Director of 380 companies fined for money laundering

SINGAPORE — A man who was a director of over 380 companies in Singapore was on Thursday ordered to pay a fine of S$8,500, after two companies he incorporated or helped to incorporate were found to have dealt with millions of dollars in scam money.New: You can now listen to articles.A man who held directorship in hundreds of companies was on Thursday ordered to pay a fine of S$8,500

In November 2019, he expanded the incorporation services offered by Atoms Global into the China market by setting up a Panasia office in Shenzhen. Panasia would run a check on the prospective client on Sentroweb, an online customer due diligence solutions provider and require them to submit a due diligence form with their identification documents.“Beyond the simple online search, he did not do anything to check that the companies were not being used for illegal activity,” he added.Zheng charged S$1,000 to S$1,400 annually for each Chinese company registered, while drawing a monthly salary of between S$10,000 and S$15,000.

“While Er did not know what work Atoms Global or Zheng did, he did not ask further questions and agreed to the arrangement as he wanted the money,” said DPP Ong. Er was a director of a total of 186 companies here, 177 of these appointments were held as of January 2021.

Singapore Director Companies Fine Money Laundering Scam

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rare copy of comic featuring Superman's first appearance sells for S$8 million at auctionThe 1938 copy set the record for the most expensive comic book to ever be sold.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Diner wonders why hawker says ‘can’t buy 3 for $8’ but can buy ‘4 for $10’'Is this practice common here in SG? I feel like being forced with the way they are telling it to me...' the diner wrote
Source: IndependentSG - 🏆 9. / 63 Read more »

TDCX ranked among Top 20 Global Outsource Accelerator 500 2024 IndexThe Singapore-based company is the only Southeast Asian firm that made it to the index.
Source: IndependentSG - 🏆 9. / 63 Read more »

‘Seemingly endless’: Some 500 aftershocks continue to rattle Hualien in wake of Taiwan quakeA total of 175 people in Hualien have been forced to stay in shelters.
Source: The Straits Times - 🏆 8. / 63 Read more »

Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentenceNEW YORK — Sam Bankman-Fried, facing the prospect of spending much of his adult life behind bars, on April 11 appealed his conviction and 25-year prison sentence for stealing US$8 billion (S$10 billion) from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
Source: asiaonecom - 🏆 10. / 59 Read more »

Bankman-Fried appeals FTX fraud conviction, 25-year sentenceNEW YORK: Sam Bankman-Fried, facing the prospect of spending much of his adult life behind bars, on Thursday appealed his conviction and 25-year prison sentence for stealing US$8 billion from customers of the
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »