Singapore police could get powers to stop people from voluntarily transferring money to potential scammers

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SINGAPORE: The police might have the authority to halt such transfers if potential scam victims refuse to accept that they have been targeted and continue to insist on sending money away.

New legislation has been proposed to allow the police to order banks to restrict a potential scam victim’s banking transactions, including online banking, PayNow and automated teller machine ( ATM) facilities.

According to a press release released on Monday ( Nov 11 ), the police can better defend targets who do n’t believe they are being defrauded.

Minister of State for Home Affairs and Social and Family Development, Sun Xueling, had previously introduced the Protection from Scams Bill to congress.

In some con cases, the subjects had been told by the police, businesses or family members that they were being scammed, but nevertheless proceeded with the cash payments, explained MHA.

The government claimed that the police lack the authority to stop victims from giving their money to scammers if they so choose to do so.

This time, MHA held a public discussion on the Bill through the REACH webpage from August 30 to September 30. Additionally, it had discussions with people from different ages in target organizations.

” General, respondents were friendly of the Bill and provided their ideas and opinions on the ideas, which we have taken on board where appropriate”, said MHA.

SELF-EFFECTED Swaps

Despite safeguards and broad public education efforts, MHA noted that there are still many fraud cases in Singapore and related to the voluntary transfer of funds by the sufferer to the perpetrator. &nbsp,

In the first quarter of this year, 86 per share of reported schemes resulted from self-effected payments.

” The swindlers did not gain strong power of the victims ‘ accounts, but manipulated the sufferers into transferring their cash to the swindlers”, MHA explained.

If there is a good reason for believing that someone will transfer money to a scam, officers will be able to challenge restriction orders to banks.

It will involve the seven Domestic Systemically Important Banks ( DSIB ) here — DBS, OCBC, UOB, Citibank, HSBC, Maybank and Standard Chartered Bank— which manage most of the consumer deposits in Singapore.

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US Fed chief Powell says he won’t bow to Trump – Asia Times

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US President-elect Donald Trump has consistently threatened to fire the head of the US Federal Reserve, Jerome Powell. That may have seemed like a remote and absurd idea up until this year. Then, we again have to take it seriously.

Powell himself is undoubtedly one of them, and he has already started to rebel. Responding to the risk on Thursday, he insisted he did not withdraw. Additionally, he claimed that Trump’s repeated threats to remove him were” never permitted under the law.”

May Trump’s attempts to carry out his threat be a crucial first check for any possible authoritarian tendencies.

Powell’s departure had breach long-standing standards of central banks independence. If successful, this development may have significant effects on global democracy and the separation of powers.

An ancient conflict

Trump and Powell’s conflict is not novel. Powell was really appointed governor of the Federal Reserve by Trump in 2018. Yet, like many of his various appointees, Trump quickly turned against Powell.

Criticizing&nbsp, the Federal Reserve for never cutting interest rates fast enough in 2019, Trump called Fed leaders “boneheads”, accusing Powell of having” No’ guts,’ no impression, no eyesight”!

Beyond Trump, some economists have praised Powell’s administration of economic policy, which has effectively reduced soaring inflation rates. Joe Biden, the president, was convinced enough to assign Powell to a second four-year expression as head starting in 2022.

Trump, while, only stepped up his accusations, many of which became uneven with his earlier place. He was instantly criticizing Powell for even considering interest rate reductions in February of this year.

Trump falsely claimed that Powell, a longtime Republican, made the claim that the election was a political stunt to aid Democrats ‘ victory.

Had Trump actually flames Powell?

Trump has asserted on numerous occasions that he should have control over the building of interest rates and that Powell may be fired.

A part of the Federal Reserve table may be “removed for induce by the leader,” according to the appropriate legislation. But in this context, courts have interpreted” for cause” to refer to misconduct or impropriety. The president has the authority to appoint members only for social or policy reasons.

Trump may attempt to remove Powell from the head and appoint a new one as governor. Ok, there is less of a constitutional law. Previous leaders have often assumed that they lack the authority to do this.

