Minister Indranee Rajah disputes FT report claiming govt gave banks ‘unusual’ briefings

SINGAPORE: Minister in the Prime Minister’s Office Indranee Rajah addressed a Financial Times (FT) report on Tuesday (7 May), rejecting its characterization of government meetings with top international banks as “unusual.”

The article, published on 20 April under the title “Singapore gives top-level briefings to reassure foreign banks on stability,” suggested that the government had provided international banks with an “unusual series of top-level briefings on geopolitics.”

According to the report, the purpose of these briefings was to reassure the banks about Singapore’s ability to remain stable and neutral amidst increasing tensions between China and the West.

In response to a parliamentary question filed by Mr Louis Chua, Workers’ Party Member of Parliament for Sengkang GRC regarding the objectives and key messages of these briefings, Ms Indranee in a written reply on Tuesday (7 May) disputed the framing of the meetings by FT.

“It is surprising that such a poorly sourced story, vainly searching for a point, could appear in a major paper like FT, especially after we had repeatedly clarified matters with the reporter, including telling her the briefings were not unusual,” Ms Indranee stated.

Ms Indranee further challenged the suggestion that the government was conducting these briefings covertly, noting that the FT failed to mention that most of the briefings had been publicly disclosed by ministers on their social media platforms.

“Several asked us follow-up questions, but decided there was no story once we explained our position,” Ms Indranee said.

The FT article cited sources familiar with the talks, indicating that Senior Minister and Coordinating Minister for National Security Teo Chee Hean led several of these meetings.

Other ministers involved included Foreign Affairs Minister Vivian Balakrishnan, Trade and Industry Minister Gan Kim Yong, and Home Affairs and Law Minister K Shanmugam.

The report named Citigroup and Standard Chartered among the US and European financial institutions participating in the briefings, along with local banks.

In her written reply, Ms Indranee emphasized that such briefings involving ministers and officials have been a longstanding practice spanning decades.

She noted that the engagements encompass a diverse range of stakeholders, including not only financial institutions but also businesses, non-governmental organizations, unionists, and students, highlighting the government’s commitment to engaging with stakeholders extensively.

Minister’s response to strengthening anti-money laundering measures

Mr Chua, in addition, submitted a question to the Prime Minister regarding plans to bolster anti-money laundering regulations following the S$3 billion money laundering probe, which stands as Singapore’s largest to date.

In this case, ten individuals have been charged, with five already sentenced to jail terms ranging from 13 to 15 months.

Responding to Mr Chua’s inquiry, Ms Indranee revealed that an inter-ministerial committee has been actively engaged in investigating the matter and intends to provide updates on its findings in the forthcoming months.

The establishment of this committee was announced in October 2023, with Ms Indranee assuming the role of chairperson.

Ms Indranee, who also serves as the Second Minister for Finance, leads the committee comprised of political office holders from the Monetary Authority of Singapore and key ministries, including Home Affairs, Law, Manpower, and Trade and Industry.