June 19 2018
Last month, the Asia Sentinel reported that the US Treasury Department has initiated a wide-ranging campaign against money laundering particularly targeting the governments in Cyprus, Beirut, Singapore and the Gulf states (‘US Mounts Major Global Anti-Money-Laundering Campaign‘, 31 May).In the case of Singapore, it has been estimated that Singapore has the equivalent of US$368 billion from Indonesia in its banks – 40 percent of the Singapore’s total bank deposits.