Connect with us

Letter

Why can’t Josephine Teo understand NCMP Leong’s point about banks returning benefits earned from ill-gotten money?

Letter from Gilbert Tan delves into NCMP Leong Mun Wai’s concerns on banks profiting from laundered money.

Highlighting the potential gains from the S$2.8 billion laundering case, Tan questions the oversight of Minister Josephine Teo and the government’s stance on banks returning profits earned from such funds.

Published

on

by Gilbert Tan

The Non-Constituency Member of Parliament, Mr Leong Mun Wai, would have put in much thought when he asked in the parliament sitting on 3 October 2023, and I quote,

‘And in relation to the amount of money that has come into our system
and the potential amount of profits that the banks can make from it, we must have penalties that are proportional to the potential profits’.

 This statement made by the NCMP was in relation to the S$2.8 Billion laundering case of the ten foreign suspects of Chinese origins.

Although the Commercial Crime Department or the Police may have asked the banks to ‘freeze’ the ill-gotten money, does it mean that the money is left in a static position?

Of course not!

As a major financial centre rivalling that of the United Kingdom, where our local bank CEOs are paid millions of dollars in bonuses each year, we are not known for sitting idling by with our money.

This means that banks can continue to use this ‘laundered’ money to generate more funds through means such as holding it as capital.

If I may steal the thunder from Mr Leong, what the NCMP meant is actually, ‘Is the government sitting idle and watching the banks reaping in profits using the S$2.8 billion?’

There’s a lot the banks can do with that money.

I am indeed surprised that the 2nd Minister for Home Affairs, Mrs Josephine Teo, has missed the forest for the trees. How is the whole-of-government approach led by Ms Indranee Rajah helpful in this response?

As the investigation of the perpetrators may take some time to complete, one year, two or five years, the forfeiture itself can generate a larger sum of money in the form of additional income by the banks, much larger than the original forfeiture of S$2.8 billion over this period of time.

And more importantly, this is not counting the ballooning of additional forfeiture as yet to be unearthed together with additional earnings by the banks.

So the NCMP is right when the MSM reported that ‘He had asked if fines imposed on banks in money laundering cases are proportional to the amount of profit they could make from holding these funds.’

The NCMP is laser-sharp in saying the banks should not only return the ill-gotten money to the government at the end of the court trials but, more importantly, together with the additional money earned by the banks.

Is this so difficult for the government to understand?

Share this post via:
Continue Reading
42 Comments
Subscribe
Notify of
42 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

The answer to this question is fairly simple…because this bimbo is dumb!

Let me ask you one very important question: who won in Jalan Besar GRC? MS Josephine Teo. Who lost in West Coast? Leong Mun Wai. The people have chosen MS Teo and thoroughly rejected Leong. The people have spoken. So you can all ignore this BS coming from Leong’s mouth!

banks are in bed with pappies. that’s why. don’t FICA me hor! just don’t act so sussy baka and people won’t suspect u so much. ok?

Actually, I don’t think she did understand anything in Parliament so far, not only in this instant!

She always gave moronic answers for all questions asked in whatever ministry she helmed!

I don’t blame her, as she was voted in by her constituents, so I can only blame those who voted her in!

10 Fujian money launderers aka
10 Hokkien money launderers.

Give the Taiwanese and Hokkien people here a bad name.

We can ignore the BS from NCMP Leong cause he wasn’t truly voted into Parliament by the people. Hence, his questions are to be ignored.

What to expect of a million$ minister who thinks the solution to our TFR issue is to make babies in small spaces. Such are the standards of the current pap under the Kayu One.

err because Singaporeans have no rights? They spent BILLIONS from the trust we gave them. They literally not even for one second actually consider our opinions. How come Singaporeans are the only geniuses that must pay money to a “Board of Directors” and put our faith in them to make our lives better. But it just looks like the only people having better lives are whoever they choose and these special CHOSEN ones get paid for LIFE! MSM will Wayang and report “so&so after 30 years of service in the public sector retires” But the very next day will also… Read more »

Kudos LMW, asked a relevant question. As it is stolen monies it should be returned to the relevant parties and the banks should not be benefitting from it. All profits from the seizure should be returned to the source of funds. All countries should be invited to place their claims with our Law Ministry. Our Law Minister is without work and has too free time so he is mounting attacks on the younger brother of the PM without resigning first. Did we return 1 MDB’s monies to Malaysia with the profits the banks made ?

Can the

ministry of transport
ministry of health
ministry of defence
ministry of youth

Comment please ………..

They are paid millions dollars for not understanding anything. If they understood anything they will only take a token sum for service to nation. Unfortuntely they are more in the former than the latter.

ANYTHING IS POSSIBLEWITH WONDER WOMAN.

LITTLE SPACE CAN HAVE SAXOPHONE

Unless the statement/point was super~simplified, spelled out in lower case and supported by pictures and lines, … it’d be far too complex for her kind !!!

In case anyone’s interested, … to date, she’s yet to come across anyone demanding an apology from her, … for her abject stupidity and air~headedness !!!

The underlying cause for all our ills is always

Greed
Power
Ego

It applies to individuals, corporations, groups, political parties.

The cure for these ills is simply a larger quantity of

Greed
Power
Ego

But from another individual, corporation, group or political party

No other way.

Jo teo’s million dollars salaries does not allow her to understand Leong’s simple, straightforward point. Or maybe Jo is just a stupid idiot who was born due to sex in a small place – hence her small, underdeveloped brain, if she has one at all.

The first words PAP would use….PROOF IT!
Kam lan oppo always jiak sai…..you can stir as much shit as you want to try to get public sentiments to your side or so the oppo think….but…but..but at the end of the day as someone HAD SAID MANY YRS AGO…

IF IT IS TRUE…SUE LAH
IF YOU DARE NOT SUE….MEANS THE OPPO ARE JUST SHIT STIRRERS!😆😆😆😆🤣🤣🤣🤣

Everything Is Fake.

https://t.me/Tironianae/234600

Jo Teo is an idiot

PAP is extremely business friendly… best friends forever (BFF)..
PAP is hostile to labour … best devil forever (BDF)

PSP and using TCB name, is the most idiot and stupid Party of the Political History in Singapore.

Trending

Discover more from Gutzy Asia

Subscribe now to keep reading and get access to the full archive.

Continue Reading