MAS did not tell banks to ‘keep quiet’ about China flows, group says

Private banking group says sources of inflows into Singapore remain diversified


The Monetary Authority of Singapore has not asked banks to “keep quiet” about the origins of wealth inflows into Singapore, a banking association said on April 14.

The Private Banking Industry Group (PBIG) issued the statement, which was published on the MAS website, after the Financial Times reported that the MAS had given a tacit directive during a meeting of an industry group on February 20.

The influx of funds from China into the city-state has become a politically sensitive issue

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