Wednesday January 23, 2019
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Singapore not to share black money info after ED sources leak Jindal files

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By NewsGram Staff Writer

Singapore will no longer share information related to money laundering or related cases voluntarily, taxes official from Singapore said on Saturday.

The decision comes after the Singapore’s Suspicious Transaction Reporting Office (STRO) took displeasure to reports of alleged overseas bank accounts of Congress leader and industrialist, Naveen Jindal, which appeared in the Indian media.

Equivalent of India’s Financial Intelligence Unit, the STRO had shared the information on the Jindals without any reference from India.

The Singapore authorities have made it known that the breach of confidentiality vitiates the information collaboration arrangement on anti-money laundering among the FIUs, known as the Egmont group of which, both India and the island nation are part of.

The refusal of Singapore could prove costly, as the nation has emerged as an international financial hub to track money into and out of India.

The development comes at a time when there have been discussions on the propriety of India sharing information from countries such as Switzerland and United States.

The freedom of sleuths tracking economic offences has been crippled as a result of the stiff position adopted by Singapore.

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After India, Elon Musk Criticizes Singapore

Musk later blamed the Foreign Direct Investment (FDI) norms for the delay in Tesla's entry into the Indian market

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Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

Beginning his Twitter tirade in New Year, Tesla founder and CEO Elon Musk has criticized Singapore, saying the government there has been “unwelcome” to his electric car plans for the city state.

Responding to one of his follower’s question on why Tesla was not yet in Singapore, Musk tweeted late Thursday: “Government has been unwelcome.”

This is not the first time Musk has complained about Singapore.

Last year, he tweeted that he wants Tesla in Singapore but the government was “not supportive” of electric vehicles.

Responding to another tweet, Musk said: “Singapore has enough area to switch to solar/battery and be energy-independent.”

Not just Singapore, Musk is also critical of the Indian government when it comes to Tesla.

Elon Musk, spacex
Elon Musk. IANS

Musk, who visited China in May in July last year, said he wants to visit India in early 2019 but the country generally makes him feel hopeless due to tough government regulations.

“Would love to be in India. Some challenging government regulations, unfortunately,” Musk tweeted in May.

In a separate tweet later, Musk said he was keen to be in India soon. “Probably early next year.”

Also Read- Honor 10 Lite To Be Launched in India in Mid-January

Musk wanted to bring Tesla to India as early as the summer of 2017 but stringent local sourcing norms derailed his plans.

In 2017, Musk said Tesla’s cars could come to India but there was no further news.

Musk later blamed the Foreign Direct Investment (FDI) norms for the delay in Tesla’s entry into the Indian market. (IANS)