$1b in cash and assets seized and frozen; 30 foreigners probed for money laundering and forgery

[BanCoe]

On 9/5/2023 at 3:37 PM, inlinesix said:

How to watch?

Rather how to “can get to watch” ?? 
They are law abiding citizens …. No speeding tickets , no road rage, no parking tickets, no drink driving …… no local history at all🤣🤣 

[BanCoe]

On 9/5/2023 at 3:37 PM, inlinesix said:

How to watch?

Rather how to “can get to watch” ?? 
They are law abiding citizens …. No speeding tickets , no road rage, no parking tickets, no drink driving …… no local history at all🤣🤣 

[ER-3682]

On 9/5/2023 at 10:37 PM, inlinesix said:

How to watch?

Ask China Xi JinPing.

[Shaun-Ng]

where will the cheong kong $$$$ goes to?  China?

[ER-3682]

On 9/6/2023 at 8:32 AM, Shaun-Ng said:

where will the cheong kong $$$$ goes to?  China?

Wait Long Long...direct into Singapore's Reserve.

[Mkl22]

From CNA…..foreign help was after he was arrested. 

Edited September 6, 2023 by Mkl22

[ER-3682]

On 9/6/2023 at 9:03 AM, Mkl22 said:

From CNA…..

I have a feeling...more $$$$$ will recover soon.

[Mkl22]

On 9/6/2023 at 9:05 AM, ER-3682 said:

I have a feeling...more $$$$$ will recover soon.

With or without foreign help? 

[Kopites]

On 8/30/2023 at 6:42 PM, inlinesix said:

Singapore’s banking giants embroiled in billion-dollar money laundering case
https://www.straitstimes.com/singapore/dbs-ocbc-among-creditors-to-alleged-money-launderers-singapore-firms

On 8/18/2023 at 7:11 PM, Kopites said:

The onus should lie with the financial institutions to detest the flow of incoming/out going fund and not those property agents. 

Unless those guys carry cold hard cash in stacks when making the payment like MCF. 😁

I suspect those property agents called up for investigation isn't so much on the settlement but more so on the ownership rules. For that aspect the property agent indeed is legally oblige to the seller. 

I doubt property agent has the relevant tools to detect such fraudulent activities.  Since this is over a span of periods the Iras, mas and financial institution should pick up such illicit activities.  

Quoted from the article 

"Notably, one of the suspects, Su Haijin, was reportedly a shareholder or director in multiple companies..."

 

Did not I said so weeks ago. 

Edited September 6, 2023 by Kopites

[Volvobrick]

On 9/6/2023 at 9:07 AM, Mkl22 said:

With or without foreign help? 

Don't care as long as all cheong kong and contribute to nation building! 

[Windwaver]

On 9/5/2023 at 9:14 PM, Wt_know said:

with $1B kena orh gong ... we can supply plenty of curry rice ... no sweat ... 

Not "black bean rice" meh? 

Edited September 6, 2023 by Windwaver

[Windwaver]

On 9/5/2023 at 9:33 PM, Benarsenal said:

It's just the tip of the iceberg. I'm sure there are many many more waiting to be revealed.

All trying to get out of the country before getting caught.

[Windwaver]

On 9/6/2023 at 9:05 AM, ER-3682 said:

I have a feeling...more $$$$$ will recover soon.

No need GST increase after 9% for a long long time 

[Kopites]

On 9/6/2023 at 9:12 AM, Volvobrick said:

Don't care as long as all cheong kong and contribute to nation building! 

Not so straight forward. Local assets can be realised. Bank accounts can be freeze but must be return back to rightful owner if sources can be trace locally or overseas. It would take year(s). 😁

https://www.singaporelawwatch.sg/Headlines/What-happens-to-assets-seized-in-the-billion-dollar-money-laundering-raid

Details reading here. 

[inlinesix]

On 9/6/2023 at 9:10 AM, Kopites said:

Did not I said so weeks ago. 

As I said previously, property agent has to do proper KYC checks.

That’s rule.
Nobody said illegal transactions cannot be detected during KYC checks.

If there is serious red flag, it should be reported.

Banks can get into trouble if KYC and AML rule (set by MAS) is not follow through.

[inlinesix]

On 9/6/2023 at 9:22 AM, Kopites said:

Not so straight forward. Local assets can be realised. Bank accounts can be freeze but must be return back to rightful owner if sources can be trace locally or overseas. It would take year(s). 😁

https://www.singaporelawwatch.sg/Headlines/What-happens-to-assets-seized-in-the-billion-dollar-money-laundering-raid

Details reading here. 

Since this is money laundering case, there is NO rightful owner to return.

[Didu]

On 9/6/2023 at 9:30 AM, inlinesix said:

Since this is money laundering case, there is NO rightful owner to return.

"My party is the rightful owner. Who disagree, please come talk to me."  😁

[Windwaver]

On 9/6/2023 at 9:28 AM, inlinesix said:

As I said previously, property agent has to do proper KYC checks.

That’s rule.
Nobody said illegal transactions cannot be detected during KYC checks.

If there is serious red flag, it should be reported.

Banks can get into trouble if KYC and AML rule (set by MAS) is not follow through.

Very serious trouble, may not be able to work in any FIs ever again.