The two ex-bank employees are Chinese nationals, while the driver is a Singaporean.
The biggest money laundering probe in Singapore saw about $3 billion in cash and assets seized or issued with prohibition of disposal orders.
Wang had been on bail since Nov 16, 2021. He was not considered a flight risk, with police saying in an affidavit that he did not have substantial assets at his disposal and lacked foreign connections who could help him abscond.to submit a forged tax document to a foreign-incorporated bank to facilitate the opening of a bank account in Switzerland.In their statement, police said they take a serious view of the laundering of criminal proceeds through the financial system.
A report by Bloomberg showed the 10 former convicts had deposited money in 16 banks, with Credit Suisse having the largest portion at $79.6 million, and Citigroup a close second at $79.3 million.Following the raids, the authorities moved to strengthen the regulatory environment not just in the banking sector but also for corporate service providers.
RQIs and registered filing agents provide corporate secretariat services for business entities, such as helping customers to incorporate companies and file annual returns. Under the proposed law, an abscondee suspected of committing a crime here has to personally present himself before a law enforcement officer to assist in investigations, before he can make a claim to the property seized in respect of the offence.
“But we are determined to do what is needed to respond to these risks and safeguard Singapore’s reputation as a trusted financial centre,” said PM Wong.
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