Singapore works on money laundering law, Neglect China's influence: 1 News
Singapore works on money laundering law. Singapore is reviewing its legal framework for financial crimes amid an ongoing probe into one of the biggest money laundering cases in the Asian financial hub. And the ruling People's Action Party clarified the government's stance in parliament as scrutiny rises over the city-state's role in harboring dirty money.
The Singapore government denied that pressure from Beijing was the basis for local authorities launching a recent operation to round up several suspects of Chinese descent who have been linked to the high-profile money laundering case.
businessman giving money to his partner while making contract - bribery and corruption concepts.
The suspects' assets seized and frozen initially amounted to around 1 billion Singapore dollars, or about 7.7 million, but the sum has since swelled to more than SG.8 billion. The case has shone a spotlight on how Singapore deals with capital inflows as the financial center attracts the wealth of rich Asians, including single-family offices. The Monetary Authority of Singapore MAS expects bankers in the hub to conduct "robust due diligence checks" on such entities before taking them on. (Singapore works on money laundering law)
The government will launch a new committee to review the country's laws around money laundering and keep them up-to-date. Singapore considers money-laundering checks for luxury cars and handbags
As per the foundations of the Bar Council of Bharat (India), Advocate Viren.S.Dave isn't permissible to solicit work and advertise. By clicking the “Agree” button and accessing this web site (www.asklbylaw.com) the user absolutely accepts that you just Maineasure} seeking info of your own accord and volition which no kind of solicitation has taken place by me.The info provided below this web site is exclusively accessible at your request for information functions solely. It mustn't be understood as soliciting or advert. Advocate Viren.S.Dave isn't accountable for any consequence of any action taken by the user hoping on material / info provided below this web site. In cases wherever the user has any legal problems, he/she altogether cases should obtain freelance legal recommendation.
