REACH 492 - What are your views on the recent billion-dollar money laundering case? How can we remain open as a financial hub while ensuring a zero-tolerance approach to illegal activities?
(SK)
11 Sep 2023 (10am - 7pm)
REACH
11/09/2023, 9:45 am - +REACH: *Dear contributors,*
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Megan π
11/09/2023, 9:59 am - +REACH: π’ *Topic* π’
In one of the biggest anti-money laundering operations here, on 15 Aug, the Singapore Police Force (SPF) rounded up a group of foreigners who had amassed about $1 billion worth of assets here.
That the authorities took action right away when they became aware of the facts sends a clear signal that Singapore is a reputable financial centre that will act against people who try to launder money here, said Home Affairs and Law Minister K. Shanmugam in an interview on Sunday.
π¬ *What are your views on the recent billion-dollar money laundering case? How can we remain open as a financial hub while ensuring a zero-tolerance approach to illegal activities?*
Mr Shanmugam also clarified that the probe was triggered by suspicious transaction reports filed by financial institutions and investigations did not arise due to external pressure.
He emphasised that Singapore has put in place a robust, comprehensive anti-money laundering framework, including taking in international best practices.
The first line of defence in this whole-of-economy effort is the Monetary Authority of Singapore and the financial institutions. Other gatekeepers such as real estate agents, precious commodities dealers and their regulators also have a role to play in guarding Singapore against illicit funds.
“Our laws make it a duty for anyone – including bankers, property developers – to report suspicious transactions,” he said.
π https://str.sg/iTnt
π https://str.sg/iTs3
π https://str.sg/i52X
11/09/2023, 10:00 am - ~ REACH Phone 2 changed the group description
11/09/2023, 10:00 am - ~ REACH Phone 2 changed this group's settings to allow all participants to send messages to this group
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11/09/2023, 10:04 am - +~L: Banks make billions of dollars in profit and get a small flick on their ears for turning a blind eye and facilitating massive fraud and money laundering:
"In June, MAS penalised three banks – Citibank Singapore, DBS Bank and OCBC Singapore – and insurer Swiss Life a total of $3.8 million for breaches of its anti-money laundering requirements. The breaches were found following irregularities related to Wirecard.
In 2022, MAS penalised Vistra Trust $1.1 million for failing to comply with its anti-money laundering controls, placing it at higher risk of being used as a conduit for illicit activities."
https://www.singaporelawwatch.sg/Headlines/too-early-to-tell-if-banks-hit-by-billion-dollar-money-laundering-case-had-followed-rules-says-mas
11/09/2023, 10:06 am - +~L: How is a $1m fine taking a zero-tolerance approach for a bank that makes nearly $4m in profit every working hour?
11/09/2023, 10:07 am - +~L: OCBC Profit in 6 months = $3.6billion, which is $3.4m profit *PER HOUR*. https://www.ocbc.com/group/media/release/2023/ocbc-group-half-year-2023-net-profit-rose-38-percent-to-a-record-3-point-59-billion.page#:~:text=Singapore%2C%204%20August%202023%20%E2%80%93%20Oversea,of%20OCBC's%20diversified%20business%20franchise.
11/09/2023, 10:08 am - +~L: *based on a 40 hour week
11/09/2023, 10:09 am - +Rama: Exactly!
11/09/2023, 10:09 am - +~L: This should be a criminal offence - then you would see changed being made.
11/09/2023, 10:09 am - +~L: *changes
11/09/2023, 10:10 am - +Rama: With jail time!
11/09/2023, 10:10 am - +~L: I guarantee that if Bank operators were criminally liable then they would properly monitor bank's activites.
11/09/2023, 10:14 am - +Rama: Just like top management in construction firms!
11/09/2023, 10:15 am - +~L: True
11/09/2023, 10:36 am - +Smiley face: This message was deleted
11/09/2023, 10:36 am - +Smiley face: This message was deleted
11/09/2023, 10:39 am - +Smiley face: This message was deleted
11/09/2023, 10:46 am - +Frankie Wee: $1B big amount so many transactions recorded there unknown investment growth net value and some took to be happy richest.
11/09/2023, 10:49 am - +Frankie Wee: I would said congratulations you won the prize from investment and make transfer to them $1m and even more. Actually they don’t know the money belong anti laundry scam. They received.
11/09/2023, 11:27 am - +REACH: *Dear Contributors*
We want to *HEAR MORE* from you!
π¬ *What are your views on the recent billion-dollar money laundering case? How can we remain open as a financial hub while ensuring a zero-tolerance approach to illegal activities?*
Megan π
11/09/2023, 11:44 am - +Poh S Lim: Banks should be encouraged to employ data scientists to help monitor financial transactions and flows in addition to the due diligence checks in addition to existing AML laws in place. Furthermore, Know Your Customers processes should be extended from Political Exposed Persons to High Net Worth Individuals to determine origin of accumulated wealth. <This message was edited>
11/09/2023, 11:46 am - +~L: There needs to be a reason for the banks to enforce the regulations properly. 'Encouraging' banks will do nothing.
