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

[Inlinefour]

On 8/23/2023 at 9:50 PM, Atonchia said:

Claw back lah.

Vomit very hurting to body🤣...

dun worry chenghoo always offer installment plan for claw back if you said bo lui 🙈🙉🙊

[Jman888]

On 8/24/2023 at 11:20 AM, serenade said:

Unlike banks, agents are self-employed and are the biggest beneficiary of any property sale. Even the entire agency will benefit from any sale. It is in their own interest to make a sale go through. Thus there will always be agents who will help the prospective buyer to pass the KYC. By teaching them to give model answers and doctored documents. I doubt if property agents use third parties to verify the authenticity of the submitted docs or ask to see the original.  

For sophisticated money-launderers, there will be layers of subsidiary companies. It will take a massive effort by trained personnel to drill down the layers till reach the actual Beneficial Owners, and Director names. I do not expect property companies to have this kind of expertise, nor do they want to dig too deep, and scuttle a potential sale.

property agent unlike lawyers, accountants or bankers, if not satisfied with the KYC will they forgo the deal? 

[Inlinefour]

On 8/23/2023 at 8:45 PM, ER-3682 said:

Same as Thailand's Thaksin,Arrested,not ''Feeling'' Well,15 Years outside Thailand no Health Issue.

Before he flew over Siam from Sillypore already equipped with tons of specialist reviews...not malingering but magnification of lesions so that he could use them to buy himself out of jail or rather home detention 🙊🙉🙈 

 

 

[inlinesix]

On 8/24/2023 at 11:49 AM, Jman888 said:

property agent unlike lawyers, accountants or bankers, if not satisfied with the KYC will they forgo the deal? 

Property agent has practising license like lawyers and accountants.

Just saying.

[Stary]

On 8/24/2023 at 11:53 AM, inlinesix said:

Property agent has practising license like lawyers and accountants.

Just saying.

And just to add, it is freaking hard to pass that RES exam to get the license.  So many friends tried 3-4 times and still failed, eventually gave up.😅

[Playtime]

On 8/24/2023 at 12:00 PM, Starry said:

And just to add, it is freaking hard to pass that RES exam to get the license.  So many friends tried 3-4 times and still failed, eventually gave up.😅

Maybe that's what govt meant when they say no need go Uni.

Just go take RES... better returns .🤣

[Throttle2]

On 8/24/2023 at 11:07 AM, Dp26 said:

Agents doing the transaction are just the first gatekeeper of DD and KYC and it doesn’t end there.

there are still many parties behind the scene doing more checks thereafter and the agents’ checklists or forms merely just help the regulators to pin point more accurately where to focus on their checks, if any.

 

Some checks take longer to do and therefore it is not wrong/uncommon to find faults or ML activities after transactions go through.

Correct.

but Some folks cant accept that leh.  They think its one time thing , clear already , sign off already, can wash hands already  

huat ah

[Throttle2]

On 8/24/2023 at 12:00 PM, Starry said:

And just to add, it is freaking hard to pass that RES exam to get the license.  So many friends tried 3-4 times and still failed, eventually gave up.😅

Hard to some, easy to others.  Same as all licences.   
 

some people take 7-8 times to pass advance theory too, wahahah
 

[Atonchia]

On 8/24/2023 at 11:46 AM, Inlinefour said:

dun worry chenghoo always offer installment plan for claw back if you said bo lui 🙈🙉🙊

If amount is substantial....

Then Iras must re-assess taxable income for that year. If not Kenna claw back and still pay the higher income tax.😅

[Throttle2]

On 8/24/2023 at 11:49 AM, Jman888 said:

property agent unlike lawyers, accountants or bankers, if not satisfied with the KYC will they forgo the deal? 

If they not satisfied, see red flags, smell a rat, and still go ahead, then they need to be taken to task lor.

otherwise licence for f**k?   Better just be like a car dealer.  No licence, can anyhow talk and bluff and bulls**t.  Muayhahaha

[Atonchia]

Think the luckiest sales will be car sales.

