DPM Heng Swee Keat emphasizes the importance of vigilance in maintaining Singapore’s trustworthiness as a global financial centre
Singapore’s recent crackdown on money laundering, which involved over S$1.8 billion in assets, highlights the nation’s commitment to maintaining its integrity as a leading global financial centre, according to Deputy Prime Minister Heng Swee Keat. Speaking at the 2023 Forbes Global CEO Conference on September 11, Heng stressed the importance of keeping funds directed into productive purposes to avoid the collapse of the financial system, underlining the need for constant vigilance against activities such as money laundering and terror financing.
The crackdown, which resulted in the arrest of 10 foreigners believed to be from China, underscored Singapore’s proactive stance in ensuring its financial sector remains transparent and trustworthy. Heng noted that many affluent individuals choose Singapore as a base for philanthropic activities, showcasing the country as a safe and reliable financial hub.
Heng also addressed the results of Singapore’s recent presidential election, where Tharman Shanmugaratnam secured 70.4% of the vote, reflecting the electorate’s growing understanding of the role of the president in safeguarding the nation’s reserves and ensuring anti-corruption measures are upheld. While Heng viewed the election outcome as a positive sign, he cautioned that it may be premature to conclude that Singapore is ready for a non-Chinese prime minister, though he acknowledged the country’s progress toward becoming a multiracial society.
In the broader context of global economic shifts, discussions at the Forbes conference highlighted Southeast Asia, particularly India and Indonesia, as areas of significant growth potential. Meanwhile, global leaders discussed challenges such as the rising complexity of geopolitics, energy transitions, and the ongoing developments in China’s economy. Heng’s remarks and the conference discussions affirmed the importance of staying agile in an evolving global landscape.
