Man will get jail for organising firm and financial institution accounts in cash laundering scheme

SINGAPORE: A 55-year-old man was sentenced to fifteen months’ jail on Thursday (Nov 3) for organising an organization and opening financial institution accounts to facilitate cash laundering.

Leo Shiou Juangq was additionally fined S$5,000.

Legal proceeds of greater than US$200,000 (S$283,000) have been channelled by means of the financial institution accounts between March and Might 2019. The cash originated from victims who believed they have been shopping for funding shares, stated the Singapore Police Power (SPF) in a information launch.

Leo’s involvement began someday in Might 2018 when an unidentified man often known as “Max” texted him, providing loans and a method to “earn cash with out having to borrow from him”.

“In keeping with Max, Leo merely needed to register an organization in his title and open company financial institution accounts beneath the firm’s title, and he could be paid at the least S$1,000,” stated SPF.

Leo registered an organization, Oasis Mg, and opened two company financial institution accounts for the corporate.

He then relinquished management over the accounts to Max by handing him the financial institution tokens, ATM playing cards and chequebooks to an unidentified runner working for Max, stated the police.

“Leo had affordable grounds to imagine that Max had engaged in legal conduct, and that the relinquishment of his management over Oasis’ financial institution accounts to Max would facilitate Max’s management of his advantages from legal conduct,” stated SPF. 

“Particularly, Leo had acquired a warning from the police in early 2019 to chorus from giving up management over his financial institution accounts to others, and was knowledgeable that he could also be exposing himself to legal legal responsibility if he continued to take action.”

He had additionally acquired a number of fund recall requests from banks relating to suspicious transactions utilizing Oasis’ financial institution accounts.

Regardless of this, Leo continued to behave on directions of Max and didn’t report the matter, stated SPF.

The police stated they take a critical stance in opposition to anybody concerned in laundering proceeds of crime.

“To keep away from being an confederate to crimes, members of the general public ought to reject requests from others to register corporations and, or open financial institution accounts or obtain cash of their financial institution accounts as they are going to be held accountable if these are linked to legal actions,” the police added.

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