Serious Shanmugam v. Bloomberg Defamation Case: Bloomberg winning!

[Papsmearer]

i opened one in sg as a foreigner and it has to go thru’ 3 layers of managerial and executive level signatures ok. i know my shit as i had to sit thru’ hours in the private banking office of a major bank in sg. it’s a luxury floor dedicated for 6.9-figure banking with concierge, beverage, high end snacks, private lounge services. all deposits must have documentation, proof of source, and how the money is obtained. one high class tiongbu with branded bag and high fashion walked up to concierge with a suitcase of cash to set up a trust account was politely asked to fuck off after she could not produce supporting documents. in this case, i doubt mas will let matter go if ubs or any bank in receipt of funds is non-compliant.

You went to the wrong bank. LOL. Nominee accounts are the easiest to open. Much easier then an actual trust. My guess is u did not use DBS or UBS. Plus , you opened the account as a foreigner. If u got at least PR or shitizenship first, it's alot easier. Remember the Tiongs with $4 billion money laundering back in 2023 known as the Fujian Gang, made extensive use of nominee accounts. Some of those clowns were not even shitizens, If u talk to any of them, I am sure they will tell u it's easy to open such an account. U think they had supporting documents for $4 billion? LOL. U just ass luck.

 

[Papsmearer]

when you get a mortgage, the seller will get cashier’s check from the bank. ???

The seller has no dealings with the bank. He will go to his lawyer's office to pick up the cheque and sign any remaining paperwork. U never sell a house before?

 

[Dongyi]

Your last para is not accurate as far as I know. 1) ABSD is paid by the owner of the property, in this case the UBS Nominee Account. UBS holds the property in their name on behalf of the beneficiary. Therefore, UBS pays the ABSD and hence the beneficiary is still unknown. 2) MAS has no access to account holder and beneficiary's details unless they specifically file a formal request for it. As long as UBS says their AML vetted the funds and therefore did not have to report STRO because it was clean, there is usually no reason for MAS to check. In any case, the co-ordinating agency to do all this is CPIB or CAD, where they will put together all the various agencies information. In fact, MAS can easily ask for the account number of the Nominee account and then see which account $88 million flowed from. That will determine who is the beneficial owner. But all this is moot. The bosses of these agencies are not independent and no one wants to fuck with the most vindictive minister.

 

[Papsmearer]

View attachment 239945

Ok noted. I seem to recall ABSD is collected from the beneficiary and remitted by the nominee. If the beneficial owner is a corporate entity, ABSD is still paid by the corporation, leaving the real buyers unknown.

 

[eatshitndie]

when you get a mortgage, the seller will get cashier’s check from the bank. ???

you can issue a cashier’s check for deposit on the purchase. for larger amounts it’s usually wire transfer or electronic transfer.

 

[Dongyi]

According to Edwin Tong, SLA will know the identity of the beneficial owner under the trust, but the information will not be made public:

 

[Dongyi]

According to Edwin Tong, SLA will know the identity of the beneficial owner under the trust, but the information will not be made public:

View attachment 239953

However, it's only for landed residential property.

This is why the famous $3 billion money laundering by the Tiongs involved only condominiums which does not require beneficial owners to be made known to SLA.

 

[aerobwala]

1. Stamp duty certificate that one page of PDF file from IRAS would print the name of registered owner, not the beneficial owner;
2. STR report lodged with SPF, need to indicate suspected types of statutory offence committed, guess take charge by CAD of SPF not MAS.

 

[Dongyi]

1. Stamp duty certificate that one page of PDF file from IRAS would print the name of registered owner, not the beneficial owner;
2. STR report lodged with SPF, need to indicate suspected types of statutory offence committed, guess take charge by CAD of SPF not MAS.

At the time of paying, no need. Applying for refund, you need.

 

[Hightech88]

So in the end, Shan still wins and do no wrong under the law.

 

[Dongyi]

So in the end, Shan still wins and do no wrong under the law.

No prize for the right answer