The Business Times
business-time-50

HSBC, Morgan Stanley among creditors as money-laundering probe expands to associates

google-preferred-sourceAdd BT as a preferred source

Claudia Chong &

Ng Wei Kai

Published Tue, Sep 12, 2023 · 06:06 PM
    • In one of the biggest anti-money laundering operations in Singapore, the Singapore Police Force (SPF) rounded up a group of foreigners who had amassed about S$1.8 billion worth of assets in the city-state.
    • In one of the biggest anti-money laundering operations in Singapore, the Singapore Police Force (SPF) rounded up a group of foreigners who had amassed about S$1.8 billion worth of assets in the city-state. PHOTO: SPF

    HSBC and Morgan Stanley are among the potential creditors of companies whose shareholders and directors have been linked to the recent money-laundering bust.

    More connections are surfacing as the authorities expand investigations into the associates of the 10 charged in an anti-money-laundering crackdown that has grown in value to S$1.8 billion.

    Business filings of Singapore-incorporated companies linked to 24 persons, identified by the authorities as associates of the charged, show at least six banks as creditors to eight entities.

    Money launderingHSBCMorgan Stanleycredit suisseDBSOCBCBank of SingaporeUOBBanks

    TRENDING NOW

    National Development Minister Chee Hong Tat says: “The best way is for the government to shape behaviours with the judicious use of market-based incentives, where possible.”

    ABSD deadline extended to up to 7 years for developers of large en bloc sites to encourage reuse of land

    National Development Minister Chee Hong Tat noted that the public housing market has seen a moderation in resale flat prices over the past few quarters, following multiple rounds of cooling measures as resale prices surged.

    15-month wait-out curb lifted for private property owners buying HDB resale flats

    Residential auction demand is primarily driven by upgraders seeking larger family homes and investors eyeing future capital gains, says an analyst.

    Mortgagee-sale listings hit six-year high in H1 2026 as financing conditions tighten

    Justin Quek, CEO of OrangeTee and Deputy Group CEO of Realion Group (right), with Dr Tan Tee Khoon, head of KF Property Network.

    Knight Frank winds down real estate agency unit, agents to move to OrangeTee & Tie

    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