Singapore's financial center standing enhanced through crisis: official

16:08, October 20, 2009      

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A senior Singapore official said on Tuesday that as a financial center, Singapore has come through the crisis with its reputation and standing enhanced.

In achieving this, Singapore Minister for Law and Second Minister for Home Affairs K Shanmugam said that Singapore banks had avoided investing heavily in risky products and the regulatory environment was such that prudence was emphasized.

He added that throughout the crisis, people began to appreciate the wisdom of having a balanced approach, between growth, innovation and risk.

He also spelt out what Singapore will do in the context of the current move for greater exchange of information against the backdrop of the financial crisis.

Among others, Singapore's approach include being a responsible financial center built on sound prudential standards and trust, not seeing Singapore as a haven for laundered money, having a strong framework of laws to deal with money laundering and offering assistance on bona fide requests for tax information through Avoidance of Double Taxation Agreements.

Ending on a positive note, he said that Singapore's strong fundamentals, coupled with the growth of the region, puts it in good stead to further strengthen its position as a respectable, competitive international financial center.

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