Unlike the US, EU and Australia, Singapore (like other Southeast Asian nations) has a full and active economic and diplomatic relationship with Myanmar.
Singapore's banking regulator may insist that the city-state is not a safehaven for hot money.
But that's largely irrelevant to the Burma cash question because the Singapore government views the junta as a legitimate regime.
Therefore any cash accrued by the generals is, by definition, not considered hot money in Singapore.
So why can't Than Shwe or his fellow Burmese generals just open a bank account with DBS or some private bank and deposit their money there like any other secretive millionaire, with no questions asked?
Photo by deepchi1, courtesy of a creative commons licence.
Posts
