Africa Asia Europe North America South America Oceania
You are here: Home > Asia > Singapore

Singapore

Yearbook 2016

Singapore. In May, Singapore's Central Bank (MAS) closed the Swiss bank BSI following disclosures about suspected money laundering linked to neighboring Malaysia's state fund 1MDB, founded by Malaysian Prime Minister Najib Razak. It was the first time in 32 years that a bank was forced to cease operations in Singapore. "BSI Bank is the worst case of lack of control and gross neglect we have seen in Singapore's financial sector," said MAS CEO Ravi Menon. In parallel, Switzerland launched a police investigation against BSI for deficiencies in the internal organization.

2016 Singapore

According to countryaah, plans for a terrorist attack against the popular Marina Bay area in Singapore were rejected in August after a suspected man changed his profile picture in social media to a picture with the text "Indonesian support and solidarity for IS". The exchange, along with other communication via social media, allowed the man and five other suspected terrorists to be apprehended by police on the Indonesian island of Batam, 1.5 miles south of Singapore.

On August 25, the world's first self-driving taxis rolled out onto Singapore's streets. Initially, they were six, but would later be expanded to twelve later in the year, in order to provide the city state's streets with a whole armada of self-driving taxis around 2018.

During a televised speech in August, the country's 64-year-old Prime Minister Lee Hsien Loong fainted. According to doctors, the attack was caused by a temporary drop in blood pressure as a result of "prolonged standing, fatigue and fluid deficiency". However, the incident shocked many Singaporeans who were concerned about the Prime Minister's health.

The same month, it was reported that Singapore-based banking giant DBS has started testing a new video chat in its ATMs in Singapore. The chat offered customers to do simpler banking with 24/7 service. A valid ID document was required to use the service. Some vending machines also scanned customers' fingerprints.

Singapore's central bank closed a second Swiss bank - Falcon Bank - in October due to serious deficiencies in its money laundering controls linked to the Malaysian state investment fund 1MDB. The transactions around 1MDB were investigated in several places. According to Swiss authorities, there was evidence that up to US $ 800 million could have been embezzled in a "scheme of pyramid schemes" fraud.

During the year, Singapore was ranked as one on the World Economic Forum's annual digitization list, where digital infrastructure and Internet use, among others, are measured. In the knowledge survey TIMSS, a survey of school pupils in 64 countries/regions, Singapore consistently had the highest score in mathematics and science in grade 4 and grade 8 respectively. Of the eighth grades in Singapore, 54% reached the TIMSS advanced level of 625 points. In Sweden, the proportion was 3%.

Other Countries in Asia

Countries Leverage Copyright 2013 - 2020 All Rights Reserved