SINGAPORE – The Inland Revenue Authority of Singapore (Iras) is checking on the Singapore taxpayers identified in the leaked “Panama Papers” for any non-compliance with Singapore tax laws, regulators told The Straits Times on Wednesday.

This comes as the Monetary Authority of Singapore (MAS) and the Ministry of Finance detailed the actions of several agencies in the crackdown on the use of offshore firms for money laundering and tax evasion.

The Panama Papers, which contained details on thousands of shell firms and offshore vehicles, have been making headlines worldwide as the hidden wealth of top politicians in countries such as Russia and the Ukraine came to light.

In a statement responding to ST’s queries, MAS and the Accounting and Corporate Regulatory (Acra) reminded banks and company service providers (CSPs) of their duty to review their customer relationships periodically.

Banks and CSPs have been asked to ascertain that their customers are using offshore vehicles strictly for legitimate purposes.

If there are any grounds for suspicion, they are required to file suspicious transaction reports and step up monitoring of these transactions or arrangements.

MAS and Acra are also conducting checks to ensure that the intermediaries under their supervision have acted in compliance with their anti-money laundering obligations.

In addition, the Suspicious Transaction Reporting Office (STRO) under the Commercial Affairs Department has reminded intermediaries that if they know, or have reasonable grounds to suspect that any property is linked to criminal conduct, they are required by law to file a suspicious transaction report with the STRO.

STRO will analyse the information and where it evaluates that an offence might have been committed, STRO will disseminate the information to the relevant authorities or law enforcement agencies in Singapore or overseas for further investigation, MAS and MOF said.

This article was first published on June 1, 2016.
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SINGAPORE – Service on the Punggol and Sengkang Light Rail Transit (LRT) systems was disrupted for more than two hours on Wednesday (June 1) evening due to repeated power trips.

According to initial assessment, a suspected cable fault could have caused the power trips, said operator SBS Transit.

Passengers had to detrain and walk to the nearest platform after a train car stalled in the middle of the tracks.

SBS Transit first announced on Twitter at 7.12pm that there was no service due to a power fault. “Free bus rides are available at designated stops. We are sorry,” said the transport operator.

01/06, 7.12pm: No service on Sengkang & Punggol LRT due to a power fault. Free bus rides are available at designated stops. We are sorry.

— SBS Transit (@SBSTransit_Ltd) June 1, 2016

In an update at 9.05pm, it tweeted: “We are working to get service back up as soon as possible.”

01/06, 9.05pm: No svc on Sengkang & Punggol LRT systems. We are working to get service back up as soon as possible.

— SBS Transit (@SBSTransit_Ltd) June 1, 2016

At 9.30pm, it confirmed that full service has resumed and that free bus rides were still available. “We are sorry for the inconvenience caused.”

01/06, 9.30pm: Punggol LRT and Sengkang East LRT have resumed full service. Free bus rides are still available.

— SBS Transit (@SBSTransit_Ltd) June 1, 2016

At 10.03pm, it tweeted again: “Free bus rides & bridging bus services have ceased.”

01/06, 10.03pm: Sengkang/Punggol LRT full svc has resumed since 9.29pm. Free bus rides & bridging bus services have ceased. We are sorry.

— SBS Transit (@SBSTransit_Ltd) June 1, 2016

A resident who lives in a Housing Board block near Sengkang station said a train car stalled in the middle of the tracks. From the window of her 13th floor unit, she could see some passengers getting off the train and walking on the tracks. But some commuters remained in the train.

“The passengers had to walk some distance on the tracks to the next station,” said housewife Tan Kim Choo, 72. “The headlights of the train went off briefly before coming back on again.”

Responding to media queries, Mr Gan Juay Kiat, CEO of SBS Transit, said: “Train services on the Sengkang and Punggol LRT systems were disrupted at about 7.00pm this evening due to repeated power trips. Full services resumed at 9.29pm.

“Free bus rides as well as free bridging bus services were available during the disruption to enable commuters to continue with their journeys,” he added.

“Initial assessment is a suspected cable fault. We are investigating the cause of the fault. We apologise to affected commuters for the inconvenience caused.”

#sengkang #LRT is down. :(( pic.twitter.com/2oMSFWNjvf

— Ken (@alphahelix) June 1, 2016

No power for the lrt to run guess I have to walk back to the bus stop… pic.twitter.com/67aaHgzGQT

— Skylerx3 (@skylerthekidx3) June 1, 2016

#LRT #Powerfailure pic.twitter.com/VStXiwHUgE

— Jason Lim (@jas0nsg) June 1, 2016

This article was first published on June 1, 2016.
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SINGAPORE/HONG KONG – Roiling tensions in the South China Sea are set to dominate Asia’s biggest security summit starting in Singapore on Friday, exposing a deepening rivalry between the United States and China ahead of a landmark legal ruling in the Hague.

The unofficial Shangri-La Dialogue (SLD) is the last chance for the two powers to drum up support before a decision from the Permanent Court of Arbitration in a case brought by the Philippines.

Manila is contesting Beijing’s claim to an area shown on its maps as nine-dash line stretching deep into the maritime heart of Southeast Asia, covering hundreds disputed islands and reefs.

Security experts expect the United States will try to convince Southeast Asian countries, as well as other big powers such as India and Japan, to publicly support any positive decision for the Philippines, who asked the court to recognise its right to exploit waters in the South China Sea.

China, which rejects the court’s authority, will try to sway the countries to abstain from taking a public position, which should make it easier to stave off criticism from the West.

