Despite the fact that Indonesia has publicly pressed for an extradition treaty, neither Singapore nor Jakarta appears to really want one. Singapore maintains extradition pacts with the British Commonwealth, the United States, Hong Kong and others, but if a treaty were to be concluded with Jakarta, Singapore could face the possibility of losing billions in US dollar deposits as skittish absconders seek other places to put their money. In addition, members of the Indonesian legislature, considered among the world's most corrupt, could fear losing a convenient bolt-hole and bank vault an hour away from Jakarta in case they are ever indicted or on the run.Singapore's banks, protected by some of the world's tightest secrecy laws, are bulging with other people's money, much of it looted and much of it from Indonesia. In 2007, Asia Sentinel reported that during the Asian Financial Crisis of 1997-1998, crooked bankers plundered more than US$13.5 billion from the Indonesian central bank's recapitalization funds to 48 ailing banks and moved most of the money to Singapore. Full Story
