involving 10 foreigners from countries such as China, Cambodia and Cyprus has attracted widespread interest in Singapore and abroad.
The story was picked up by some Chinese independent news sites, which sparked discussions on where the illicit funds came from, and the wider trend of China’s super-rich relocating to Singapore. “The international stigmatisation of our country as a result of the abuse behind the golden passports should be immediately managed by the competent minister,” Ms Charalambidou was quoted as saying.The Organisation for Economic Cooperation and Development has flagged at least 14 countries, including Cyprus, that it says have some variation of a residency or citizenship by investment scheme, which could be misused by some applicants to hide their assets or avoid tax.
Mr Pech Pisey, executive director of Transparency International Cambodia, told The Phnom Penh Post that the billion-dollar money laundering case could affect Cambodia’s international reputation.
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