The Business Times

Money laundering

Singapore

Singapore rejects request to release funds from firms linked to alleged Cambodian scam kingpin Chen Zhi

[SINGAPORE] A district judge from the State Courts has dismissed the application made by a former employee of alleged Cambodian scam kingpin Chen Zhi, for the release of seized funds.

Even in the face of scandals, the Republic has been able to maintain its stature as a global wealth hub.
Companies & Markets

Fujian gang, Prince Group money laundering incidents unlikely to dent Singapore’s appeal as wealth hub

MAS likely to go ahead with simplifying the single family office tax incentive framework in the face of rising competition

Nigel Tang Wan Bao Nabil (far left) was taken into custody on Dec 11 after he returned to Singapore, said a police statement on Thursday.
Singapore

Singapore arrests former captain of alleged scam kingpin Chen Zhi’s yacht

Nigel Tang Wan Bao Nabil was the captain of a superyacht called Nonni II that Chen owned

The two former directors used online advertisements offering easy income to Singaporeans willing to act as nominee directors. This was to satisfy regulatory requirements for directors to be local residents.
Singapore

Jail for ex-directors of corporate service provider who incorporated 109 firms to launder scam funds

About 16 of the companies received more than US$14.6 million in fraudulent funds from victims in multiple countries

The Straits Times previously reported that Su Binghai had fled Singapore the same night police raids over the money laundering case took place in Singapore on Aug 15, 2023.
Singapore

S$3b money laundering case: 8 companies in Singapore blacklisted over their links to 2 fugitives

[SINGAPORE] Eight companies in Singapore have been blacklisted and barred from business dealings over their links to two fugitives who allegedly played key roles in the S$3 billion money laundering ca...

Jho Low (left) and Chen Zhi pulled off colossal financial crimes because the system was flawed.
Asean Business
THINKING ALOUD

Jho Low, Chen Zhi: Two fugitives, two ecosystems

These high-profile frauds expose an uneasy truth about financial oversight in South-east Asia

Tan Yew Kiat was arrested this week after the Singapore Police Force conducted a series of raids.
Singapore

Authorities draw links to car leasing companies in Singapore as US money laundering probe widens

Police raid SRS Auto’s premises and arrest sole proprietor Tan Yew Kiat

Exchanges are important in the crypto financial system because they allow customers to set up accounts, store funds, and make payments – analogous to traditional banks.
Global Enterprise

Crypto giants moved billions in illegal funds despite crackdown

Regulators and law enforcement have tried to push crypto exchanges to implement anti-money laundering safeguards

Su Binghai had purchased nine luxury central London apartments for $27 million just one week after he fled Singapore.
Singapore

S$3 billion money laundering case: Two suspects on the run spent S$70 million on UK properties

One of the suspects, Su Binghai, bought nine apartments in London just a week after he escaped police raids.

JPMorgan has grown to one of the largest banks in Germany, drawn to its large wealthy customer base, stable regulatory environment and fintech scene.
Banking & Finance

JPMorgan hit with record 45-million-euro fine from German watchdog over money-laundering lapses

The lender says the fine concerns past issues and that delays in SAR filings did not hinder probes

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