S'pore resident fined $5,000 for letting foreigner use his name to set up local company for money laundering

SINGAPORE - A Singapore resident was slapped with the maximum fine of $5,000 on Thursday for lending his name to a foreigner to incorporate a local company that was used to launder money.

Chong agreed to be the resident director in Milotex after Pee Lee Ping, the director of a corporate service provider, offered him a sum of money in return. Milotex had been incorporated at the request of Pee's client, who is a foreigner. Pee instructed Chong not to be involved in the running of the company. Chong then signed paperwork and opened bank accounts for Milotex without finding out about its business or meeting the foreigner behind it.

So little fine, how to deter crime. Money gotten from foreigner more than enough to pay. Should Ban from holding any director position for 5 years.

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Fonte: ChannelNewsAsia - 🏆 6. / 66 Consulte Mais informação »