Indonesia tells Singapore not to hinder tax amnesty scheme
Reuters – 15 hours ago
"Banks are required to adhere to the Financial Action Task Force (FATF) standard of filing an STR when handling tax amnesty cases, similar to the practice in other jurisdictions.
"What the MAS has reminded private banks recently is a continuation of what the Commercial Affairs Department of Singapore has informed banks as early as last year," he said.
"And mind you, that was before Indonesia announced the tax amnesty programme in July this year … I don't think the MAS intends to obstruct or interfere with what Indonesia is doing. "
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Private banks in Singapore is just complying to jurisdictions which is an international practice.
So wonder how does the Indonesia's finance minister conclude that Singapore is hindering the Indonesia Tax Amnesty programme?
Does the Indonesia's finance minister expect Singapore banks to break the jurisdiction and breach international practice just because of Indonesia Tax Amnesty programme?
So if the private banks get into trouble for breaching the jurisdiction of international practice - as former world bank managing director, will the Indonesia's finance minister pay the fines on behalf of the private banks?
Ricky L • Remove
So is Indonesia's finance minister willing to pay the fines for private bankers - that are associated with the 1MDB saga - for not detecting abnormalities and reporting them.
Wonder as former world bank managing director - it is ok for private banks to break international jurisdiction and practice?
Ricky L • Remove
Wonder as your former post in World Bank - is it a professional advice to the private bankers here?
K
if yusuf kalaka call, dont answer. Say not in.Reply
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Ricky L • a second agoRemove
yusuf kalaka is a recalcitrant law breaker.
He encouraged his countrymen to burn plantation to clear land - and warn others not to interfere.
He even say it provide 11 months of oxygen - and it is alright to burn for 1 month.
To him, he don't observe law.
R
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Redrum • 54 minutes ago Report Abuse
It seems that practically Indonesia's Sri Mulyani Indrawati is demanding Singapore to reveal the names. I wonder how Tharman got into this mess.
Reply
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Ricky L • a second agoRemove
No you got it wrong.
Singapore is complying with international practice of requiring banks to report any anomalies to the Authorities - to safeguard against money laudering.
Indonesia Finance Minister (being a former World Bank MD) - is saying that Singapore Authorities and private banks by doing so - is hindering her Tax Amnesty Programme --- and want Singapore Authorities and private banks not to comply with international practice of reporting anomalies.
She want Singapore to break the jurisdiction.
0users liked this commentThumbs UpThumbs Down0users disliked this commentRicky L • a second agoRemove
Simply put, Indonesia Finance Minister (being a former World Bank MD) - want Singapore Authorities and Singapore private banks to break international jurisdiction.
P
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Pepe • 43 minutes ago Report Abuse
She is now paid by her boss President Jokowi. So like the corrupt Indonesians, it's normal to break the laws and international jurisdiction and practice. That's why they their people can burn the forests and farm waste that cause pollution to every country in Southeast Asia.
A
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Accounting • 11 minutes ago Report Abuse
when the money went in, banks were reluctant to report, they were scared they'd lose their clients. now when the money's going out, they're so eager to report. it does feel like a threat.
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Ricky L • a second agoRemove
When the money come in, how do the banks know that money has evaded taxes?
Only when the money go out under tax amnesty scheme - then it is implicit that it is related to tax anomaly activities - and need to be reported under international jurisdiction.
Anything wrong with this?
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Ricky L • a second agoRemove
Private banks scared to report the client - because they are fearful of implicating their clients.
Singapore Authorities want them to report - because this comply to international jurisdiction.
So has the Singapore side - not appropriate in their responses?
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Ricky L • a second agoRemove
If private banks did not report -- and one day, one of their client is being caught and implicated by whoever (Indonesia, by Singapore Authorities, or by Foreign Countries) ---- then the bank may be fine for not reporting under the International jurisdiction.
Then is the Indonesia Finance Minister going to come out and protect this bank, pay its fine and salvage this bank reputation?
Very surely no.
A
0users liked this commentThumbs UpThumbs Down0users disliked this commentAccounting • 5 minutes ago Report Abuse
Then - Singapore's Commercial Affairs Department (CAD), a police unit that deals with financial crime, told banks last year they must file a suspicious transaction report (STR) whenever a client took part in a tax amnesty scheme, the sources told Reuters. After initial resistance from the banks, worried they might lose clients, that message was reinforced this year by the Monetary Authority of Singapore (MAS), the country's central bank, when Indonesia launched a tax amnesty aimed at wooing back some of the cash its wealthy citizens have stashed in Singapore, the sources said.
Now - "We are filing the STR and hope others are doing it, too," said one senior private banker when asked about clients responding to the Indonesian amnesty.
Huge amount of money going in from poor n corrupted country, noone gets suspicious? noone made a fuss? you said how do they know the money has evaded taxes? ehmm.. why do i have the feeling that the bankers are much smarter than that.. then why now? because okay, finally now they're sure its undeclared tax money? well isnt it what tax amnesty is for?
0users liked this commentThumbs UpThumbs Down0users disliked this commentRicky L • a second agoRemove
You mean when a customer walk into a bank and want to deposit money, the banker is going to ask the customer - where does the money come from and offend the customer?
Or if a customer walk into your shop and want to buy something from you, are you going to ask the customer - where did your money come from?
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