Director of 380 companies fined for money laundering

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Crime أخبار

Singapore,Director,Companies

A man who held directorship in hundreds of companies was fined S$8,500 after two of the companies he incorporated were found to have laundered millions of dollars in scam money.

SINGAPORE — A man who was a director of over 380 companies in Singapore was on Thursday ordered to pay a fine of S$8,500, after two companies he incorporated or helped to incorporate were found to have dealt with millions of dollars in scam money.New: You can now listen to articles.A man who held directorship in hundreds of companies was on Thursday ordered to pay a fine of S$8,500

In November 2019, he expanded the incorporation services offered by Atoms Global into the China market by setting up a Panasia office in Shenzhen. Panasia would run a check on the prospective client on Sentroweb, an online customer due diligence solutions provider and require them to submit a due diligence form with their identification documents.“Beyond the simple online search, he did not do anything to check that the companies were not being used for illegal activity,” he added.Zheng charged S$1,000 to S$1,400 annually for each Chinese company registered, while drawing a monthly salary of between S$10,000 and S$15,000.

“While Er did not know what work Atoms Global or Zheng did, he did not ask further questions and agreed to the arrangement as he wanted the money,” said DPP Ong. Er was a director of a total of 186 companies here, 177 of these appointments were held as of January 2021.

 

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