The Federal Trade Commission commissioner’s firing effort by President Franklin Delano Roosevelt in 1933 is the closest historical precedent. Here, the judges eventually found in favour of the judge’s independence.

But the constitutional landscape has changed. A Supreme Court with a favorable opinion of Trump, which has recently ruled in favor of an expanded professional presidency, may come in with various opinions.

Inflation, prices, inflation

If Trump makes an effort to oust Powell, it will have a significant impact on the Federal Reserve’s freedom. That has a significant impact on its ability to regulate interest rates without involving strong political interference.

In the long run, this is likely to cause inflation to rise. Buyers can anticipate lower interest rates in the future if they think officials are likely to tamp down interest rates in favor of their own short-term social goals.

This assumption alone does not lead to inflation, which is a significant factor in the majority of established nations ‘ policy of isolation from strong political influence.

Unfortunately, promising to lower prices was a central plank of Trump’s powerful election campaign. How Trump approaches Powell’s future may, therefore, be carefully watched by businesses.

Checks and balances

Supreme Court Building, in Washington D.C. United States of America
The US government’s” separating of forces” has historically been a significant idea. Image: Orhan Cam / Shutterstock

Trump’s “populist” philosophy of politics is reflected in his assertion that the leader should have authority over both separate government bodies and interest charges.

Populist officials claim to be a representative of the political will. They frequently oppose administrative checks and balances, arguing that they interfere with the political authority they claim to represent.

Traditional checks and balances have always existed in the US social structure. The goal is to restrict the electricity that a single politician or group can hold.

The” separation of powers” – a appreciated principle in the United States and beyond – seeks to distribute power out across various organisations such as the judiciary, the legislature, the president and other independent institutions.

If Trump fires Powell, it will be a clear indication of how a minute Trump administration will view the separation of powers, and it will help to justify his concern about Trump’s upcoming autocratic purposes.

Henry Maher is professor in elections, Department of Government and International Relations, University of Sydney

The Conversation has republished this post under a Creative Commons license. Read the original content.

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Parliament to discuss Singtel landline outage, oil spills and telemedicine standards

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At the following meeting on Monday ( Nov 11 ), members of Parliament will discuss the recent oil spill incidents as well as the last month’s <a href=”https://www.channelnewsasia.com/singapore/singtel-landline-down-phone-service-outage-disruption-kkh-dbs-uob-banks-businesses-4665266″>Singtel landline outage.

In the midst of a probe into the company MaNaDr Clinic and the new study to determine whether 38 Oxley Road&nbsp, is worthy of preservation, concerns were also raised regarding healthcare providers.

Members were questioned about what might have caused the Oct 8 phone disturbance, how such an incident could have been avoided in the future, and whether any legal action will be taken against Singtel in the order report released on Friday.

The hours-long phone interruption, which the company called an “isolated incident”, disrupted calling to emergency services, medical institutions, banks and businesses.

MP Tan Wu Meng ( PAP-Jurong ) questioned the Ministry of Digital Development and Information about the root causes of the disruption and whether current business continuity standards are sufficient in situations where a telco provides essential hotlines support.

In the event of a company loss, Dr. Tan even inquired with the Ministry of Home Affairs about the back plans for crucial phone alerts like 995 and 999.

NCMP Hazel Poa ( PSP) asked for the estimated number of calls to 995 and 999 that were impacted by the failure, and what punishments, if any, have been imposed on Singtel.

Concerning the lessons learned from the disruption, MP Yip Hon Weng ( PAP-Yio Chu Kang ) inquired whether an independent investigation will be conducted to identify vulnerabilities and stop future incidents.

According to MP Lim Wee Kiak ( PAP-Sembawang ), the Ministry of Health was asked how many patients experienced delays in getting medical care because of the outage, how many patients experienced negative outcomes as a result, and what assistance has been given to them.

OIL Pours

Members also filed concerns about past week’s oil spills, which included an affair off Changi during bunkering operations&nbsp, and a Shell petrol pipeline hole.

Given Singapore’s status as a global bunkering hub, Ms. Cheryl Chan ( PAP-East Coast ) questioned the Ministry of Transport about the need for a review of oil sighting and alert mechanisms and how the costs and workload incurred by the agencies involved would be handled.

