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Finally. Proof PAP takes orders from China

Papsmearer

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According to this article, the crackdown came about because China wanted it. They wanted to arrest these people. So, either the PAP knew about the activities of these people (hard to conceal $1billion in money laundering) or they were stupid and completely unaware. Action was only taken because China demanded it. If China did not ask, then I presume its business as usual for these fuckers.

The massive crackdown on money laundering in Singapore that began on August 15 when the target of an arrest leaped from his second-floor window to hide in a storm drain raises deeply uncomfortable questions regarding the background of some of the ultra-high net worth foreign individuals living in the country, particularly Chinese, and may well have occurred at the behest of the Chinese government.

Although Singapore boasts a strong legal and institutional framework to fight money laundering and terrorist financing, and has long been known as “the Switzerland of the East” for its tight banking security laws, this episode shows the city-state is not immune to dirty foreign money.

Su Haijin, a 40-year-old Chinese citizen of Cyprus, was arrested at his residence at a Good Class Bungalow, the most expensive and prestigious category of landed housing, Singapore police announced. When police identified themselves outside his bedroom, the man allegedly jumped from the second-floor balcony and was found by the police to be hiding in a drain. He was taken to the hospital for treatment of the injuries arising from the jump, the police added.

Su, according to media reports, was said by police to hold passports issued by China and Cambodia. He is one of the shareholders of a Cambodian company, Su Zigen Chengmei Co., Ltd., according to opencorporates, a corporate database website. The raid on Su was part of a wider crackdown, with more than 400 officers from the Commercial Affairs Department (CAD), the Criminal Investigation Department, Special Operations Command, and the Police Intelligence Department conducting simultaneous raids at multiple locations island-wide, including expensive residences like GCBs and condominiums, leading to the arrest of nine men and one woman, Singapore police announced on August 16.

Freezing orders were issued against 94 properties and 50 vehicles, with an estimated value of more than S$815 million (US$599 million), as well as multiple ornaments and bottles of liquor and wine, Singapore police said. They seized more than 35 bank accounts holding more than S$110 million as well as cash of over S$23 million, more than 250 luxury bags and watches, over 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewelry, two gold bars and 11 documents with information on virtual assets.

The 10 apprehended, charged on August 16, are all of mainland Chinese origin, with one woman and two men being Chinese citizens. The remaining seven included three Cambodians, two Cypriot nationals, a Turkish citizen, and a Ni-Vanuatu national, according to Singapore police.

“You can't have S$1 billion attributed to money laundering be accumulated in assets such as property, luxury cars, and luxury goods in Singapore without significant collusion or willful blindness by various local agents in the finance and sales industries who would have acted as de facto fixers for these foreign nationals,” said an analyst who declined to be named.

Another 12 persons are assisting with investigations – a euphemism for being questioned – and eight more are wanted by the police, Singapore police announced. “Police investigations are ongoing. More assets may be seized, bank accounts frozen, or prohibition of disposal orders issued, in the course of investigation.”

One of the Chinese males was found in possession of a passport issued by St Kitts and Nevis, the other Chinese male citizen was found in possession of a Vanuatu passport and the Chinese female citizen was found with passports issued by the Dominican Republic and Turkey.

Many of these countries offer passports of convenience or golden passports to non-nationals for investment. Often their use is by those wishing to disguise wealth, in this case, alleged money launderers who are mainland Chinese, Steve Farrer, a UK-based human trafficking adviser, told Asia Sentinel. “Many financial institutions should take note of passport holders from such jurisdictions.”

“The police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organized crime activities including scams and online gambling,” Singapore police said.

Apparently, many Chinese from Cambodia are allowed into Singapore, some of whom had set up illegal casinos in Cambodia, a Singaporean businesswoman who declined to be named told Asia Sentinel.

“To launder the proceeds of scam centers in Cambodia, Singapore, and other financial hubs are being used for this process. As these profits continue to grow, Asia financial hubs should expect to see an increase in this crime,” an executive with a nongovernmental organization, who declined to be named, said.

Was China behind the Singapore crackdown?

The crackdown came after Chinese Foreign Minister Wang Yi visited Singapore only a week earlier, the analyst noted. “The possibility that this money-laundering sting against so many Chinese passport-holding individuals happened on the behest of the Chinese government cannot be discounted.”

An office dedicated to fighting money laundering will be set up in the Operations Office at the People's Bank of China, China Daily reported on August 17. The office’s creation is part of Beijing’s efforts to establish a coordinated investigation system to combat money laundering, the Chinese state-owned newspaper explained.

Tougher scrutiny of Chinese wealth

The Monetary Authority of Singapore (MAS) said on August 16 that it had worked with CAD to facilitate the development of the case. Suspicious transaction reports (STRs) filed by financial institutions (FIs) in Singapore earlier alerted CAD to suspicious activities, MAS disclosed. “MAS will take firm action against FIs which are found to have breached MAS’s stringent requirements on anti-money laundering/countering the financing of terrorism, or to have inadequate controls against money laundering/terrorism financing (ML/TF) risks.”

“All industries with high influx of foreign ultra-high net worth individuals will be put on high alert now to check their books for any potential facilitation of foreign money laundering in Singapore. Ignorance or accidental negligence will not be accepted as an excuse by the authorities,” the analyst predicted.

