenue.
PTC stated that, despite this, trains and buses continue to operate mainly at the operating time and frequency before COVID-19 to minimize the inconvenience to commuters.
In addition, due to measures taken to ensure the safety of commuters during the pandemic, the cost of public transport operators has also increased “significantly”. The committee added that these measures include cleaning and disinfection systems and the deployment of service ambassadors to promote good public safety practices.
“In 2020, if there is no extensive government support, both railway operators will suffer significant losses,” PTC said.
PTC stated that it decided to approve fare increases to help public transport operators “reduce the cost of operating public transport services.”
It added that these operators are also facing rising cost pressures as Singapore’s economy recovers, and pointed out that, in particular, energy prices have risen by more than 30% in the first half of 2021.
Singapore: Despite being affected by the COVID-19 pandemic, in the past 18 months, more companies have been established in Singapore than closed.
The Minister of State for Trade and Industry Low Yen Ling told Parliament on Wednesday (November 3) that between March 2020 and September 2021, more than 73,000 commercial entities ceased operations and nearly 103,600 were established.
In response to a question from Member of Parliament (MP) Wan Rizal (PAP – Jalan Besar), Ms. Low explained that in the past two years, an average of about 3,840 companies have been deregistered every month – compared with the period 2017 to 2019 The situation is similar.
But at the same time, more than 5,000 new companies are registered on average each month, “reflecting an increase in the total number of companies operating in Singapore.”
She pointed out that “business forms continue to flourish,” she added, adding that the industries with the largest number of newly established companies include professional services, wholesale trade and retail.
She said: “In the past few years, the government has invested a lot of resources to help our businesses resist the direct impact of COVID-19. We also help our businesses prepare for the post-COVID-19 recovery, and in many ways Continue to enhance Singapore’s status as a business center.”
This includes strengthening physical and digital connections by reopening borders and investing in digital infrastructure and corporate capacity building.
Ms. Low said that the authorities are still helping companies seize new opportunities, such as those from the green sector. Transformation plans for specific departments are also underway.
Retail and tourism MP Saktiandi Supaat (PAP-Bishan-Toa Payoh) also asked about the retail and tourism-related departments that have been hit by the pandemic.
Alvin Tan, Minister of State for Trade and Industry, pointed out that from January 2020 to September 2021, 8,600 retail businesses have closed. This is 330 more than the same period from 2018 to 2019.
“However, there are 15,570 newly established retail companies, resulting in a net increase of 6,970 retail companies in the same period from January 2020 to September 2021,” Mr. Chen said.
He said that as for the tourism industry, there have been “some exits” since January last year, but new entrants have kept the number of companies operating “quite stable”.
For example, although 13 hotels have closed, the number of licensed hotels is still around 420.
He said that although 176 tour guides chose not to renew their licenses during this period, the total number of licensed tour guides still hovered around 2,900.
Travel agencies have been hit harder. Although about 30 new travel agencies have entered the market, 157 (8% of all licensed travel agencies) have ceased operations.
How many workers have been laid off? Mr. Tan said that between January 2020 and October 20, 2021, about 4,370 workers in the core tourism industry were laid off, of which 58% were locals.
“However, with early intervention and support under the SG United Jobs and Skills initiative, 67% of locals who were laid off between January and September 2020 found new jobs within six months.”
He added that about 1,180 retail employees were laid off in 2020, which is equivalent to 16.9 layoffs for every 1,000 employees. More than half of them can enter different industries within six months of layoffs.
He said that as for tour guides, there are about 250 safe distance ambassadors under the Singapore Tourism Board (STB).
Mr. Tan reiterated that the government has provided the industry with the highest level of support under the Employment Support Plan, as well as other extensive measures.
He said: “Initiatives such as the Singapore Rediscovery Voucher (SRV) program have also stimulated demand by encouraging Singaporeans to rediscover our city, our tourism products and support our local tourism business, including the business of travel agencies.”
For example, between the initiation of the SRV program and the start of the “high alert” in May 2021, the monthly number of travel participants increased from more than 10,000 to more than 50,000.
Mr. Tan said that the Singapore Tourism Board expects the tourism industry to reach pre-pandemic levels in the next few years, adding that at the same time, the authorities are helping companies in the retail and tourism industries to upgrade themselves.
Singapore: The National Environment Agency (NEA) said on Wednesday (November 3) that it took enforcement actions against 76 people who violated COVID-19 measures at various hawker centers last week.
Violations include gathering more than two people, failing to maintain a safe distance of 1m, and not wearing masks.
NEA said in a press conference that during the selective inspection between October 27 and November 2, 20 unvaccinated or partially vaccinated people were found dining at the hawker center. It added that their details have been deleted.
Since October 13, the hawker center has adopted differentiated measures for vaccination. Only fully vaccinated people are allowed to eat. Customers who have not been vaccinated can still take away food.
Violation of the differentiated vaccination measures will be given a written warning for the first offender, and a fine of S$300 for the second offender.
NEA said: “Those who commit later may face settlement or court fines.”
It added that diners who refuse to show their vaccination status on the TraceTogether app to safe distance law enforcement officers or provide tokens to scan will have their details deleted.
In the past few weeks, the National Energy Administration has been stepping up inspections of hawker centers.
In its media release, the agency did not specify what enforcement actions it took against the 76 people arrested for violating COVID-19 measures during the latest round of inspections from October 25 to 31.
The agency reminds the public to strictly abide by safety management measures and differentiated measures for vaccination.
When diners do not eat or drink, they should wear a mask-completely cover their nose and mouth.
NEA said: “We seek everyone’s cooperation in the transition to a COVID-19 resilient country.”
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