A private banking industry group in Singapore on Friday denied a media report that the city state had asked global banks to keep quiet on wealth inflows coming from China over the past year due to political sensitivity.
The flow of funds from China into Singapore has become a politically sensitive issue domestically, and the MAS wants banks to keep public discussion of the topic to a minimum, the FT reported, citing the sources. The PBIG said that at the February 20 meeting, it "noted that while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows into Singapore in fact remain diversified".
With its tax-friendly regime and seen as politically stable, Singapore has long been a haven for ultra-rich foreigners.
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