[SINGAPORE] Two men who served respectively as director and company secretary of two Singapore-incorporated companies will be charged for their suspected involvement in money-laundering activities on Mar 20, said the police on Thursday (Mar 19). <\/p>\n
The two companies had allegedly obtained fraudulent funds of about US$1.1 million and 44,808 euros (S$65,928) in their respective bank accounts from investment and inheritance scams perpetuated against victims overseas between February and August 2023.\u00a0<\/p>\n
The director, 35, was unable to provide satisfactory explanations for the receipt of the fraudulent sums by the two companies despite his involvement in opening both bank accounts.<\/p>\n
The secretary, 36, who liaised with the director to open the accounts, similarly failed to exercise proper oversight and is alleged to have abetted the director\u2019s failure to supervise the companies and their financial activities.<\/p>\n
To fulfil Singapore\u2019s company incorporation requirements that mandated the appointment of a local resident as a director in foreign-owned firms, the secretary of the two companies engaged the other man to serve as the resident director of both companies.\u00a0<\/p>\n
Both the director and secretary are expected to be charged with two counts of offences for possessing property suspected to be benefits from criminal conduct, as well as two counts of offences for failing to exercise reasonable diligence as the companies\u2019 director.<\/p>\n