REACH 500 - What are your views on the statements delivered on the measures against money laundering? Are there sufficient safeguards and measures in our system to prevent and detect money laundering and other illicit financial flows while maintaining Singapore’s reputation as a trusted and well-governed financial centre?
(SK)
04 Oct 2023 (10am - 7pm)
REACH
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Megan 😊
10/4/23, 10:02 AM - +REACH: 📢 *Topic* 📢
The recent billion-dollar money laundering case was addressed in three ministerial statements during the Parliament sitting on Tuesday (3 Oct) by Second Minister for Home Affairs Mrs Josephine Teo, Minister of State for Trade and Industry Mr Alvin Tan, and Second Minister for Finance and National Development Ms Indranee Rajah. MOS Alvin Tan was addressing parliament on behalf of Deputy Prime Minister and Minister for Finance Mr Lawrence Wong.
💬 *What are your views on the statements delivered on the measures against money laundering? Are there sufficient safeguards and measures in our system to prevent and detect money laundering and other illicit financial flows while maintaining Singapore’s reputation as a trusted and well-governed financial centre?*
️⃣ *Minister Josephine Teo* highlighted the three prongs in Singapore’s anti-money laundering strategy:
📌 *Prevention*: Singapore has a robust legal and regulatory framework. Gatekeepers in various sectors have to comply with anti-money laundering requirements, including the conduct of due diligence.
📌 *Detection*: Our laws make it a duty for everyone – including but not limited to landlords, property developers, financial institutions, and corporate service providers – to report suspicious transactions.
📌 *Enforcement*: Enforcement is imperative in Singapore’s anti-money laundering strategy, which is about taking strong action when there is suspicion of money laundering.
Minister Teo said, “Singapore has in place a robust anti-money laundering regime. We are held in high regard internationally not just as a financial centre, but for our strong, principled and no-nonsense approach to taking down individuals who break our laws.”
️⃣ *MOS Alvin Tan* said that MAS’ priority was to work together with financial institutions to identify and disrupt illicit activities. While ongoing investigations indicated that one or more of the accused persons in this case may have been linked to Single Family Offices (SFOs) that were awarded tax incentives, no adverse information of note related to the individuals and entities had surfaced at the point of application.
📌 *In July 2023, MAS announced plans to strengthen its surveillance and defence against potential ML risks posed by SFOs including reviewing its internal incentive administration processes for SFOs*. He also elaborated on MAS’ three-pronged strategy involving prevention, detection and enforcement when dealing with money laundering.
📌 *On the detection front*, MAS will be introducing a digital platform known as Cosmic that will allow banks to share information on customers whose behaviour or profiles show potential financial crime concerns. Plans are on track to roll out the platform to six banks in the second half of 2024, if not earlier.
️⃣ *Minister Indranee* said that an inter-ministerial committee will be set up to review Singapore’s financial system and strengthen its anti-money laundering regime. The inter-ministerial committee will be chaired by Minister Indranee and comprise office-holders from MAS, Ministry of Home Affairs, Ministry of Law, Ministry of Manpower and Ministry of Trade and Industry. It will focus on four areas:
📌 How to prevent corporate structures from being abused by money launderers.
📌 How financial institutions can enhance their controls and collaborate more effectively to guard against and flag suspicious transactions.
📌 How other players in the system, such as corporate service providers, real estate agents, and precious stones and precious metals dealers, can help to guard against money laundering risks.
📌 How to centralise and strengthen capabilities across government agencies to better detect suspicious activity.
“Singapore is determined to preserve our hard-earned reputation as a clean and trusted business hub. We will continue to hold our zero-tolerance approach towards money laundering, and do our best to ensure a strong and robust regulatory regime,” Minister Indranee said.
👉 https://str.sg/icPT
👉 https://str.sg/icW4
👉 https://str.sg/icPW
👉 https://str.sg/icPC
10/4/23, 10:03 AM - ~ REACH Singapore changed this group's settings to allow all participants to send messages to this group
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10/4/23, 10:09 AM - +Rama: Improvements are in the pipeline !
10/4/23, 10:09 AM - +Frankie Wee: Is it not too late when person is anti laundry money play investment stock or use spam other person get money illicit activities to make money. If it is possible frozen financial assets affected the stock market.
10/4/23, 10:12 AM - +Frankie Wee: Bitcoin or crypto investors making big bucks but can’t be frozen their account.
10/4/23, 10:23 AM - ~ REACH Singapore changed the group description
10/4/23, 10:23 AM - +GLCM: The detection of this major laundering case was only surfaced many months later. How it snowballed to this big amount needs to be addressed.
Why various transactions went through with no alarm bells is also something that should be looked into henceforth.
Cosmic is meant for financial institutions based on info given here. But what about other irregularities that can be highlighted by professionals in the street? Those who are privy to the transactions.
