, Columnist
Singapore-Washing Has Hit a Wall
The city-state needs to decide whether its reputation is more important than its status as a haven for the super wealthy.
Maintaining a reputation.
Photographer: Edwin Koo/BloombergCan private wealth management hubs stay neutral and discreet in an increasingly polarized world? Private banks in Zurich lost some of their shine after Switzerland decided to adopt the European Union’s sanctions against Russia in 2022 over the war in Ukraine. Singapore, long a haven for the super wealthy, is about to find out.
A recent S$3 billion ($2.2 billion) money-laundering scandal is putting the island-state on the back foot. It’s forcing the government to ask if the sharp influx of new money is too hot to handle.
