Singapore Banking Corruption for Indonesia and Malaysia

On March 18, Indonesias Finance Minister Sri Mulyani Indrawati (above) announced that the countrys Directorate General of Taxation will go after Indonesian wealth parked overseas, saying data indicate Indonesians have illegally moved Rp1. 3 quadrillion (US91. 3 billion) worth of assets outside of the country. Sri Mulyani doesnt have far to hunt, and multiple sources say her US91 billion figure is a relatively paltry portion of the total. She can send her investigators to Singapore, an hour and 50 minutes away by any one of 35 flights a day, where, according to a 2014 Cornell University Southeast Asia Program study, at least 39, 000 Indonesians worth US4. 1 million each were residing semipermanently and had stored nonhome financial assets. The study put the total amount of Indonesian money in Singapore at a minimum of US93 billion. According to one study, however, as much as an astonishing US380 billion has been spirited out of Indonesia alone 40 percent of Singapores