The Financial Action Task Force, a multicountry advisory group set up to combat money laundering, said last year<br />that Singapore’s financial firms had “a less developed understanding of the risk of illicit flows into and out of Singapore.”<br />“Singapore is the new Switzerland,” said Andy Xie, an independent economist based in Shanghai.<br />Lincoln Ng, the chief executive of Le Freeport and a former Singapore police officer, said<br />local regulators “are aware of the activities through stringent checks and audits.”<br />Le Freeport, which is controlled by Yves Bouvier, a Swiss art dealer who is also a resident<br />of Singapore, rents the space to firms that park merchandise there on behalf of clients.<br />Singapore, a Rising Home for Quiet Money, Comes Under Pressure -<br />By NEIL GOUGHMAY 12, 2017<br />SINGAPORE — Last year, American law enforcement officials pressed the Swiss bank UBS about<br />Henry Hsiaw, a Taiwan-born American whom they accused of failing to file tax returns.<br />UBS said it had complied with all applicable laws,<br />but did not elaborate.. Singapore’s monetary authority said Singapore officials “can render assistance so long as there are legitimate grounds<br />American officials say Mr. Low played a crucial role in laundering hundreds of millions of dollars from 1MDB into the United States.
