Featured Singapore

For lust and money: when online sexual encounters end in despair and death

Daniel Perry, 17, thought he was talking to a pretty American girl from Illinois. They soon began swapping pictures online – nothing unusual for two teenagers. The problem was that the girl didn’t exist. Perry, in Scotland, had fallen prey to a gang operating out of the Philippines. After secretly… Read More

Lithuania Revokes License of FinTech Tied to Wirecard Scandal: Report

Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday. The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by… Read More

The Super Rich Are Choosing Singapore as the World’s Safest Haven

When Singaporean car dealer Keith Oh first read the Facebook message, he wasn’t sure it was real. A Chinese client ordered a S$1.1 million ($830,000) Bentley—sight unseen—over the social network. “They just asked for the price and when we could do the delivery, that’s all,” he said. “It’s a million… Read More
17th May 2021
A Singaporean businessman linked to the alleged fraud of more than $1 billion had more cheating charges brought against him on Monday (May 17). Ng Yu Zhi, 34, had previously been charged with 11 counts of cheating, fraudulent trading and forgery. He was charged on Monday with seven… Read More
17th May 2021
Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market. As part of the inquiry, officials who probe money laundering and tax… Read More
6th May 2021
When it comes to German corporate fraud, Wirecard has been hogging the headlines for a while. But there’s another German company that has plummeted to Earth after a more than €1 billion hole emerged in its accounts. Except unlike with Wirecard, this was money that once… Read More
6th May 2021
By Farley Sweatman, Strife, 5 May 2021 Strife — In the early morning of February 1, 2021, the Tatmadaw (the official name for the armed forces of Myanmar) staged a coup to reclaim its status as the sole source of political power in the country by… Read More
28th April 2021
About $69 million transferred through suspicious accounts here has been intercepted by the authorities since 2019. The figure was revealed in a keynote speech yesterday by Ms Loo Siew Yee, assistant managing director for policy, payments and financial crime at the Monetary Authority of Singapore (MAS). Speaking at the 12th… Read More
27th April 2021
Singapore has brought charges of forging bank documents against a businessman who has already been accused of raising at least S$1 billion (US$754 million) from investors for commodity trades that did not exist. Singaporean Ng Yu Zhi, 34, is charged with fraudulently making a false electronic record to show US$60… Read More
20th April 2021
A member of a syndicate linked to S$2.5 million worth of cross-border investment scams, perpetuated via shell companies with fake office fronts at Marina Bay Financial Centre, was given 12 years and one month’s jail on Monday (Apr 19). China national Wei Yong, 44, gambled away most of his criminal… Read More
16th April 2021
At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-story villa in a posh Singapore neighborhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Ng also had a dark secret: His lavish… Read More
16th April 2021
When an American man claimed in 2018 he was the true owner of around £160,000 worth of gold bars stored in a Swiss vault, alarm bells rang. There were two things wrong: this mystery man had a different name to the registered owner and seemed to look almost completely different. Read More
15th April 2021
The Singapore branch of a Swiss-based private bank has been fined $1 million for failing to comply with measures to counter money laundering and terrorist financing. The penalty was imposed on Bank J. Safra Sarasin (BJS) for breaches between March 2014 and September 2018. These included failing to establish the… Read More