SINGAPORE: A 55-year-old man was sentenced to 15 months' jail on Thursday for setting up a company and opening bank accounts to facilitate money laundering.Criminal proceeds of more than US$200,000 were channelled through the bank accounts between March and May 2019. The money originated from victims who believed they were buying investment shares, said the Singapore Police Force in a news release.
"According to Max, Leo simply had to register a company in his name and open corporate bank accounts under the company’s name, and he would be paid at least S$1,000," said SPF.He then relinquished control over the accounts to Max by handing him the bank tokens, ATM cards and chequebooks to an unidentified runner working for Max, said the police.
"In particular, Leo had received a warning from the police in early 2019 to refrain from giving up control over his bank accounts to others, and was informed that he may be exposing himself to criminal liability if he continued to do so."