Featured Singapore

Adelson’s Singapore Casino Hires Law Firm to Probe $1 Billion in Transfers

Las Vegas Sands Corp.’s Singapore casino has hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties, according to people familiar with the matter. Davinder Singh Chambers LLC, which specializes in dispute resolution and international arbitration,… Read More

Stepson of ex-Malaysian PM to forfeit $60 million in 1MDB scandal

The stepson of Malaysia’s former prime minister will forfeit assets worth more than $60 million that he purchased using funds embezzled during the multibillion-dollar looting of a Malaysian state investment fund, the Justice Department announced Wednesday. The 1Malaysia Development Berhad fund, or 1MDB, was established in 2009 by then-Prime Minister… Read More

MAS bans ex-Prudential agent and ex-Bank of Singapore staff for fraud, dishonest conduct

The Monetary Authority of Singapore (MAS) has issued five-year and three-year prohibition orders against former insurance agent Aw Yong Seng and former bank employee Johnny Chew Swee Sun respectively, for fraud and dishonest conduct. MAS on Wednesday said it issued the orders, which took effect on Aug 18, after the… Read More
10th August 2020
Singapore police brought their first criminal charges against an individual linked to the suspected fraud at Wirecard AG, the one-time German technology star that collapsed at the end of June after admitting more than $2 billion of cash on its balance sheet was fake. The city-state’s white collar… Read More
5th August 2020
AP – General Motors is asking a federal judge to reconsider his dismissal of a lawsuit against Fiat Chrysler based on new allegations that FCA bribed union officials and GM employees with millions stashed in secret foreign bank accounts. GM alleges that bribes were paid to former United Auto… Read More
29th July 2020
The Monetary Authority of Singapore (MAS) on Tuesday (July 28) revoked the capital markets services licence of Apical Asset Management for breaching the authority’s anti-money laundering and countering financing of terrorism (AML/CFT) requirements. Apical Asset Management’s chief executive Yeh Yin Yee and its director, Mr Bernard Kan Cheok Yin, were… Read More
29th July 2020
Five core members of a transnational online credit-card fraud syndicate, believed to be operating from Hong Kong, were arrested this month by the Hong Kong Police Force (HKPF). The syndicate allegedly used credit card details, which were stolen via phishing emails from cardholders in Singapore, to make a series of… Read More
27th July 2020
Philippine investigators say they have identified dozens of people and entities of interest in their probe into Wirecard AG, and are focusing on two bank employees who may have facilitated a multinational accounting scandal at the insolvent German payments company. Wirecard had claimed some $2.1 billion in cash… Read More
24th July 2020
Ngeth Both guards one of the many newly built high-rise condominiums in Koh Pich, a luxury district in the Cambodian capital Phnom Penh. Both’s job is quiet most days. There is almost no traffic in the street, and there is hardly anyone living inside the condo. “It’s always quiet. Each… Read More
23rd July 2020
The Monetary Authority of Singapore (MAS) has slapped a $1.1 million penalty on international trust Asiaciti Trust for inadequate safeguards against money laundering and terrorism financing – including its failure to monitor unusually large transactions by “politically exposed” customers. In a statement on Wednesday (July 22), MAS said Asiaciti Trust… Read More
22nd July 2020
More muscle to prevent unsuitable individuals from working in the finance industry and strengthen the framework for technology risk management are among new proposals made by the Monetary Authority of Singapore (MAS) to deal with risks that can undermine the sector. It issued a consultation paper proposing such enhanced powers… Read More
6th July 2020
Sixty-two countries violated United Nations Security Council sanctions against North Korea over a one-year period, according to a report from a Washington, D.C.-based think tank The Institute for Science and International Security report, released Wednesday, cites over 250 alleged violations from February 2019 to February 2020 based on… Read More
15th June 2020
One Hong Kong businessman moved $10 million to Singapore and plans to transfer more. Another is eyeing London property, worried that prices in Hong Kong are too high. Well-to-do families across the city are opening offshore bank accounts and applying for alternative passports. While it doesn’t add up to an… Read More