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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
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.
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