SINGAPORE - A 55-year-old man was sentenced to 15 months’ jail and a $5,000 fine on Thursday for his role in a money laundering scheme where he was the director of a company that received more than US$200,000 in criminal proceeds.
Although Leo was the director of the company, the bank accounts were under Max’s control after Leo gave away bank tokens, automated teller machine cards, as well as cheque books associated with the two accounts. He also received multiple fund recall requests from banks regarding suspicious transactions using Oasis’ bank accounts, but Leo continued to act on Max’s instructions and chose not to report the matter or close the accounts.
The penalty for the Companies Act offence carries a jail term of up to 12 months and/or a fine of $5,000.