11/09/2023, 11:47 am - +~L: We are more strict with speeding motorists than with banks...
11/09/2023, 11:49 am - +Rama: The actual amount involved is expected snowball as investigation goes indepth along with number of people involved!
11/09/2023, 11:51 am - +Rama: The national of those country citizens involved is not as important as their race as it tells the country of origin of imported second class citizens!
11/09/2023, 11:57 am - +~L: I don't think we should make this a race issue. Or am I misunderstanding your message?
11/09/2023, 11:58 am - +Rama: You understand correctly that I am referring to China nationals!
11/09/2023, 11:59 am - +~L: Do we want to remain open as a financial hub for illegal activity? Maybe there is good money in it, and people want to turn a blind eye while saying they are opposed to illegal activity?
11/09/2023, 12:00 pm - +~L: It would be easy to take steps to stop it, and a 0.00025% fine of profits isn't going to do anything.
11/09/2023, 12:01 pm - +Rama: <Media omitted>
11/09/2023, 12:08 pm - +Mac: old news
hahaha
11/09/2023, 12:09 pm - +Rama: Some relevance or completely outdated!?
11/09/2023, 12:25 pm - +Smiley face: Now we have ambushed TP with cam...
11/09/2023, 12:29 pm - +Rama: ππ
11/09/2023, 12:36 pm - +Smiley face: This message was deleted
11/09/2023, 12:36 pm - +Smiley face: This message was deleted
11/09/2023, 12:38 pm - +Smiley face: "Underground Banking Systems into Singapore Banking Systems (UBS-SBS)"...
11/09/2023, 12:42 pm - +Smiley face: This message was deleted
11/09/2023, 12:42 pm - +Smiley face: "Meantime, its not easy to achieve a zero tolerance for illegal flows of money or valuables into SBS. Start probing from 2010 and there on...loss or profit?"
- - anonymity
11/09/2023, 12:48 pm - +Smiley face: This message was deleted
11/09/2023, 12:49 pm - +Smiley face: This message was deleted
11/09/2023, 12:54 pm - +Smiley face: This message was deleted
11/09/2023, 1:00 pm - +Rama: A case I was told. A elderly woman lost sgd800K to scammers! Son works in MAS came down to bank to raise hell! In the end after thorough investigation, old lady willingly gave Pin/Otp so son bite his tongue in silence!
11/09/2023, 1:31 pm - +Ah Heng: technology is NOT ALWAYS a benefit for man kind
11/09/2023, 1:31 pm - +Ah Heng: that's what society needs to understand is a double edge sword!
11/09/2023, 1:45 pm - +Smiley face: So how to police this fine line of legit and illegit? What can you see in the (Im)Balance Sheets, capitalisation and activities?...
11/09/2023, 2:00 pm - +REACH: π’ *Topic* π’
In one of the biggest anti-money laundering operations here, on 15 Aug, the Singapore Police Force (SPF) rounded up a group of foreigners who had amassed about $1 billion worth of assets here.
That the authorities took action right away when they became aware of the facts sends a clear signal that Singapore is a reputable financial centre that will act against people who try to launder money here, said Home Affairs and Law Minister K. Shanmugam in an interview on Sunday.
π¬ *What are your views on the recent billion-dollar money laundering case? How can we remain open as a financial hub while ensuring a zero-tolerance approach to illegal activities?*
Mr Shanmugam also clarified that the probe was triggered by suspicious transaction reports filed by financial institutions and investigations did not arise due to external pressure.
He emphasised that Singapore has put in place a robust, comprehensive anti-money laundering framework, including taking in international best practices.
The first line of defence in this whole-of-economy effort is the Monetary Authority of Singapore and the financial institutions. Other gatekeepers such as real estate agents, precious commodities dealers and their regulators also have a role to play in guarding Singapore against illicit funds.
“Our laws make it a duty for anyone – including bankers, property developers – to report suspicious transactions,” he said.
π https://str.sg/iTnt
π https://str.sg/iTs3
π https://str.sg/i52X
11/09/2023, 2:03 pm - +Frankie Wee: How about remove OTP no longer use. Those day technologies is advance 3D face recognition
OTP more risk given and taken by someone user.
11/09/2023, 2:05 pm - +Rama: Would fingerprint ID help in place of Otp!?
11/09/2023, 2:06 pm - ☸️ Danny εΏ:
1. Firstly, I think we need to distinguish between the 3 issues that greatly concern us :-
a. Scam
b. Money laudering
c. Our aspirations to be a Global Financial Hub
2. Scam - is to cheat, defraud and embezzle innocent victims through unlawful means online eg. using malware to steal victims' login credentials to banks and financial accounts, or take control over victims' handphone to steal their money and life saving.