Collect cash then do ownership transfer....

Huat Ah!

[Throttle2]

On 8/24/2023 at 11:20 AM, serenade said:

Unlike banks, agents are self-employed and are the biggest beneficiary of any property sale. Even the entire agency will benefit from any sale. It is in their own interest to make a sale go through. Thus there will always be agents who will help the prospective buyer to pass the KYC. By teaching them to give model answers and doctored documents. I doubt if property agents use third parties to verify the authenticity of the submitted docs or ask to see the original.  

For sophisticated money-launderers, there will be layers of subsidiary companies. It will take a massive effort by trained personnel to drill down the layers till reach the actual Beneficial Owners, and Director names. I do not expect property companies to have this kind of expertise, nor do they want to dig too deep, and scuttle a potential sale.

Well it is up to the authorities and regulators to work with industry to lay out the requirements and action necessary. 
We know that the property market is full of these cases.  Thats probably driving the entire market upwards making it an issue for legit buyers.

same for MV insurance industry, the good policy holders pay higher premiums not becos of their fault but becos of workshops and other bad policy holders who cheat the insurance companies through fake and inflated claims.  
 

we need tougher penalties lah.  Hit it where it hurts.  🤣😎

 

[Throttle2]

On 8/24/2023 at 12:32 PM, Atonchia said:

Think the luckiest sales will be car sales.

Collect cash then do ownership transfer....

Huat Ah!

Shiok. 
car dealer, best job in the world.

 

Edited August 24, 2023 by Throttle2

[Mkl22]

On 8/24/2023 at 11:20 AM, serenade said:

Unlike banks, agents are self-employed and are the biggest beneficiary of any property sale. Even the entire agency will benefit from any sale. It is in their own interest to make a sale go through. Thus there will always be agents who will help the prospective buyer to pass the KYC. By teaching them to give model answers and doctored documents. I doubt if property agents use third parties to verify the authenticity of the submitted docs or ask to see the original.  

For sophisticated money-launderers, there will be layers of subsidiary companies. It will take a massive effort by trained personnel to drill down the layers till reach the actual Beneficial Owners, and Director names. I do not expect property companies to have this kind of expertise, nor do they want to dig too deep, and scuttle a potential sale.

So with 60 agents involved. Should pok some of them to send a message? Fine the agency too?
else is continue the wayang.  😂

Edited August 24, 2023 by Mkl22

[ER-3682]

On 8/24/2023 at 11:52 AM, Inlinefour said:

Before he flew over Siam from Sillypore already equipped with tons of specialist reviews...not malingering but magnification of lesions so that he could use them to buy himself out of jail or rather home detention 🙊🙉🙈 

 

 

Like last time in the early 80' to mid 90's..before Enlist to Army..take Medical Excuses to CMPB..see can get Pes C or E.

[Inlinefour]

On 8/24/2023 at 12:23 PM, Atonchia said:

If amount is substantial....

Then Iras must re-assess taxable income for that year. If not Kenna claw back and still pay the higher income tax.😅

hahaha you tax officer tio bo very well informed 🙈🙉🙊 

 

not forgetting the penalty of minimum 50% or gong of the missing tax 🤐🤐🤐

[mersaylee]

On 8/24/2023 at 12:32 PM, Atonchia said:

Think the luckiest sales will be car sales.

Collect cash then do ownership transfer....

Huat Ah!

That's why Jamesc sells cars not houses...

[Inlinefour]

On 8/24/2023 at 1:09 PM, ER-3682 said:

Like last time in the early 80' to mid 90's..before Enlist to Army..take Medical Excuses to CMPB..see can get Pes C or E.

yes last time medical board not as stringent as now...what you said is correct as in Pes C1 or C2 but E very difficult or can get yourself a service vocation also nice but there are some WH can be only scientist in SAF 🤪🤪🤪