Singapore banks do not accept investment passport holders

In the wake of the Singapore financial scandal, considered the largest money laundering scandal in the country’s history, discussions on strengthening compliance in local banks have started to be actively discussed. Parliament is currently discussing possible steps to be taken by the country, although there are no legislative decisions yet.
Unofficial sources, according to Singaporean and Hong Kong publications, claim that Singapore’s main banks have been instructed to check all customers who have citizenship obtained through investments.

At least one bank has already decided to completely stop doing business with customers who have citizenship of countries such as Cambodia, Cyprus, Turkey and Vanuatu.

 

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