SINGAPORE-BLACK MONEY CAPITAL OF THE WORLD
A WEEK IS A LONG TIME IN SINGAPOREAN POLITICS
A report in Bloomberg identifies the means by which North Korea has managed to stay afloat inspite of “civil societies” and the US government’s claims it is a failed state and a brutal dictatorship. All of these claims arise because the US is not held in high esteem in places like North Korea and the North Korean leadership simply refuse to bow down and worship at the US alter of western liberalism and their ideals of democracy,
Out of this report comes yet another revelation of why Singapore must not be believed or be held up to be a role model of clean and fair government. It is an ideal flaunted by the opposition in Malaysia and the state of Singapore and held up as a role model of what an all inclusive Malaysia would be like. (All inclusive of the Chinese some Indian token thumby’s like Ambiga ) under the pro Singapore opposition.
Inspite of their claims to cleaning up on dirty money and higher standards as far as banking practices are concerned, Singapore has been caught out again, breaching international sanctions against North Korea laundering dirty money whilst spewing pious rhetoric about its clean and stringent banking practices in well crafted lies.
It is widely known that Singapore is one of the world’s largest launderers of arms trafficking money, people trafficking money and drug money from Mexico, the US, Myanmar, Thailand, Columbia, Peru and Bolivia. It is also the home and laundromat of illicit money from Central Asian dictators and from businessmen in south east Asia including Malaysia seeking a new home away from home.
HOW ‘STRICT SCRUTINY’ ON MONEY BANKED (LAUNDERED) IN SINGAPORE IS OVERCOME
The following is an extract from the article from Bloomberg published today.
A trail of money stretching from a Panamanian shipping agent to an octogenarian Singaporean to a Chinese bank provides a window on why U.S. efforts to tighten sanctions on North Korea may be harder to achieve than in the case of Iran.
For decades North Korea has built networks of front companies and foreign intermediaries to channel currency in and out, circumventing attempts to isolate it over its nuclear-weapons program. Court documents and interviews with investigators, banks and prosecutors show the cornerstone of those networks is China.
“Its geographic proximity, the huge trade volume, having the contacts, and having the historic relationship all contribute to making China the center point for any North Korean initiative to evade international financial sanctions,” said William Newcomb, a former member of a panel of experts assisting the United Nations’ North Korea sanctions committee. “China is a very important piece in making sure that blockages work.”
Sanctions applied by the U.S. and other countries to pressure Iran to stop its nuclear weapons program included the freezing of about $32 billion of oil revenue held at banks overseas. Those accounts were unlocked after last year’s nuclear accord, negotiated with world powers including the U.S. and European Union.
About 70 percent to 80 percent of North Korea’s foreign earnings have in the past come via China, said Kim Kwang Jin, who ran the Singapore branch of North Korea’s North East Asia Bank before defecting in 2003. “That huge trade volume means there are more people in China who are willing to cooperate with the regime,” Kim said by phone from Seoul.