On July 31, MAS launched a public consultation on strengthening surveillance and defense against money laundering risks in family offices in the city-state, the regulator announced on the same day. The MAS’s toughening measure came amid a big increase of family offices, many of them Chinese, in the city. From 2020 to 2022, the Wealth Management Institute (WMI) enrolled more than 1,200 family office programs in Singapore, WMI said on September 26, 2022.

On the same day, WMI announced plans to ramp up the number of enrolments of family office participants to 5,000 by 2025. The WMI was founded by two Singapore sovereign wealth funds, Government of Singapore Investment Corporation (GIC) and Temasek, in 2003.

“Every large financial center will be a tempting place through which to launder funds,” said Stefanie Yuen-Thio, joint managing partner at TSMP Law Corporation, a Singaporean law firm, on her LinkedIn account. “A well-surveilled market where crime is uncovered is much more robust than one in which no wrongdoing is ever suspected.”

Toh Han Shih is chief analyst of Headland Intelligence, a Hong Kong risk consulting firm
 
No shit. Remember this? Straight out of the Wuhan playbook. :wink:


 
So without china, PAP tolerate these scammers.

PAP welcomes these scammers, with or without China. The only thing is: these Tiongs have mastered the art and science of scamming others, even the Nigerians look like amateurs compared to them. :cool:
 
The foreign minister came last week. LHL took orders. The take off tie act is cue to proceed with the arrests.
 
I doubt the ccp spearheaded it and sinki followed its order.
Ccp itself is a black hole sucking in money they are in the same trade. It is only big fish engulfs the small fish.
 
Toh Han Shih is a Singaporean writer living in Hong Kong. He has more than 15 years of experience in business journalism reporting on Asia, especially greater China, including 10 years as a reporter with the South China Morning Post. He has also worked at MLex, a regulatory news and analysis provider headquartered in Brussels, and FinanceAsia, a financial publication headquartered in Hong Kong. He has reported on a range of subjects related to China, including Chinese overseas investments, Chinese overseas projects, the Belt and Road Initiative, infrastructure, the debt and equity markets of mainland China and Hong Kong, listed companies, manufacturing, trade, fraud, money laundering, corruption, financial regulations, online finance and e-commerce. Mr Toh worked for Kroll, a US risk consultancy, in 2007 and 2008, when he conducted due diligence investigations into individuals and companies in greater China and Southeast Asia. He has written a book, “Is China an empire?”, detailing Chinese investments and infrastructure projects around the world. This book has been adopted in the libraries of over 50 universities around the world as well as the US Library of Congress, the British Library and the national libraries of Denmark, Singapore, Malaysia, Indonesia and Australia.

Mr Toh and is family will receive warning letter soon


unnamed6-120x120.jpg
 
As expected ,sg police force n CPIB are stupid,lol, even ridout rd are ok,lol
 
me tink sinkielan r blissfully unaware of dese activities until informed by prc ...

juz like dat time dey even went 2 ze sextent of offering reward 2 any1 wif info on dat limping man ... wen all ze while he was living happily up north n oredi being monitored by polis there ...
 
...

Toh Han Shih ...

wen me saw tis article was written by tis person, me tot there mite haf been a typo on ze surname ... me went googled n ya, got such person ...

me tot it mite haf been his namesake (albeit different surname) who during 2000's had his own column in dat 154th ... dat guy boldly told sinkies in no uncertain terms 2 sue ze gahmen of sinkielan ... ofcos, he never wrote another article 4 dat 154th after dat ...

rooks like pipz wif name han shih got sum bols ...
 
What do the oligarchs, kleptocrats and crooks have? Large sum of money!
Singapore is a low tax haven, a popular destination for the super-rich to invest.
 
Ccp wants the $ back to China.

What is a mere $1 billion to China whose GDP is in TRILLIONS ANNUALLY?

PrezXi had long foretold that corruption will destroy the govt & China civilization, & had acted upon it, sparing not even legitimate tech Alibaba CEO multi billionaire Jack Ma as well as others.

No. It is NOT the pathetic few billion$ that the China govt are after. It is Su Haijin, the gang leader & most critically, the computers, handphones & other electronic data storage devices such as servers, etc that the China govt NEEDS.

It is what is in Su Haijin's head, the vast info as well as the electronic data storage devices that will REVEAL whom are those who need money to be LAUNDERED that the China govt needs to crack down on. Su Haijin & his gang are only middlemen, but holds VITAL information to whom are their masters, or shareholders, riding on his promise of ability to launder any illegitimate funds in Singapore, including his own obtained thru scams & illicit online gambling proceeds, & return those funds back to his shareholders/partners after his middleman cut.

This was how Pablo Escobar built up the Medellin Drug Cartel, allowing other drug producers in S. America to ride on his brutal & crafty abilities to bring & sell drugs into USA & the World.

Of course, anyone who had been a scammed victim & can prove to our Court that those illicit funds or part of it belongs to them, regardless if they are Singaporeans or China citizens or anyone else in the World, those funds WILL be returned to them. We in Singapore have NO need of such illicit & dirty money. We EARN FAR MORE thru honest dealings, putting revenue into our Treasury to fund social expenditure, than that mere pathetic $1 billion.
 
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