Should Singapore Consider Having a Secrecy Law for Banks?
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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.
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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. -
Please elaborate. -
There's an agreement to share account info between banksOriginally posted by shade343: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.
That's where the financial status of individuals get leaked out -
OICOriginally posted by maggot:There's an agreement to share account info between banks
That's where the financial status of individuals get leaked out
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. -
I propose a secrecy law similar to that of switzerland. Banks are not permitted to leak information on their client's financial status.
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Dude, if I am not mistaken, there already is a law on this.
I think it's called the Banking Secrecy Act.
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lucky draw and online quiz is you greedy mah whereas banks are pretty much a neccessityOriginally posted by pat33: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. -
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.Originally posted by hisoka:lucky draw and online quiz is you greedy mah whereas banks are pretty much a neccessity
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. -
The result of the swiss banks of Zurich: they believe they are answerable to no laws save their own.Originally posted by shade343:I propose a secrecy law similar to that of switzerland. Banks are not permitted to leak information on their client's financial status.
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. -
Given only an account number and a key...anyone that hold them have access to the funds inside the account...Originally posted by shade343:I propose a secrecy law similar to that of switzerland. Banks are not permitted to leak information on their client's financial status.
Why?
The bank only records the money collected -
Banking secrecy is covered under Section 47 of the Banking Act.Originally posted by charlize:Dude, if I am not mistaken, there already is a law on this.
I think it's called the Banking Secrecy Act.
It has been around for ages. :-) -
Dude,Originally posted by shade343: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.
We became a financial hub BECAUSE we had good banking secrecy provisions from the start. You've mixed up the cause and effect.
siginah -
The only secrecy there is appears to be the financial transactions of Temasek Holdings