Singapore's
strict bank secrecy laws and status as a regional financial hub make it an
"attractive destination" for terror groups to launder money, a US
diplomatic cable released by WikiLeaks said.
The 2005 cable from the US mission in the city-state
classified as "CONFIDENTIAL" assessed Singapore as having a
"medium" risk of being used by terror groups to launder funds.
"Singapore's position as a significant financial and
investment center, coupled with bank secrecy laws and the lack of routine
currency reporting requirements, make it an attractive destination for
terrorist organizations," the cable said.
The cable, published on the WikiLeaks website and seen on
Friday, was signed off by then US ambassador Frank Lavin.
However, there were also "mitigating" factors that
deterred terror groups from "significant fund raising or banking" in
Singapore, said the cable, citing robust laws against money laundering and
"terrorist" financing.
Singapore officials were not immediately available for
comment.
But then Law Minister K. Shanmugam said in a speech last year
that the government has put in place a "robust and cohesive regime that
brings together multiple government agencies in a concerted effort to combat
money laundering and terrorist financing."
Since 2006, Singapore has not required a bilateral treaty
before it can provide mutual legal assistance to another country seeking information
on suspicious financial deals, he said, citing one example of strengthened
international cooperation.
Singapore's Financial Intelligence Unit also
"actively" shares information with its foreign counterparts, he said.
The Financial Action Task Force (FATF), a key global
anti-corruption body, has assessed Singapore as having complied with 43 out of
49 recommendations to guard against money laundering and "terrorist"
financing, said the city-state's white-collar crime body Commercial Affairs
Department.
Singapore in 2001 crippled a cell of the Southeast Asia-based
militant network Jemaah Islamiyah with the arrest of several people linked to
an alleged plot to bomb local and foreign targets in the country.
Officials have said that the island-state is a prime target
by terror groups because of its close ties with the United States and position
as a regional financial and business centre.
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Source : AFP
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