5th October 2016
Swiss prosecutors have asked Malaysian authorities for a second time to help gather evidence in a case against those accused of embezzling funds from 1Malaysia Development Bhd. after an initial request in January went unanswered. Some $800 million in natural-resource investments from a Malaysian sovereign fund known as SRC appears to… Read More
4th October 2016
A tax amnesty in Indonesia that has pulled billions of dollars in undeclared money out of Singapore is refocusing attention on the challenge facing the city-state as it tries to expand its business as private banker to wealthy Asians while safeguarding its reputation for good governance. Some $10.5 billion in… Read More
3rd October 2016
The Dandong-based Chinese trading firm sanctioned by the U.S. last month for laundering money for a North Korean bank linked to the regime’s weapons of mass destruction program used at least 22 front companies for U.S. dollar transactions, according to U.S. court papers. Dandong Hongxiang Industrial Development Co. (DHID) established… Read More
29th September 2016
Singapore will intensify measures to fight money laundering and terrorism financing in response to the latest warnings of the Financial Action Task Force (FATF). Vietnam News Agency (VNA) reports that, in a joint statement, the Ministry of Home Affairs, the Ministry of Finance and the Monetary Authority of Singapore (MAS)… Read More
27th September 2016
An international group that monitors money laundering said on Tuesday that Singapore should pursue more offenders involved in international cases and take more action to confiscate suspicious funds moving through the city-state. “Singapore maintains one of the lowest domestic crime rates in the world and therefore the bulk of Singapore’s… Read More
11th September 2016
SINGAPORE — The State Court has sentenced a married couple to prison in a $3.6 million international money laundering case linked to Chinese telecom giant ZTE and the former prime minister of Papua New Guinea. Singaporean national Lim Ai Wah was given a five-year prison sentence Thursday,… Read More
7th September 2016
Singapore will step up the fight against money laundering with data tracking and a newly created surveillance unit, but private banks must take the lead, according to its chief financial regulator. Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) which serves as the central bank, said financial… Read More
2nd September 2016
Papua New Guinea’s former prime minister Sir Michael Somare has been implicated in a money laundering case in Singapore. The Straits Times reports that in 2010 a married couple laundered US$3.6 million which had been meant to set up community colleges in PNG – then gave US$784,000 of it to… Read More
1st September 2016
THE Singapore Court has sentenced two senior executives to prison for money laundering offences surrounding a community college project in Papua New Guinea. American citizen Thomas Philip Doehrman, 68, director of Quest Petroleum (Singapore), was sentenced to 70 months of jail time. Singaporean national Lim Ai Wah, Doehrman’s spouse and… Read More
25th August 2016
The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to its payments regulatory framework and also established a National Payments Council. The country’s current payment regulations are set across two pieces of legislation: the Payment Systems (Oversight) Act (PS(O)A), and the Money-changing and Remittance Business… Read More