The Business Times
business-time-50

New guidelines to fight money laundering and financial crime in Singapore

Best practice papers put up case studies and red flags to help banks spot trade-based money laundering

google-preferred-sourceAdd BT as a preferred source
Published Mon, May 14, 2018 · 09:50 PM

    Singapore

    TO LAUNDER money through round-tripping, a South Asian conglomerate used 10 subsidiaries to swiftly shift funds of no more than US$20 million each time over just two months between these units.

    The subsidiaries were in parts of South-east Asia, South Asia, and the Middle East, and used at least one Singapore bank account to channel the funds in 2016 through the complex web of inter-company transfers.

    Monetary Authority of SingaporeMoney laundering

    TRENDING NOW

    Tribunal Magistrate Jared Kang described dismissal law as “a little more layered, difficult and unclear than it perhaps needed to be”.

    Firm loses wrongful dismissal case despite following termination clause

    The Vietnamese economy has long relied heavily on bank lending, straining commercial banks as they shoulder the bulk of the financing needed by companies and large infrastructure projects.

    Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks

    Soilbuild and its executive chairman Lim Chap Huat are reportedly seeking unspecified damages over Brookfield’s alleged breach of their agreement.

    Soilbuild’s Lim Chap Huat sues Brookfield, claims it reneged on joint venture: WSJ

    UOB’s asset quality was a recurring theme across all broker notes.

    Citi, OCBC downgrade UOB post-Q2 results; RHB upgrades on valuation

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More