Wang Dehai, a 34-year-old Cypriot, part of a money laundering investigation involving over S$2.8 billion, joined a Philippines-based online gambling syndicate in 2012. Warned of being wanted by Chinese authorities in 2016, he relocated to Singapore, seeking safety. Currently remanded, Wang’s case reveals the extensive reach of cross-border online gambling operations.
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Money Laundering in Singapore
Despite Singapore’s strong anti-money laundering stance, a Bloomberg report exposes a loophole in business setup procedures. Foreigners establishing companies in Singapore must engage a registered filing agent and appoint a local director. Reports link Wang Junjie, a Singaporean involved in 200 companies to nine companies associated with three arrested individuals. This revelation raises concerns about the effectiveness of Singapore’s measures against ML.
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Cover Photo: dimsumdaily.hk
