Money laundering: Scammers set up companies and bank accounts in S’pore remotely during Covid-19

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A nominee director who helped them set up companies here was fined $9,000. Read more at straitstimes.com.

SINGAPORE – Scammers were able to set up firms in Singapore and move their ill-gotten gains to bank accounts here by exploiting relaxed rules that allowed the registration processes to be conducted remotely during the Covid-19 pandemic.

Deputy Public Prosecutor Vincent Ong said Liang, an accredited accountant who moved here in 2015, opened a corporate secretarial firm in 2020 because he heard the business was profitable. Mail for the company was sent to Yuansen’s office. Another agent later contacted Liang and told him to open two bank accounts for Xin Yang Wu – one for US dollars and the other for Singapore dollars – with UOB.Liang had taken similar steps to incorporate another firm, Zheng Yan, and opened a bank account for it at UOB that same month.One of the victims was German company Gasfin Development.

On Nov 2, American company Examinetics fell victim to a similar ruse and transferred almost US$350,000 to Zheng Yan’s US dollar account. The police in Singapore were able to seize US$250,403.01 in the account. He added that Liang’s background checks on clients were limited to doing simple online searches to see if they were linked to criminal investigations.

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Money laundering: Scammers set up companies and bank accounts in S’pore remotely during Covid-19Scammers were able to set up firms in Singapore and move their ill-gotten gains to bank accounts here by exploiting relaxed rules, which allowed the registration processes to be conducted remotely during the Covid-19 pandemic. In total, they moved US$3.4 million (S$4.65...
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