MAS did not direct banks to 'avoid discussing origins of wealth inflows': PBIG

PBIG said that the sources of wealth inflows into Singapore “remain diversified.”

The Monetary Authority of Singapore (MAS) has not issued any directive to banks–tacit or otherwise–to “avoid discussing the origins of wealth inflows” in the Lion City, according to a statement by the Private Banking Industry Group (PBIG).

An article published by The Financial Times on 14 April 2023 reportedly carried statements claiming this, PBIG said.

The PBIG is a part of the Private Banking Advisory Group and is currently co-chaired by MAS and UBS. It holds thrice-yearly meetings to discuss matters related to the trust, reputation and growth of Singapore’s private banking industry.

Citing its most recent meeting, which took place last 20 February, PBIG said that sources of overall inflows into Singapore remain diversified.

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It added that the increased fund flows into Singapore coming from high-net-worth individuals from different markets.

“The meeting agreed that, in the face of increased fund flows into Singapore, it was important to maintain robust risk management controls to safeguard against money laundering and terrorism financing risks,” PBIG said in the statement.

The meeting also reportedly discussed how to facilitate the deployment of wealth to purposeful causes, PBIG said, in line with growing interest from family offices in philanthropy.