Money launderers likely to buy used cars, parallel imports
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MONEY launderers are unlikely to buy new cars from authorised dealerships (ADs) due to existing anti-money laundering (AML) measures, and may instead look to used or parallel import car sales from smaller outfits.
The role of cars in money laundering has come under the spotlight after a recent billion-dollar bust, in which the confiscated items included some 50 vehicles.
Major automotive authorised dealership groups all told The Business Times that they have AML measures in place. These are Inchcape Singapore, Jardine Cycle & Carriage , Eurokars Group, Wearnes Automotive and Komoco Holdings, which together represent more than 30 car brands and account for the majority of new car sales in Singapore.
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