This is happening in Singapore, whereby many fall victims to such scam and lost their life savings through scammers.
3. Money laudering - refers to scammers or unlawful people through illegal means using scam or online gambling or other means to cheat victims of money - and then attempt to convert their illegal money into legal money - so that they can use it.
4. Global Financial Hub - refer to Singapore aspiration to be a Global Financial Hub so that it will help to create financial jobs for Singaporeans, use the money inflow to grow our economic activities through bank loans, investment etc and open up offices and business in Singapore that boost our GDP and create other jobs for Singaporeans.
5. To secure Singapore as a Global Financial Hub - we need to curb Scam, Online gambling or other illicit activities as well as money laudering -- so that clean and honest money will flow into Singapore - to boost our Economy, create business, jobs and investment.
11/09/2023, 2:06 pm - +Frankie Wee: Not all smartphones have support fingerprint scan
11/09/2023, 2:07 pm - ☸️ Danny εΏ:
Biometric authentication can be stolen.
Once lost, we lose it forever - and scammers will have unfettered access to all your bank accounts.
11/09/2023, 2:10 pm - +Frankie Wee: ACRA register going to revise safeguarding
11/09/2023, 2:12 pm - +Frankie Wee: 10 arrest anti money laundering
1 woman is EP enter make investment successful applied ACRA personal unknown money come from
The rest 9 of them non permanent Singapore they are use money under her account ACRA open into different banks systems.
11/09/2023, 2:13 pm - ☸️ Danny εΏ:
To tackle money laudering, we need to tackle vice and embezzlement.
Online scam - is the biggest source of illegal money.
Current anti-scam measures are still not "FAILSAFE" or "FOOLPROOF" to prevent online scam.
Let me explain why :-
*Current Anti-Scam measures*
1. Notice that current authentication method to access CPF, banking and other financial transaction are done via "What you know" :-
a. User id, password, OTP/digital token (SingPass) - 2FA or multi-FA.
2. There is also a discussion or intent to implement Biometric Authentication - essentially "What you have" :-
a. eg. facial recognition, fingerprinting, IRIS, voice recognition etc - for CPF access for 55 years or older.
(Both attempts to establish the true identity of the user - essentially "Who you really are, and your real intent" to effect the fund transfer.
- But unfortunately both can be "stolen" by scammers :-
a. Remote control malware downloaded to take over the victim handphone or malware keyloggers that steal userid, password and OTP.
b. Biometric features can be lifted off from photo, video, fingerprint scan, audio in social media or other platform. Biometric features (once stolen, will be forever lost - unless one change the face, finger, eyes of voice).
If stolen, scammers will have unlimited and unfetter access to all banks, finance institution, CPF - as password lost can be changed but not biometric features.
Note :- There is a recent news whereby a HK scammer lift the facial features from his colleagues in selfie and wefie photos and videos - and scam a virtual bank loan of HK$1.8 million.
https://www.thestandard.com.hk/breaking-news/section/4/199137/'Face-stealing'-man-among-trio-arrested-in-HK$1.8m-loan-fraud
https://www.trendmicro.com/vinfo/hk/security/news/internet-of-things/leaked-today-exploited-for-life-how-social-media-biometric-patterns-affect-your-future
https://www.forbes.com/sites/thomasbrewster/2021/10/14/huge-bank-fraud-uses-deep-fake-voice-tech-to-steal-millions/
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3. Hence there is an urgent need to put in place - "Who you really are, and your real intent" (as biometric - cannot achieve this feature - because scammers can steal biometric and masquerade the real user and fool the security system during authentication).
a. By requiring user to use "Userid, password, digital token/OTP" to achieve 1st level access - are in fact the 1st FA (digital access) --- but no way to ascertain the user is the real user by the bank / financial security system.
b. Hence will need another non-digital authentication verification - to determine "who you really are, and your real intent" which I suggest :-
i. Recorded Video conferencing verification (eg. using zoom or Whatsapp vc, or Telegram vc) - whichever platform is secured and comfortable to both the banks and financialy institutions. As Banks / Financial institutions can see and hear the real users - to determine who you really are and his real intent by checking with him online.
ii. Recorded Telephone call back by banks/financial institutions/CPF to achieve similar effect.
iii. Appear physically in banks/financial institutions/CPF
--- before banks/financial institutions/CPF effect the transfer.
(Note :- I acknowledge this is a crude, inefficient method - to effect fund transfer as there could be millions of fund transfer transaction per day - and will draw up many resources from the banks/financial institutions or CPF.
But it is to-date the only "FAILSAFE or Foolproof" method - to establish "who you really are, and your real intent" ---- as oppose to other more efficient digital method of authentication but not foolproof or failsafe - resulting in tremendous monetary loss to victims, banks/financial institutions and policing overhead to track, trace, and arrest scammers).
