Asean Economic Community launch will see rise in trade flows, but also more problems: OCBC chief
By Siow Li Senlisen @sph.com.sg @SiowLiSenBT
THE launch of the Asean Economic Community this year will see an increase in trade flows, but also more problems such as money laundering and fraud, OCBC Bank chief executive Samuel Tsien said on Wednesday.
"Trade, investments, capital and people flows are expected to significantly increase between the 10 Asean member states as a result of liberalisation of controls across the borders," Mr Tsien said while speaking at the ICC Banking Commission Annual Meeting.
Asean comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. With a population of 640 million, Asean’s total trade in 2013 was US$2.5 trillion, up 1.4 per cent from 2012.
- "We need to be watchful of cross-border money laundering, trade frauds and tax evasions that are sometimes associated with trade finance," Tsien warned.
