“China was not mentioned by name, but it was clear regulators were referring to the country,” the FT report goes.
The Private Banking Industry Group (PBIG) in Singapore has denied a report by the Financial Times that the Monetary Authority of Singapore has issued a directive to banks, tacit or otherwise, not to discuss origins of wealth flows into Singapore.
According to the FT report on April 14, the flows from China into Singapore has become a politically sensitive issue. “MAS wants banks to keep public discussion of the phenomenon to a minimum, according to the FT report, which cited three people with knowledge of the talks.