I will not insist on this crude and less efficient method (that provide "air gap" - similar to "physical segregation of internet and intranet access" - that are crude, costly but foolproof/failsafe) - if new, innovative digital solutions are found and develop --- achieving similar effects.
11/09/2023, 2:24 pm - ☸️ Danny εΏ:
*Interim Effective measure - to prevent scam in Android phones*
Anti-malware OCBC mobile apps
1. Read from the news that OCBC mobile apps version 18.1 and above - will require users to remove the apps or malware (not loaded by Google PlayStore) before allowing users to access OCBC mobile apps to effect financial transactions - and have prevented million dollars of loss through scam.
2. Will Government consider using such technique to be emulated by SingPass, CPF, other banks such as DBS, UOB, and overseas bank such as Maybank, SCB and other financial institutions etc.
This will help to prevent financial loss by users through scam - whereby malware that take control of user phones or keyloggers cannot be installed on user handphone.
(Note :- This technique is useful only for users that use Android handphone to perform financial transactions - but not for users using iPhone or laptop to effect financial transaction).
3. Notice that one Singaporean attempt to order some beer online with 50% discount, but the moment he do it, scam malware was downloaded.
The scammer cannot access his OCBC mobile apps due to the apps anti-scam measures that detected malware downloaded to his handphone (not through Google PlayStore).
But the scammer able to access his DBS account as DBS mobile apps don't have the anti-malware measures.
4. Hence if anti-scam unit is able to develop similar OCBC anti-malware apps in ScamShield - then it go a long way to prevent scammers to be able to download malware into handphone users. All CPF and bank users must be made compulsory to install such enhanced ScamShield before they can use their mobile apps to access CPF, bank accounts.
5. Else MAS may want to mandate all banks, CPF and financial institutions to develop similar OCBC anti-scam mobile apps measures to prevent online scam.
11/09/2023, 2:30 pm - +~L: By default you cannot load non play store apps. You have to enable the option.
11/09/2023, 2:31 pm - +Rama: Good move
11/09/2023, 2:32 pm - +Smiley face: Three Intolerances -
Drugs
Scams
Human Trafficking/Body parts sales
11/09/2023, 2:32 pm - ☸️ Danny εΏ:
But gullible user will enable it when they are trick by malware to effect the online transaction. <This message was edited>
11/09/2023, 2:35 pm - ☸️ Danny εΏ:
_Preventing Money laudering activities_
1. Currently, I noticed that banks and financial institutions will require depositers of large amount of money - to declare the origin of the money in a financial assessment form.
Background check are usually conducted by the banks and financial institutions - and suspicious transactions reports need to be submitted upon detection of any suspicious fund from unknown sources.
2. I believe this is how the $1 billion money laudering is detected that trigger the investigation and arrest.
3. Real estate agents, luxurious retail stores, precious gold traders etc - of course will be another line to detect money laudering.
Not sure what process they need to go through (similar to financial institutions process) - to detect money laudering.
11/09/2023, 2:37 pm - +Smiley face: Olam denies media reports of $68 billion Nigerian forex fraud, sets up review
https://www.straitstimes.com/business/companies-markets/olam-denies-allegations-of-nigerian-multibillion-dollar-fraud-but-will-conduct-review
11/09/2023, 2:42 pm - ☸️ Danny εΏ: https://www.straitstimes.com/tech/man-responding-to-beer-ad-loses-60k-after-app-he-installed-gave-scammers-control-over-phone
Alcohol at 50% retail price? Man loses $60k after falling for malware scam - from his DBS account but scammer unable to steal from his OCBC mobile apps.
11/09/2023, 2:43 pm - ☸️ Danny εΏ:
"Man responding to beer ad loses $60k after app he installed gave scammers control over phone".
No money from his OCBC bank account is stolen because of the anti-malware security feature in OCBC apps.
But all his money in DBS bank account is stolen.
https://www.straitstimes.com/tech/man-responding-to-beer-ad-loses-60k-after-app-he-installed-gave-scammers-control-over-phone#:~:text=Man%20responding%20to%20beer%20ad%20loses%20%2460k%20after%20app%20he%20installed%20gave%20scammers%20control%20over%20phone
11/09/2023, 2:43 pm - ☸️ Danny εΏ: <Media omitted>
11/09/2023, 2:43 pm - ☸️ Danny εΏ: <Media omitted>
11/09/2023, 2:43 pm - ☸️ Danny εΏ: <Media omitted>
11/09/2023, 2:58 pm - +Frankie Wee: Look like we have no choice
Everywhere post advertisement “you can against the scam”
All of us must defence ourselves.
Technology has way to go Ai
11/09/2023, 3:00 pm - +Jimmy Chew: Sometimes they use social engineering, we just need to be careful. I nearly clicked a link from LTA and my Telco and I am tech savvy hahaha <This message was edited>
11/09/2023, 3:01 pm - +Frankie Wee: Clicked from malware without app is a APK who don’t know take risky
11/09/2023, 3:01 pm - +Rama: Yes
11/09/2023, 3:01 pm - +Rama: Moron!
