The Business Times
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HOCK LOCK SIEW

Companies should review due-diligence practices in light of billion-dollar money-laundering case

Tay Peck Gek

Tay Peck Gek

Published Thu, Aug 24, 2023 · 05:00 AM
    • Cars were among the assets seized in the Aug 15 anti-money laundering raid by the Singapore police.
    • Cars were among the assets seized in the Aug 15 anti-money laundering raid by the Singapore police. PHOTO: SINGAPORE POLICE FORCE

    SEVERAL companies have already been named in connection with the 10 foreigners rounded up in Singapore’s high-profile, S$1 billion money-laundering case. The number is set to increase.

    The prosecution told the court on Wednesday (Aug 23) that it was awaiting statements from at least 10 financial institutions linked to the accused who were picked up in the raid.

    Citibank Singapore and CIMB Bank are two financial institutions named in some of the charges.

    Hock Lock SiewMoney launderingSpotlight

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