Tuesday, January 26, 2021

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Singapore to stop issuing $1,000 notes over money laundering concerns

The Monetary Authority of Singapore (MAS) will stop issuing the $1,000 note from January next year, to minimise the money laundering and terrorism financing risks associated with such a large denomination. From now till January, the MAS will also limit...

Singapore police charges company formation owner linked to Wirecard accounting fraud

Singapore police brought their first criminal charges against an individual linked to the suspected fraud at Wirecard AG WDI -5.57%, the one-time German technology star that collapsed at the end of June after admitting more than $2 billion...

Singapore revokes licence of asset management firm over anti-money laundering failures

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...

Former Singapore transport director indicted for corruption

A former deputy group director at the Land Transport Authority (LTA) has been charged with a string of corruption and cheating offences allegedly committed between 2008 and 2019. On Friday (July 24), Henry Foo Yung Thye and seven other individuals,...

Singapore fines Asiaciti Trust $1.1m over inadequate anti-money laundering controls

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...

Former BP oil executive found guilty in $4 million Singapore bribery scheme

A former manager working at the BP oil company operations in Singapore along with his co-conspirator a local Singapore businessman have both been found guilty in a bribery scheme involving nearly $4 million in payments. According to Singapore prosecutors in...

Singapore: Former Hyflux subsidiary HR manager charged with corruption

A former human resource manager of a Hyflux subsidiary was charged with corruption on Wednesday (June 3). Khoo Chen Ee, 36, who was with Hydrochem (S), is accused of receiving or agreeing to receive about $7,000 in "rewards" on three occasions between...

U.S DoJ probes Singapore casino owned by billionaire Sheldon Adelson for anti-money laundering failings

The Singapore casino of billionaire Sheldon Adelson's Las Vegas Sands Corp is being probed by the United States Department of Justice over whether anti-money laundering regulations were breached in the way it handled the accounts of top gamblers. The Justice...

Singapore police raids oil trader ZenRock following HSBC allegations of fraud

The Singapore Police Force has raided ZenRock Commodities Trading following allegations from HSBC that the company was involved with a number of “dishonest” transactions. HSBC recently filed an application in Singapore’s High Court to replace ZenRock’s management over non-payment of...

Singapore: Pharmaceutical firm defrauded in $7.2 million coronavirus related scam

A man has been arrested for suspected involvement in money-laundering offences linked to a coronavirus related scam, the police said on Saturday (April 4). In mid-March, the police were alerted to a business e-mail impersonation case in which an overseas...

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Former LA Councilman Mitch Englander gets 14 months in prison in corruption case

Former Los Angeles City Councilman Mitchell Englander was sentenced to 14 months in federal prison and ordered to pay...
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