The Business Times reported that a Singaporean director of 980 corporations in the town was sentenced to 4 weeks in prison after it was discovered that a few of the corporations he supervised were involved in money laundering.
City authorities are investigating the consequences of a legal loophole that helped many individuals accused in an enormous money laundering scandal start businesses.
An enormous money laundering case reveals the dark side of Singapore’s efforts to lure the super-rich
An enormous money laundering case reveals the dark side of Singapore’s efforts to lure the super-rich
According to the law in force on this country, so as to arrange an organization, a foreigner must employ a citizen or everlasting resident as a licensed representative. To meet this demand, some locals have change into serial directors, representing a whole lot of corporations at a time.
Authorities said the dearth of limits on the variety of director positions is in keeping with international standards and that nearly all of directors – 99 percent – hold fewer than 10 positions. Still, restrictions are currently being considered, and proposed changes to the foundations have been announced by authorities that might be tabled in parliament next 12 months.
According to the court, Xie faced 49 charges and was fined A$57,000 on Monday.
