One of the greatest money laundering cases in the nation is involving some of the largest local and foreign banks in Singapore.
According to business filings viewed byAZ24News, DBS Group Holdings, its largest lender, and Bank of Singapore, the private banking division of OCBC Bank.
Creditors to investment companies connected to people arrested and charged earlier in August in a significant money laundering scandal involving more than $1 billion in assets.
A court hearing was held in Singapore on Wednesday, and it was revealed that one of the defendants attempted to defraud Standard Chartered Bank using false documents.
Singapore Money Laundering Case
The banks join a collection of financial institutions that have been link to the accused in the alleged money laundering conspiracy, including Deutsche Bank, Malaysia’s CIMB Bank, and Citigroup’s local affiliate.
Despite without naming them, prosecutors have stated that they are looking for records from at least ten financial institutions related to the investigation.
In addition to the banks, the scandal has also involved real estate agents, precious metals traders, and golf clubs in Singapore. This has led to concerns about barriers to stop illegal money from entering the financial center.
DBS registered four charges against Aiqinhai Investment on August 18, 2021. A charge is a type of security interest that a lender frequently takes to guarantee loan repayment.
Su Haijin, the director and sole shareholder of the company.
One of ten people charged in a Singapore court with crimes such as forgery and money laundering.
On January 7, 2022, Bank of Singapore filed a charge against Xinbao Investment Holdings. Su Baolin, one of the company’s two directors, is also one of those accused.
Although no specific names were mention, a DBS representative state the lender would keep working “to make Singapore a country where criminals cannot find shelter.”
OCBC declined to comment, and Stan Chart the company Su Baolin is accuses of trying to defraud—did not immediately answer a request for comment.
While the two accused directors have premium residential addresses. The investment firms connected to DBS and OCBC both have offices located in the business district.
Singapore Money Laundering Case
The document stated that “all cash” at the entities are secure against the banks’ facilities. It did not state how much exposure there was.
Before this case, controversies involving substantial money transfers between the Malaysian state. Fund 1 Malaysia Development Berhad and the German payment company Wirecard shook Singapore.
These explosions have resulted in the banning of financiers, the imprisonment of individuals. Or the imposition of fines on banks for having insufficient controls.
As Singapore becomes a more important financial and wealth hub, efforts have been made to try and stop unlawful movements.
A Law approved by Parliament in May gave banks permission to share data on consumers who might pose a risk.
When prompted for response by AZ24News,
The Monetary Authority of Singapore cited an earlier statement in which it claimed that the agency was conducting supervision.
Interactions with financial institutions where possibly contaminates money had been found. Also, those found to have violated the anti-money laundering and associated rules will face “strong action.”
In court on Wednesday, where hearings for all 10 of the defendants are taking place throughout the day. Some of the 10 people were charge with additional offenses.
The additional accusations concern forgery and money laundering. The accused, according to the prosecution, are wealthy and have assets abroad.