MP Poh Li San ( PAP-Sembawang ) asked about the impact of the spills on Singapore’s seawater quality and marine ecosystem, and the mitigation measures for future incidents.

The state will be checking the structural integrity of all oil pipelines in Singapore’s lakes, according to NCMP Hazel Poa ( PSP), and Shell may face penalties.

TELEMEDICINE STANDARDS

Additionally, inquiries were made regarding the legal framework for healthcare providers.

MP Wan Rizal ( PAP-Jalan Besar ) questioned the Ministry of Health ( MOH) about the measures in place to ensure telehealth providers consistently adhere to patient care standards, as well as whether additional regulatory frameworks will be developed.

MP Hany Soh ( PAP-Marsiling-Yew Yee ) &nbsp, asked how the public would be assured that teleconsultation services meet the appropriate standards, and whether MOH has received feedback on potentially errant medical clinics.

OXLEY Highway

The Oxley Road site has been studied by the National Heritage Board ( NHB) to determine whether it merits to be preserved as a national monument.

NCMP&nbsp, Leong Mun Wai ( PSP) asked the Ministry of Culture, Community and Youth why another study was needed considering that the Ministerial Committee on 38 Oxley Road had assessed in 2018 that the property had architectural, heritage and historical significance.

MP Louis Chua ( WP-Sengkang ) requested information on the terms of reference for the NHB study and how the current study is different from the Ministerial Committee’s 38 Oxley Road terms of reference.

Six Payments are set to become introduced, including the Protection from Scams Bill.

Seven other Bills are also scheduled for second reading, among them the Community Disputes Resolution ( Amendment ) Bill.

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Cantonese temple at Sims Drive and pre-war bungalows at Adam Park identified for conservation

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SINGAPORE: One of the oldest Chinese temples in Singapore may be considered for protection, along with 19 pre-war houses at Adam Park. &nbsp,

In the 1860s, migrant populations with primarily Chinese nature founded the Mun San San Fook Tuck Chee church at Sims Drive. When its directors purchased the land in 1902 to build the sanctuary along the banks of the Kallang River, it relocated to where it is now. &nbsp,

The pre-war bungalows at Adam Park, meanwhile, were built in 1929 by the Singapore Improvement Trust ( SIT ) as housing for&nbsp, families of officers from the Municipal Council and SIT.

According to the Urban Redevelopment Authority ( URA ), they have largely been preserved since World War II.

National Development Minister Desmond Lee announced the URA’s plan to preserve the two sites on Friday ( Nov 8 ), stating that Singapore must strive to include significant heritage in its development plans even as it plans for its future. &nbsp,

At the URA Architectural Heritage Awards, he stated that “preserving buildings and structures of the highest value is an important way to do but” to provide a natural and physical connection to our history.

By conserving these structures and houses, we hope to preserve natural representations of the shared history and memories of our country, populations, and people.

This strengthens our shared nationwide personality and creates a deeper relationship among Singapore.

Conserved properties are subject to particular URA rules. Before all changes functions and new uses of the place you start, permission is required.

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Asian markets extend rally after Fed cut

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On Wall Street, the S&amp, P 500 and Nasdaq rallied again to reach new information, helped by powerful performances by software titan Apple, Google family Alphabet and Facebook’s Meta. Asia took up the stick in early business, with Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta allContinue Reading

Agencies take aim at mule accounts

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More business transactions are being opened as con artists and swindlers develop their strategies

PUBLISHED: 7 Nov 2024 at 20: 04

Deputy Commerce Minister Napintorn Srisunpang (centre) witnesses the signing of a memorandum of understanding between the Central Investigation Bureau (CIB) and the Department of Business Development (DBD) to combat mule accounts. CIB chief Pol Lt Gen Jirabhop Bhuridej (left) and Auramon Supthaweethum, director-general of the DBD, signed the agreement. (Photo: Ministry of Commerce)
The signing of a memorandum of understanding between the Central Investigation Bureau ( CIB ) and the Department of Business Development ( DBD ) to combat mule accounts is witnessed by deputy commerce minister Napintorn Srisunpang (centre ). CIB chief Pol Lt Gen Jirabhop Bhuridej ( left ) and Auramon Supthaweethum, director-general of the DBD, signed the agreement. ( Photo: Ministry of Commerce )

To combat corporate mule accounts and nominee operations, the Ministry of Commerce’s Department of Business Development ( DBD ) and the police Central Investigation Bureau ( CIB ) are working together.

