May NONE believe that EVERY SINGLE property transaction is a MONEY LAUNDERING case. Such are stupidities & moronic. Singapore is well placed location for wealth to all as it is a strategic location where ALL points of the compass meets, for TRADE. It is only comprehensible that wealth can be generated for everyone here, as TRADE is the lifeblood of all Humankind, as the once ancient land Silk routes were till massive ships were built - from mere sails to present Hybrid ships for transportation of goods to meet Humanity's needs.
Being a Property agent is an HONEST way of living - recommend & assist in the sale of properties for others. Today, only CEHA QUALIFIED agents are allowed to assist in such transactions. The CEHA paper exam is NOT an easy paper to pass, & one needs to study & FULLY COMPREHEND the processes of property transaction - from acquiring investors/buyers right down to the numerous Singapore agencies that the buyer will need to apply in order to make the home palatable & sustainable.
In the wake of SERIOUS money laundering cases, property agents will have to be roped in to assist the authorities to STAMP out the evil of 'dirty money' on our shores. Property agents are the FIRST LINE OF DEFENSE, because they are the ones whom will have to QUALIFY a potential buyer first thru CONTACT, so as not to waste his/her own time & efforts, as well as the Seller whom may have to leave work to show the potential buyer his/her home.
It is thru QUALIFYING a potential buyer that MUCH will be made known, eg:- does the buyer have the means to buy the property, why is the property desired -schools, amenities, amount of loan the buyer would require, the agencies that the buyer will need to liaise in order to turn on utilities, the taxes, etc, etc.
No property agent would just simply get a buyer who will plonk down 10% of purchase price with no questions asked by both. Such are only fantasies.
For HDB purchases, it is often straight forward - selling one's HDB flat & then using the cash proceeds & remaining CPF funds to upgrade to another HDB or private condo or mansion. Such details can be found in legitimate documents that proves one's QUALIFICATION.
The problem will lay with those whom are foreigners whom are buying private properties WITH CASH. By itself, it is already a red flag, as buyers has the right not to reveal their source of income. It will take much QUALIFYING probes by an experienced agent to determine such source of wealth, but fortunately, it can be taught to even new CEHA agents HOW TO SPOT the money laundering.
One fundamental way is that the FOREIGNER will have little knowledge about the laws of our country, the agencies that they need to apply to secure the home, etc & thus will need someone whom is knowledgeable about the property transaction process & locality, & thru such questions by buyer will the property agent gain an insight to the source of the buyer's income.
The second line of defense against money laundering will be lawyers, as they have the right to details in property conveyancing than property agents. Will they help?
Money is important to all, but we Humanity must NEVER rely on dirty money, because such came from the bully, intimidation & cheating others of their hard earned life savings, & at times even the victims life as they will either starved to death or just give up on life itself... There is MUCH MORE HONEST ways to earn a living & be respected/loved by all than the reliance on dirty money....