11/09/2023, 3:01 pm - +Frankie Wee: Once is all money gone then survive earn back old age
11/09/2023, 3:01 pm - +Khuan Yew: Properties are the favourite asset of money launderers around the world because they can deal directly in large sizes and after transacting a number of times, the proceeds become “clean”.
IRAS also has a role to play to combat this and should also address it’s own lack of monitoring. IRAS received stamp duties paid by the buyers upon purchase. Red flags should be raised within IRAS if there are many purchases by the same individuals.
11/09/2023, 3:03 pm - +Rama: IRAS needs to do some soul searching!
11/09/2023, 3:04 pm - +Smiley face: Let's see how fast these properties flip....one indicator of washing money.
Or rental without filing Tenancy Agreement with IRAS?
11/09/2023, 3:05 pm - +Rama: Agree
11/09/2023, 3:06 pm - +Smiley face: What is the purpose of tities or ownerships?
To these illegit folks that is like subjecting themselves to the authority?
So how effective is ABSD to foreign entities or folks? Legit and illegit folks?
11/09/2023, 3:06 pm - +Smiley face: What is the concept of the underground banking systems - UBS?
11/09/2023, 3:08 pm - +Smiley face: How does a person redeem ones valuable with the UBS and the next person in the waiting?
How does this concept work?
11/09/2023, 3:08 pm - +Rama: https://www.asiaone.com/singapore/tharman-takes-over-new-prime-minister-blunder-indian-media-g20-summit-has-netizens
11/09/2023, 3:10 pm - +Smiley face: Lost in transmission or translation?
11/09/2023, 3:11 pm - +Rama: Misinformed without authentication so might consider pofma!?
11/09/2023, 3:19 pm - +KL: Maybe can I ask when they arrive in Singapore ?
11/09/2023, 3:19 pm - +Rama: Who!?π€·♂️
11/09/2023, 3:20 pm - +KL: Our god of fortune 1.8 bn ?
11/09/2023, 3:20 pm - +Rama: Only the authorities would know
11/09/2023, 3:20 pm - +KL: What pass are they carrying ?
11/09/2023, 3:21 pm - +Rama: π€·♂️
11/09/2023, 3:21 pm - +Frankie Wee: πππIndia hearing wrong news media publicity
11/09/2023, 3:21 pm - +Rama: Morons!
11/09/2023, 3:24 pm - +KL: May I also ask did the “money lord” declare they carry so much money into Singapore ? I thgt we need to declare when enter SG border if more than 30K <This message was edited>
11/09/2023, 3:24 pm - +Rama: Don't expect them to do legitimate things!
11/09/2023, 3:24 pm - +KL: On top the mom issue pass ?
11/09/2023, 3:24 pm - +Frankie Wee: Bank deposits open new accounts declared
11/09/2023, 3:25 pm - +Smiley face: Small money....kecil
11/09/2023, 3:25 pm - +Rama: Multiple issues including 60 housing agents being called in to verify how properties were bought!
11/09/2023, 3:25 pm - +KL: Nevertheless if the 1.8 bn no need to return to “China”it will be a good deal :)
11/09/2023, 3:26 pm - +KL: But this show a lot on the other hand
11/09/2023, 3:26 pm - +Frankie Wee: Very rich getting commission from then end up anti corruption
11/09/2023, 3:26 pm - +Smiley face: This message was deleted
11/09/2023, 3:26 pm - +KL: If they enter ard 2020 it will be another harder question :))
11/09/2023, 3:26 pm - +Smiley face: This message was deleted
11/09/2023, 3:27 pm - +KL: Maybe those clean one already move out to those tax free haven :))
11/09/2023, 3:27 pm - +Frankie Wee: Transaction recorded account is money laundering
11/09/2023, 3:28 pm - +Smiley face: Yes and No...
You are correct!
11/09/2023, 3:29 pm - +KL: Or Maybe in a usb wallet keep in hometown acenstor temple :)
11/09/2023, 3:29 pm - +Smiley face: Moving from elsewhere and transit back to the origin? Does it make sense?
11/09/2023, 3:29 pm - +Smiley face: Sekali confiscated!
11/09/2023, 3:30 pm - +Smiley face: Dog eats dogs!
11/09/2023, 3:30 pm - +KL: This message was deleted
11/09/2023, 3:31 pm - +KL: Someone need to check mah
11/09/2023, 3:32 pm - +Smiley face: Tom & Jerry!
11/09/2023, 3:37 pm - +KL: When I old liao can gov hire me to sit at airport to check I took a commission of 30% on all cash undeclared.