According to Karom Polpornklang, a lieutenant spokeswoman for the Prime Minister’s Office, the prime minister’s office has issued a policy to combat cybercrime, with a focus on cracking down on business mule accounts frequently used by criminals to obtain illicit funds. &nbsp,

In reaction, the DBD and the CIB reached a memorandum of understanding to start a joint construction that would combat the use of nominee services to elude the identification of those responsible for criminal activity.

According to the two parties, these combined efforts will simplify resources and legal authority across companies and improve both preventive and punitive methods to effectively deter criminal activities.

More fraudsters are registering business entities to start mule accounts, according to Mr. Karom. Therefore, using these accounts, you can use them to send money to defrauded fraud victims, who are frequently duped by phony call centers.

Lately, authorities identified 602 business animal transactions linked to costs exceeding 680 million baht.

In a different development, the Department of Special Investigation ( DSI) recently raided 21 safety deposit boxes at Lop Buri province’s commercial banks, exposing approximately 300 million baht in assets connected to money laundering by the” Mae Mon” online gambling network.

The property included metal, property deeds, jewels and 15 million ringgit in cash.

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With falling interest rates, have T-bills and savings bonds lost their allure?

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Additionally, Mr. Thum cited items from online banks and financial institutions like Stashaway, GXS, Singlife, and Syfe, which have interest charges that are close to 3 %.

” The biggest beneficial is that these are all incredibly low risk purchases”, he said, adding that the minimum sum is as low as S$ 100 for some items.

According to Mr. Ray Zheng, a client advisor at Providend, owners should find out where their money is actually going with fixed payments or several money. The earnings on products offered by financial institutions may be attractive.

Alfred Chia, the CEO of SingCapital, noted that some businesses may use this technique to generate higher profits. Buyers need to be aware of what the long-term results may actually get.

ALTERNATIVES WITH HIGHER LIQUIDITY

For buyers looking for items without lock-in intervals, fixed income resources and money market funds are two possible solutions, according to Mr Zheng of Providend.

The first is a collection of investment-grade ties, while the second is a collection of short-term fixed payments managed by a fund manager.

Both are extremely wet, so buyers can typically withdraw their money as needed.

A least BBB rating on investment grade bonds indicates that the lender is financially positioned to pay attention to investors.

” Ties and fixed income are generally considered to be low-risk equipment”, said Mr Zheng, noting that they are less dangerous than other asset classes like stocks.

” When businesses are over, bonds or fixed income lose less than securities”, he said.

Comparing strong bonds or fixed payments to set money funds and money market funds, maximum investment amounts are usually lower.

But, Mr. Zheng noted that these funds may be more difficult to understand and less clear than bonds or fixed payments, which are both more difficult to buy and understand.

Mr Alfred Chia, CEO of SingCapital, said there is potential for capital gains when owners buy a set salary account.

When interest rates fall, bond rates generally rise. Selling the tie for a higher price may have a positive impact on the investor.

He even said traders should consider shares in building a healthy, long-term investment.

” Come state for low-risk buyers, they may consider an investment portfolio made up of 80 per cent ties and 20 per cent equity”, he said.

When interest rates fall, the saving cost for firms is lowered. ” Companies that can handle well, they will be able to boost their profit, but finally, equity markets did do well”.

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‘Trump trade’ wins, Asia loses as risk factors surge – Asia Times

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It’s obvious Donald Trump’s big gain is a game-changer of epic sizes, from the harsh effect in Asian economies to the frantic press speculation about what lies ahead.

The declines in Chinese securities and the yuan only demonstrate how investors are quickly rearranging their strategies for addressing global financial risks and opportunities. The money surged on the news Trump scored a&nbsp, next term. US companies jumped, as did crypto prices. Provides on US Treasury securities shot higher, also.

