RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views in this week’s topic in the Business Times’ weekly column, Views from the Top.
This article was first published in The Business Times on 17 October 2016.
A global pushback
OCT 17, 20165:50 AM
THIS WEEK'S TOPIC: What would be the impact on business of a growing backlash against globalisation in the major economies? How should policymakers respond?
Tan Chong Huat
RHTLaw Taylor Wessing LLP
EXPANDED global trade has raised incomes around the world. Unfortunately, as the Brexit vote demonstrated, the backlash against globalisation is real. It is increasingly clear that policymakers have underestimated the rise of nationalism and the sentiment of having been left behind felt by sections of society. Policymakers need to help workers affected by globalisation to retrain and get back into the labour force quickly. Economies like Singapore need to remain open and embrace globalisation. This is the only way to create jobs and raise incomes. For example, Singaporean businesses must press on in the Asean markets. At RHTLaw Taylor Wessing and the RHT Group of companies, we are actively growing our external wing through our Asean Plus initiative. This is evidenced by the recent launch of RHTLaw Taylor Wessing Vietnam.
RHTLaw Taylor Wessing Head of Regulatory Practice Nizam Ismail was featured in Channel NewsAsia and Channel 5 News.
All three reports were in relation to the Monetary Authority of Singapore (MAS) decision to shut down Falcon Bank’s operations in Singapore citing serious failures in anti-money laundering controls and improper conduct by senior management regarding compliance. MAS has also imposed a fine on DBS and UBS for breaches in its anti-money laundering requirements and control lapses.
The closure of Falcon Bank follows that of BSI Singapore earlier this year after investigation by MAS into 1MDB-related fund flows. Nizam contributed that the closure of a bank is a very extreme exercise of supervisory powers and it would have been carefully considered by the MAS prior to exercising that power. He also commented that this decision is a clear signal that anti-money laundering breaches will not be tolerated by the MAS.
Nizam’s full features can be found in the following news reports:
Singapore Tonight – Channel NewsAsia, 11 October 2016
PrimeTime Asia – Channel NewsAsia, 11 October 2016
5 News – Channel 5, 11 October 2016
Nizam Ismail is also a Co-Founder at RHT Compliance Solutions.