For now I can do part time on weekend @_@
11/09/2023, 3:38 pm - +KL: Hire old ppl working at MacDonald for this task :))
11/09/2023, 3:41 pm - +KL: But Who issue the pass to these money lord ? <This message was edited>
11/09/2023, 3:57 pm - +~L: BTC is 100% transparent and all transactions can be tracked, that's why corps are opposing it
11/09/2023, 4:00 pm - +REACH: π’ *Topic* π’
In one of the biggest anti-money laundering operations here, on 15 Aug, the Singapore Police Force (SPF) rounded up a group of foreigners who had amassed about $1 billion worth of assets here.
That the authorities took action right away when they became aware of the facts sends a clear signal that Singapore is a reputable financial centre that will act against people who try to launder money here, said Home Affairs and Law Minister K. Shanmugam in an interview on Sunday.
π¬ *What are your views on the recent billion-dollar money laundering case? How can we remain open as a financial hub while ensuring a zero-tolerance approach to illegal activities?*
Mr Shanmugam also clarified that the probe was triggered by suspicious transaction reports filed by financial institutions and investigations did not arise due to external pressure.
He emphasised that Singapore has put in place a robust, comprehensive anti-money laundering framework, including taking in international best practices.
The first line of defence in this whole-of-economy effort is the Monetary Authority of Singapore and the financial institutions. Other gatekeepers such as real estate agents, precious commodities dealers and their regulators also have a role to play in guarding Singapore against illicit funds.
“Our laws make it a duty for anyone – including bankers, property developers – to report suspicious transactions,” he said.
π https://str.sg/iTnt
π https://str.sg/iTs3
π https://str.sg/i52X
11/09/2023, 4:00 pm - +Rama: If fraudulent, 60 agents commission will have to be seized!?
11/09/2023, 4:01 pm - +Frankie Wee: Claw back (mean paid back)
11/09/2023, 4:02 pm - +Rama: More importantly, diligence was done in checks!?
11/09/2023, 4:05 pm - +Rama: Someone can also cover up incompetence!?
11/09/2023, 4:06 pm - +Smiley face: Plus fines and or jail time, if found to be a collaborative partnership!
11/09/2023, 4:07 pm - +~L: What happens to the siezed assets and cash?
11/09/2023, 4:07 pm - +Smiley face: Laylong
11/09/2023, 4:10 pm - +Smiley face: Laylong assets, cars and jewels. Use these cash for Public amenities and facilities especially for Upgrading uses and scholarships for MHA.
Cash, pls pass it to MSF and Active Aging Centres.
11/09/2023, 4:19 pm - +Frankie Wee: Publication trustee share of will
If case is close left unresolved money.
11/09/2023, 4:19 pm - +Rama: Yes with loss of license
11/09/2023, 4:20 pm - +Rama: Government first and last if no other legitimate Ave
11/09/2023, 4:21 pm - +Rama: Public auctions
11/09/2023, 4:28 pm - +~L: Auction seized property and then keeping the cash for the public purse?
11/09/2023, 4:28 pm - +Smiley face: For how long does this gantong be? 5 yrs or 10 yrs or forever?
11/09/2023, 4:29 pm - +Smiley face: Yes
11/09/2023, 4:29 pm - +Rama: π€·♂️
11/09/2023, 4:29 pm - +Smiley face: Yes, in the spirit of public, social justice and fairness.
11/09/2023, 4:29 pm - +Rama: Believe so
11/09/2023, 4:30 pm - +Smiley face: Drunk driving, how many yrs licence gantong?
11/09/2023, 4:30 pm - +Rama: I believe depends on a number of factors
11/09/2023, 4:31 pm - +Frankie Wee: Cash left unsolved then how about give publicity trustee singaporean only
11/09/2023, 4:31 pm - +Frankie Wee: π
11/09/2023, 4:31 pm - +KL: If victim or a country can prove these money stolen or cheat from them I don’t think will be confiscated to public . Not sure how it work thou .
11/09/2023, 4:31 pm - +Smiley face: Diplomacy in play...
11/09/2023, 4:32 pm - +Rama: Costs involved
11/09/2023, 4:32 pm - +Smiley face: Yes, prosecution, investigation, F&B...
50%50% or 20%80%
11/09/2023, 4:38 pm - +Rama: πIt happened in G-20 summit New Delhi 2023,The PM of Netherland had a Tea cup in his hand, fell by mistake. He didn't call volunteers to cleanup. Please see what happened next. *This is a lesson to our Nation Political People*
11/09/2023, 4:38 pm - +Rama: <Media omitted>
11/09/2023, 4:38 pm - +Rama: Humane, leaders that is very hard to come by.
11/09/2023, 4:41 pm - +Jimmy Chew: He's being video, must show good side...like kissing babies hahahaha
11/09/2023, 4:41 pm - +Rama: π€·♂️
11/09/2023, 4:42 pm - +Rama: So, what's ours bad side!?