“The value of the case is the long term reputational damage and the pressure … on the Chinese. That only works if you have a big coalition that can keep this in the public eye,” said Greg Poling, director the Asia Maritime Transparency Initiative at Washington’s Center for Strategic and International Studies think tank.

“But if the Chinese … get a ton of countries to abstain that deflects a lot of that criticism.”

Among the 20-odd delegations, much attention will be on the positions of Southeast Asian countries. Regional players haven’t always agreed on how to tackle China’s claims in the South China Sea, struggling to balance their security interests with their deep ties to the world’s second largest economy.

As well as China and Taiwan, the Philippines, Vietnam, Malaysia and Brunei have rival claims in the increasingly militarized area. The United States has also stepped up patrols and exercises, stressing the need to keep international sea-lanes open.

Thai Prime Minister Prayuth Chan-ocha’s keynote opening speech in a rare international appearance will be closely scrutinised for hints on Thailand’s strategic positioning.

“Thai policies reflect the predicament of the region,” said Tim Huxley, a security expert with the event’s organiser, the London-based International Institute of Strategic Studies.

“Regional states want to have positive relations with China yet at the same time … strategically they are aligned with the West and they have reasons for being cautious about China’s behaviour in the region.”

The three-day summit offers a rare chance for regional military brass and intelligence officers, and their civilian leaders, to openly debate regional defence trends and tensions.

The summit comes amid other significant strategic shifts in the region, particularly the recent election of tough-talking Rodrigo Duterte in the Philippines and the recent lifting of the US arms embargo on former enemy Vietnam.

The agenda also includes the rising tensions surrounding North Korea, which conducted its fourth nuclear test in January and followed that with a satellite launch and test launches of various missiles, which brought new sanctions.

The isolated country attempted to fire a missile from its east coast this week but the launch appears to have failed.

Other topics of discussion include the threat of radical militants in Southeast Asia, as well as cyber-security, which has become a hot topic after major bank heists from Bangladesh to Ecuador.

“Only a meeting of minds can solve or mitigate these challenges and as host, we will make sure that leaders get full opportunities to engage each other,” Singapore Defence Minister Ng Eng Hen said on his Facebook page.

SINGAPORE – Bus operator SBS Transit has increased the monthly starting pay for bus captains to $1,950, an increase of more than 9 per cent from the current $1,775.

The revised salary package for new Singaporean and permanent resident bus captains will benefit almost 10,000 SBS Transit staff, including 6,500 bus captains.

Including overtime, salary adjustments and a reliability incentive of up to $300 monthly under the Bus Service Reliability Framework, new bus captains will be able to earn up to $3,460 monthly.

They will also receive a sign-on bonus of $3,000.

Said National Transport Workers’ Union executive secretary Melvin Yong: “As our biggest local public bus operator, SBS Transit sets a good example in the fast growing industry.”

SBS Transit chief executive officer Gan Juay Kiat, said that with the new package, “we hope to attract more Singaporeans and Singapore permanent residents to join us as bus captains and strengthen our Singaporean core”.

Last month Tower Transit, the third bus operator here, announced a pay raise of 3.5 per cent for its staff, bringing the starting pay of its bus captains to $1,930 monthly.

azhaki@sph.com.sg

This article was first published on June 01, 2016.
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SINGAPORE – Workers’ Party (WP) chief Low Thia Khiang on Wednesday (June 1) dismissed talk of a split within his party, following a surprise challenge mounted for his post last Sunday at his party’s internal elections.

He said the party’s internal elections had in fact strengthened it for the future, by showing that the WP is a political party that “can accept open competition, accept diversity of views, and in diversity we move on together as a party”.

He also said he was surprised that some party members had taken to the press to criticise his leadership style and decisions, saying that his door had always been open to feedback.

Mr Low was speaking to reporters at the sidelines of his meet-the-people session at Hougang.

Questions about the party’s unity had arisen after he was challenged for his secretary-general position by fellow Aljunied GRC MP Chen Show Mao at the party’s internal central executive council election on Sunday. Mr Low prevailed with 61 votes to Mr Chen’s 45.

But since then, some party members have spoken up in public about the cause of the challenge, saying that there was a faction in the party that had backed Mr Chen as they were unhappy with Mr Low’s leadership style.

They charged that he was not open to alternative views, and also favoured younger members with higher academic qualifications, such as lawyers and academics, for leadership posts.

Responding to these criticisms, Mr Low said his focus is to make sure the party’s renewal efforts are on track.

“I want to focus on the renewal and also to help in the transition so that WP can continue serve Singaporeans in the future and at the same time be connected to the younger Singaporeans because in every election there’s always younger voters,” he said.

He added that as the party’s leader, he had to make decisions for the benefit of the party and in the interest of Singapore.

“I’m prepared to always explain, to justify, and I’m prepared to (be) subject to the members’ verdict and judgement,” he said adding there were ample avenues for members to raise their concerns.

“So it is quite surprising to me that now some of them are saying perhaps there is a lack of avenue for such consultation processes or (there is an) issue with transparency. I don’t really understand where they are coming from.”

But instead of seeing his party’s election as a “negative” episode, he emphasised repeatedly, Singaporeans should be more confident now of the WP as it had managed to move on together as a party despite the diversity of views.

He also pointed to how the election had allowed the party to bring in younger people in their 30s and 40s into the party’s top decision-making body, which is important for renewal.

On whether he felt disappointed that 40 per cent of his party’s cadres had not voted for him during the election, he said: “I look at this with an ordinary mind…I’m always prepared for anyone who feel that he can be a better person to be secretary-general. And I think the party should decide who is a better person to be secretary-general to lead the party, I will accept that.”

yanliang@sph.com.sg

This article was first published on June 01, 2016.
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