Should Singapore Consider Having a Secrecy Law for Banks?

shade343 SG

Since we have attained the position as Asia’s Financial Hub, perhaps it will be to the benefit of singapore that we come up with a secrecy act for banks. This will further solidify our position and open up more financial opportunities for the country.

pat33 SG

And what do you propose for this secrecy act for banks? Something like the Swiss account? tight-lip secrecy that govt can't touch?

If that is the proposal and given our govt stands, it would not see the light of day here.

TooFree SG

Confused Please elaborate.

maggot SG

There's an agreement to share account info between banks Cool

That's where the financial status of individuals get leaked out Cool

pat33 SG

OIC

If so then the propose law should extend beyong banking mah. Because I don't think this is only wide-spread in banking. You can find this practise even more wide-spread in other areas.

The survey we done on the street, the lucky draw form we filled up, the online questionaire etc. These are even wider leakage of our personal info.

shade343 SG

I propose a secrecy law similar to that of switzerland. Banks are not permitted to leak information on their client’s financial status.

charlize SG

Dude, if I am not mistaken, there already is a law on this.

I think it's called the Banking Secrecy Act. Laughing

hisoka SG

lucky draw and online quiz is you greedy mah whereas banks are pretty much a neccessity

pat33 SG

That is not the point. The point is about info leakage. If one is talking about info leakage, the abuse is very much done outside banking world.

You know what I mean when they called you up and said that you won in a lucky draw only to go and end up in hard selling session.

BillyBong SG

The result of the swiss banks of Zurich: they believe they are answerable to no laws save their own.

In the aftermath of WWII, tons of priceless art, antiquities and precious items were looted from the conquered lands of the third reich and hoarded in such 'secretive banks'. Upon demand, the swiss banks refused to surrender the contraband even under pressure from the international community. To this day, not all the items have been recovered.

The only result of such an act in SG is to open more opportunities for high-level criminals to stash their fortune to escape the law.

maggot SG

Given only an account number and a key...anyone that hold them have access to the funds inside the account...

Why?

The bank only records the money collected Laughing

siginah SG

Banking secrecy is covered under Section 47 of the Banking Act.

It has been around for ages. :-)

siginah SG

Dude,

We became a financial hub BECAUSE we had good banking secrecy provisions from the start. You've mixed up the cause and effect.

siginah

oxford mushroom SG

The only secrecy there is appears to be the financial transactions of Temasek Holdings