The” Trump trade” that Asia has in mind is to take cover. A Trump 2.0 White House may certainly be more inward-looking, putting Asia’s export-oriented economy in harm’s way.

A large fire radius is present. Though aimed at China, Trump’s designed 60 % tariffs will destroy Japan, South Korea, Thailand, Vietnam and another trade-driven markets. The aftermath on shipping flows could be unimaginable.

According to Dubravko Lakos-Bujas, a planner at JPMorgan,” a significant increase in tariffs would reflect the most significant departure in policy from the latest administration and possibly the largest source of volatility.” The current macro environment is significantly different from what it was eight years ago, when the business cycle was in its mid-cycle, when the Fed did n’t care about inflation, and when pro-growth 1.0 policies were simpler to implement and had a greater impact on the bottom line.

Trump’s win over Kamala Harris is more of a “black swans” occasion for Asia than a “gray one.” Unlike the past, the latter is a repetitive but doubtful results. A “gray swan”, though, does have its own&nbsp, serious consequences, too.

Unexpected effects might be a way to strengthen Xi Jinping’s influence in China. Trump may effectively strengthen it by attacking Beijing with such an aggressiveness that he essentially strengthens by compulsion to integrate with an Eastern economy with China at its core and not an America led by an uneven, mercantilist president who blames Asia for many of his country’s failings.

For Asia, the best-case situation is that Trump’s tax risks are more a negotiating strategy than a real accompli. In fact, Goldman Sachs economists predict that Trump may only establish 20 % tariffs on China and resist the urge to impose blanket charges on other countries.

Trump may turn the other means and impose taxes he has previously threatened to impose. Trump has already stated that there will be 100 % taxes on Mexican car exports.

How much is manufacturers in Japan and Korea hope to avoid such restrictions, especially given that Tesla’s CEO has Trump’s ear? At the very least, electronic vehicle charges will be stacked confidently against non-US manufacturers.

The&nbsp, financial challenges &nbsp, may be even greater. One is that a penny march that has already irritated Asia will take a turn. For years, the economy’s “wasteball” impulses have shook international markets. It has lured enormous waves of global capital west, disadvantaging emerging-market markets in specific.

The difficulty, explains Tom Dunleavy, a companion at MV Capital, is that emerging markets “rely strongly on assets and have debts in money”. The majority of business and debt is also based in dollars, along with fuel. And he says that” the ratio of everything is going up.”

Regardless of the dubious reasoning behind it, the more packed a continued-dollar-strength business becomes as the result of the global fallout when depressed punters flee for their exits. And Trump was serve up some such situations.

Though Trump’s tariffs get the headlines, Asia is extremely worried about what his next president may mean for the Federal Reserve, the keeper of the world’s top supply money.

Trump put the techniques on the Fed during his 2017-2021 stay in the White House. Jerome Powell sabotaged his hand-picked Fed chair, and he went after him frequently. In 2019, Powell bowed to unrelenting force from&nbsp, Trump, who also threatened to fire him.

That’s how the world’s most powerful economic authority added liquidity to a flourishing business that did n’t need new substances. Trump’s Fed meddling set the stage for the post-Covid-19 price surge to come. It also tarnished the Fed’s credibility in global markets.

For Asia, Trump’s Fed policies are especially worrisome. The region’s central banks are armed with the largest stocks of US Treasury securities. Japan alone holds$ 1.1 trillion of US debt, China$ 770 billion.

Together, Asia’s largest holders of dollars own about$ 3 trillion worth. Trump 2.0 would put at risk vast amounts of Asian state wealth if his fiscal policies push Washington’s debt far above today’s US$ 35 trillion.

Not to mention the ways China might retaliate, leading to cycle of tit-for-tat trade curbs. Or might Beijing make a move to dump sizable amounts of Treasuries to punish the Trump 2.0 gang?

Or what if Trump’s designs on altering the Fed’s mandate come to pass? A key plank of the” Project 2025″ strategy that the Heritage Foundation devised for a&nbsp, second Trump term&nbsp, is watering down Fed independence.

