In response to a recent money laundering scandal that rocked Singapore’s financial sector, the industry has ramped up its oversight of clients with Chinese heritage who also hold foreign citizenships. The scandal, involving assets exceeding S$2.4 billion ($1.8 billion), had a significant impact on the Asian financial hub in the previous month.
As part of this heightened scrutiny, special attention has been directed at clients possessing investment-linked passports from foreign countries, primarily of Chinese origin. Sources with knowledge of the situation report that these individuals are undergoing thorough reviews for their new account openings and transactions.
An undisclosed international bank, citing the sensitive nature of the matter, has begun the process of closing accounts held by clients with citizenships from various countries, including Cambodia, Cyprus, Turkey, and Vanuatu. This proactive measure is aimed at preventing potential financial misconduct in the future.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}