11/09/2023, 4:42 pm - +Frankie Wee: So gently
11/09/2023, 4:43 pm - +Jimmy Chew: The heart is very deceitful. No one knows except themselves. Look at Putin and Hitler
11/09/2023, 4:43 pm - +Jimmy Chew: Good gesture
11/09/2023, 4:43 pm - +Rama: So it the mind!
11/09/2023, 4:44 pm - +Rama: Scoring points for re-election!?
11/09/2023, 4:44 pm - +Smiley face: One great acts!
11/09/2023, 4:45 pm - +Rama: Yup
11/09/2023, 4:45 pm - +Jimmy Chew: Haha I am being skeptical as I grow older hahaha
11/09/2023, 4:46 pm - +Smiley face: Is it true, one criteria of a politician must be able to act in public and in private?
Is it true or not true?
11/09/2023, 4:46 pm - +Frankie Wee: True
11/09/2023, 4:46 pm - +Smiley face: Third eye for things
11/09/2023, 4:46 pm - +Smiley face: So Woody folks cannot be politician?
11/09/2023, 4:47 pm - +Frankie Wee: Smart act show publicity kindness
11/09/2023, 4:47 pm - +Smiley face: Sekali award and not Oscar award?
11/09/2023, 4:52 pm - +Jimmy Chew: Gordon Brown calls Labour supporter a 'bigoted woman' - The Guardian https://amp.theguardian.com/politics/2010/apr/28/gordon-brown-bigoted-woman
11/09/2023, 4:52 pm - +Jimmy Chew: Unexpected
11/09/2023, 4:52 pm - +Jimmy Chew: Like our speaker if parliament
11/09/2023, 4:55 pm - +~L: This is from 2010??
11/09/2023, 4:59 pm - +Jimmy Chew: Yeah. Just showing the example of politicians playing to the public. I thought he cared but in reality, he was bigoted <This message was edited>
11/09/2023, 5:07 pm - +~L: He was frustrated about a woman who was repeating claims from the Sun and Mail about Eastern Europeans 'flocking' into the UK and using up resources.
11/09/2023, 5:08 pm - +~L: In a private conversation taped by a newspaper he aired his frustration inappropriately.
11/09/2023, 5:09 pm - +~L: Is that really so bad? He can't be expected to love and admire everyone. It was was quite a mild insult really.
11/09/2023, 5:09 pm - +~L: and said privately.
11/09/2023, 5:31 pm - +Mac: This message was deleted
11/09/2023, 5:32 pm - +Rama: Local politicians play a game to psych up the electorate!
11/09/2023, 6:00 pm - +REACH: π’ *Topic* π’
In one of the biggest anti-money laundering operations here, on 15 Aug, the Singapore Police Force (SPF) rounded up a group of foreigners who had amassed about $1 billion worth of assets here.
That the authorities took action right away when they became aware of the facts sends a clear signal that Singapore is a reputable financial centre that will act against people who try to launder money here, said Home Affairs and Law Minister K. Shanmugam in an interview on Sunday.
π¬ *What are your views on the recent billion-dollar money laundering case? How can we remain open as a financial hub while ensuring a zero-tolerance approach to illegal activities?*
Mr Shanmugam also clarified that the probe was triggered by suspicious transaction reports filed by financial institutions and investigations did not arise due to external pressure.
He emphasised that Singapore has put in place a robust, comprehensive anti-money laundering framework, including taking in international best practices.
The first line of defence in this whole-of-economy effort is the Monetary Authority of Singapore and the financial institutions. Other gatekeepers such as real estate agents, precious commodities dealers and their regulators also have a role to play in guarding Singapore against illicit funds.
“Our laws make it a duty for anyone – including bankers, property developers – to report suspicious transactions,” he said.
π https://str.sg/iTnt
π https://str.sg/iTs3
π https://str.sg/i52X
11/09/2023, 6:12 pm - +~JC: <Media omitted>
11/09/2023, 6:12 pm - +~JC: https://www.straitstimes.com/singapore/mci-issues-warning-to-the-economist-s-singapore-bureau-chief-for-actions-that-constituted-interference-in-domestic-politics
11/09/2023, 6:13 pm - +~JC: We can b a wonderful country when our govt be more open to different perspectives and viewpoints cos our govt don't always get everything right.
11/09/2023, 6:14 pm - +~JC: Don't be oversensitive cos they will surely cause PAP to lose even more votes from the younger generation.
11/09/2023, 6:14 pm - +~JC: Feedback this.
11/09/2023, 6:14 pm - +Rama: Agree on ownself check ownself mentality to be absolutely right!
11/09/2023, 6:14 pm - +Rama: Are they worried!?
11/09/2023, 6:15 pm - +~JC: Just a small quote and MCi issue warning
11/09/2023, 6:15 pm - +~JC: Come on.
11/09/2023, 6:15 pm - +Rama: Touchy!