In a recent interview with Bloomberg, Trump took shots at Powell and his fellow policymakers. ” I think it’s the greatest job in government”, Trump said. Everybody talks about you like a god when you say,” Let’s say flip a coin,” and you show up to the office once a month.

Trump also contends that the White House has every right to compel the Fed to do its bidding.

Trump once remarked in August that the Federal Reserve had “kind of got it wrong” ( very interesting ). He went on to say that” I feel the president should have at least ]some ] say in there, yeah. I feel that strongly. I think that, in my case, I made a lot of money. I was very successful. And I believe I have a better instinct than those who, in many cases, would be chairman of the Federal Reserve.

This could put the Fed’s economic role closer to that of the People’s Bank of China.

To be sure, the concept of central bank independence has been muddied. Take the&nbsp, Bank of Japan, which has held interest rates at or near zero for 25 years. What truly self-governing central bank would do that?

Yet the Fed is a different story. The dollar serves as the foundation of global finance and trade. Trump frequently discussed using a weaker dollar to gain a competitive advantage during his first term. Any policy change that undermines confidence in the US government and the dollar makes the world system shakier.

A weaker dollar could fan inflation. That, on top of Trump’s tariffs, could put the Fed in a very tough spot as Trump looks over Powell’s shoulder. Economists are frantically debating how all of this might turn out.

” On the US dollar, Trump wants to revitalize US manufacturing and exports”, says Will Denyer, an analyst at Gavekal Research. He may try to manipulate the dollar lower because he recognizes that the strength of the US dollar is an obstacle to these goals.

However, Denyer says, “he has few good options. Given how dependent the US government and companies are on foreign capital today, it is difficult to use capital controls to deter foreign inflows. And if Fed chair Jay Powell persists until the end of his term in May 2026, leaning on the Federal Reserve to lower interest rates wo n’t be simple in the near future.

Trump might try to use the threat of tariffs as a negotiating tactic in an effort to revalue their currencies, Denyer adds. However, it is doubtful whether multilateral or even broader economic policy changes will significantly weaken the US dollar in the absence of broader economic policy shifts.

This, Denyer concludes,” will leave Trump to hope that continued disinflation allows the Fed to cut rates, weakening the US dollar. However, there is a sizable probability that loose fiscal policy and sticky inflation will keep&nbsp, monetary policy&nbsp, relatively tight, supporting the US dollar and confounding Trump’s aim of weakening the currency”.

Another irrational possibility: whether Trump will continue to flirt with defaulting on US debt. He declared to CNBC in 2016 that he would “know that you could make a deal” if the economy crashed. And if the economy was good, it was good. So, therefore, you ca n’t lose”.

Trump considered canceling Beijing’s debt while serving as president for the first time in light of trade tensions. With the US national debt twice the size of Chinese gross domestic product, it’s easy to see how that would make the 2008″ Lehman shock” seem quaint by comparison.

Asian assets are also weighed by the threat of geopolitical conflict. One example is what a Trump 2.0 foreign policy team might have for Taiwan.

Trump’s return is music to Vladimir Putin’s ears, giving the Russian leader greater scope to commandeer&nbsp, Ukraine&nbsp, once and for all. Compared with US President Joe Biden’s administration, Trump also seems less likely to come to Taipei’s defense if China moved against the island of&nbsp, 23 million people.

Asia investors will also keep their bets guessing about the direction US policies in the Middle East will take. Trump, for instance, might give Israeli Prime Minister Benjamin Netanyahu more freedom to fight the conflict in Gaza. He’s also likely to tighten sanctions on Iran, adding fresh uncertainty to oil supply dynamics and, by extension, energy prices.

” Conceptually, the impact of a potential second Trump term on oil prices is ambiguous”, says commodity researcher Yulia Zhestkova Grigsby at Goldman Sachs.

As Trump 2.0 assumes power, other issues will concern Asian governments. Japan and Korea are concerned that Trump’s “grand bargain” trade agreement with Xi leaves other top Asian nations staring in from the distance.

All that’s clear, though, is that there will be fewer guardrails or inhibitions as Trump seeks to “make America great again” at Asia’s expense.

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