Bedok resident's 9 out of 185 companies linked to money laundering bust: 'I am a victim here'

Sep 3, 2023

All agents are required to carry out a due diligence check on their clients’ source of wealth and funds. The three foreign nationals originally from China have been charged in court with various offences including money laundering, forgery and resisting arrest. They were arrested by police during the Aug 15 anti-money laundering blitz.

The 41-year-old was not at his Housing Board flat in Bedok when The Straits Times checked on Aug 23. In a call to ST later that night, he said that he was in business with one of the suspects. J.J. added: “But when I read the news of his arrest, I saw that the police had seized cash from him. So I suspect he had the money but did not want to return what he owed me. I am a victim here.”

Professor Mak Yuen Teen, professor of accounting and former vice-dean of the National University of Singapore Business School, said it is not unusual for one to have many companies tagged to his name, if he provides corporate secretarial services. The exception is when they are appointed as nominee directors, who can have positions in multiple companies without being involved in daily operations.

Prof Loh said there are no legal restrictions on how many companies a person can be involved in, but added that having roles in a large number of companies means “a web of possibilities to move resources, which would then make tracking and monitoring tougher”.

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Bedok resident behind 185 companies; nine are linked to billion-dollar money laundering bustExperts say it is not possible for an individual to be involved in so many companies. Read more at straitstimes.com.
مصدر: straits_times - 🏆 5. / 69 اقرأ أكثر »

Bedok resident behind 185 companies; nine are linked to billion-dollar money laundering bustThe listing of a Singapore resident as director, secretary and shareholder of 185 companies here has sparked concerns, after it emerged that several of the firms were linked to three of the
مصدر: thenewpaper - 🏆 7. / 63 اقرأ أكثر »

Bedok resident found involved in 185 companies; 9 linked to $1b money laundering caseSINGAPORE - The listing of a Singapore resident as director, secretary and shareholder of 185 companies here has sparked concerns, after it emerged that several of the firms were linked to three of the 10 money laundering suspects arrested on Aug 15. Experts say it is not possible for an individual to be involved in so many companies, adding that...
مصدر: asiaonecom - 🏆 10. / 59 اقرأ أكثر »

Bedok resident behind 185 companies; 9 of them linked to billion-dollar money laundering bustExperts say it is not possible for an individual to be involved in so many companies. Read more at straitstimes.com.
مصدر: The Straits Times - 🏆 8. / 63 اقرأ أكثر »