SINGAPORE: A company director was sentenced to four weeks' jail on Wednesday for conspiring to cheat banks by making false declarations about the beneficial owners of several firms.
Vadim would register each company with the Accounting and Corporate Regulatory Authority in the name of the local resident director and list them as the sole shareholder of the company."Vadim was convicted after trial in relation to three such instances, whereby he abetted a local resident director to falsely declare himself to the banks as the ultimate beneficial owner of the companies/bank accounts in question," said CPIB.
The offences, committed between 2014 and 2017, had circumvented the banks’ anti-money laundering procedures, CPIB noted. "Singapore adopts a strict zero-tolerance approach towards corruption and financial crimes such as money laundering that threaten the integrity of our financial system," said CPIB.In a separate press release, ACRA said it has cancelled the registration of MEA Business Consultancy as a filing agent after it failed to conduct due diligence to establish the identities of the beneficial owners of the registered entities.