11/09/2023, 6:15 pm - +~JC: What we are forced to not say in public. We will say in private
11/09/2023, 6:15 pm - +Rama: Yes
11/09/2023, 6:15 pm - +~JC: And govt will know come π³️ time
11/09/2023, 6:16 pm - +~JC: Ridiculous
11/09/2023, 6:16 pm - +Rama: At election time!
11/09/2023, 6:28 pm - +Thomas: We have to agree that politics are for Singaporean only. If we allowed foreigners, we will have foreign actors participating in our internal discourse
11/09/2023, 6:29 pm - +Rama: Definitely
11/09/2023, 6:45 pm - +REACH: *Dear Contributors,*
⏰ We will be closing the chat in *15 minutes* ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan π
11/09/2023, 6:47 pm - +Smiley face: <Media omitted>
11/09/2023, 6:49 pm - ☸️ Danny εΏ:
1. To prevent banks from having to call users (due to high transaction volume) if the bank transfer is legitimate, a link can be send to user via SMS, email or mail for users to call in via video conferencing, or telephone call back or appear in banks to confirm and authorise the bank transfer within 3 days for example.
Else the online transfer will lapse and is consider cancelled. <This message was edited>
11/09/2023, 6:53 pm - ☸️ Danny εΏ:
This will prevent scammers from making illegitimate fund transfer from the victims bank account - a failsafe method to protect victims from being scammed.
CPF withdrawal should also adopt similar approach.
11/09/2023, 6:54 pm - +Rama: SMS link is a problem currently so being done away with
11/09/2023, 6:55 pm - ☸️ Danny εΏ:
Or I should say, a telephone number to call in, not URL link.
11/09/2023, 6:56 pm - Your security code with ~ Jess Bay Sun changed. Tap to learn more.
11/09/2023, 6:56 pm - +Rama: Hotline prone to heavy usage!?
11/09/2023, 6:56 pm - ☸️ Danny εΏ:
Can't be help, or get scam.
11/09/2023, 6:57 pm - +Rama: Like going backwards!?
11/09/2023, 6:58 pm - ☸️ Danny εΏ:
Else banks have to come out with a failsafe method to do online banking.
Currently the money loss through scam is very enormous.
11/09/2023, 6:58 pm - +Smiley face: 11 September, 2023
"Underground Banking Systems into Singapore Banking Systems (UBS-SBS)"
"Meantime, its not easy to achieve a zero tolerance for illegal flows of money or valuables into SBS. Start probing from 2010 and there on...loss or profit?"
- - anonymity
Three circles of absolute Intolerance!
1) peddling drugs
2) scams
3) human trafficking including children and human organs sale
We must forbidden, those who have no regards for humanity, sinful and illegal money entering into our financial and banking systems!
Family tree? (micro)
Start by creating a family tree, it can be local people/family and foreign people)family. Perhaps, the authorities have already created but need constant updating and validation. Things always changed and now the changes are faster than the previous ten years!
Panama papers & Paradise papers? (macro)
The past insights, these individuals and companies are valuable database for checks and compliance purposes. It may be back dated, the key point is the extensive network of these questionable money, wealth and tax havens; from these data points, you can draw a roadmap from these coordinates that will lead into many geography and protectorial precinct. The do and don't; to apprehend or to observe?
One caveat, many of these individuals may have changed their identities and adopted a new passports from other countries. Only the biometrics can proof a person's origin.
For companies, it is easier, just closed them.
Entitlement or Ownership?
There are many ways in which to circumvent such as through private equities and venture capitals inserting funds into legitimate investable projects. The onerous is on the fund houses and the managements. Rejecting the funds or Repurpose the funds or Accepting the funds?
Over surveillance of funds will intentionally creates more layers of compliance so much so that doing business in SG will become more cumbersome to the legit FDIs and the HNWIFs.
So how to police this fine line of legit and illegit? What can you see in the (Im)Balance Sheets, capitalisation and activities?
Foremost, the people who are behind each of these entities or startups must proof the source of funds and their track records of up to 10 years just to have a clear legit intent and traction of the previous and current economic activities. The larger the new funds is, the more compliance it should be made available and assessable by authority and bank prior to entry into our SBS.
With the help of AI analytics and Digitisation, perhaps it will be easier in the coming years to identify the grey areas by deploying a micro-segmentation analytics not only the people aspect but also the track records of funds and establishments into a zero-sum game.
- - in progress - -
11/09/2023, 6:58 pm - +Rama: Never ending!
11/09/2023, 6:59 pm - ☸️ Danny εΏ:
Current online banking authentication is not failsafe.
11/09/2023, 7:00 pm - +REACH: *Dear Contributors,*
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan π
11/09/2023, 7:00 pm - ☸️ Danny εΏ:
At least my propose solution is foolproof though inefficient and crude.
If similar digital solutions can replicate such functions, I am pleased to get it replaced.
11/09/2023, 7:00 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
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