Having the channel available does not guarantee reporting the suspicions.
It's likely the largest amount for money laundering case in the world, as reported in CNA.
10/4/23, 10:46 AM - +Jimmy Chew: https://www.businesstimes.com.sg/singapore/economy-policy/2-property-agents-found-guilty-failing-carry-out-anti-money-laundering
10/4/23, 10:49 AM - +Jimmy Chew: I think the penalty is too little. 4k no imprisonment. If one sold a million dollar property the commission is 1 to 3 percent. It's worth the pain. They should claw back all the commission and put them in prison and kick them out of the industry for turning a blind eye to the laundering.
10/4/23, 10:49 AM - +Frankie Wee: Wonder how it affected inflation over anti money laundering
10/4/23, 10:49 AM - +Frankie Wee: ☹️
10/4/23, 10:50 AM - +Frankie Wee: HDB can sold million dollars unknown the future
10/4/23, 10:50 AM - +Jimmy Chew: Giving a bad name for all those who are righteous in their transactions from ministries to bankers to the nations name.
10/4/23, 10:51 AM - +Jimmy Chew: We need to prevent this from happening or are we encouraging money laundering. Like in the NS. Do but don't get caught mentality
10/4/23, 10:52 AM - +GLCM: And these two agents were not related to the transactions in the laundering case.........
10/4/23, 10:52 AM - +Jimmy Chew: If caught it's okay only fine. $100k to $300k for 4k fine . It's worth it
10/4/23, 10:53 AM - +Jimmy Chew: Sentosa cove cost more than one million hahaha
10/4/23, 10:54 AM - +Jimmy Chew: Oh. How come they are charged?
10/4/23, 10:58 AM - +GLCM: Most likely other property transactions.
10/4/23, 11:01 AM - +Rama: Beginning of a possible bigger numbers!
10/4/23, 11:02 AM - +Rama: Currently, legislation inadequate!
10/4/23, 11:02 AM - +Rama: 😖😳🤦♂️😞😡😖
10/4/23, 11:18 AM - +KL: 1. Will These massive fund input into our economy cause inflation ?
2. Since as per news these funds was inform these are illegal gain from illegal betting in China, do sg need to return the part of the funds to China or retain in Our reserve .
3. Lastly one seem to buy 25 condo in a block if I not wrong . Was that alert before that case or that case trigger an alert . If that case trigger an alert , prior the first alert regardless is which , the rest of the banks should be punished . All ppl that touches the fund without alert ( if the amount is relative huge or suspect something wrong ) should be punished <This message was edited>
10/4/23, 11:22 AM - +KL: I think a lot of ppl are wildfully blind
10/4/23, 11:26 AM - +KL: Last question, a fresh grad with no AML experience but grad from good school vs a experience staff with AML experience but grad from a lousy school. Who will be selected if there is only one entry role in AML for civil servant ? <This message was edited>
10/4/23, 11:26 AM - +Sh Koh: It could have... but our leaders set the tones. 2% foreigner own Ppty and it seems it is deem as ok.
10/4/23, 11:28 AM - +KL: Do they need to submit anything to civil servant when purchasing these property , do AML conducted . If yes did they detected it ?
10/4/23, 11:31 AM - +Sh Koh: I think there is.. but agent to do.. the govt collect Stamp duty..
10/4/23, 11:31 AM - +KL: As per sg , money changer or anywhere u deposit more than 30k need to write a form . Why it wasn’t detected but only one year later ?
10/4/23, 11:32 AM - +KL: Should know what I mean , need to punished those who missed it <This message was edited>
10/4/23, 11:37 AM - +Kenneth Lee WM: 4th Oct Straitstimes reported that in 2021, forged documents were already discovered for sources of funds. I do believe that bank procedures then already dictated that the funds transfer should have been rejected immediately, case closed. Stop the infection at once. What happened was that the bank failed their checks then, allowed the money transfer to come in and caused a major infection to fester.
My question is, why did the banks not reject the money transfers up front and stop all the nonsense from happening from the very start? Did the account opening checks fail? If so, just admit it and fix it. Now they have wasted so much of tax payer's money chasing the money launderers. These are the leakages that can be prevented to reduce government spendings.
At least if Singapore government get to confiscate the billions and spend it on Singapore, I'd be supportive.
10/4/23, 11:42 AM - +Sh Koh: I guess bank also wish to manage these fund for them. They did their work as legislation requires them and may not be able to cover everything and means to investigate
10/4/23, 11:42 AM - +Sh Koh: https://www.fa-mag.com/news/the-ultra-rich-are-driving-a--24-billion-property-frenzy-in-singapore-63573.html
10/4/23, 11:44 AM - +Sh Koh: Buyers’ Confidentiality
Similar to London, there’s another factor luring well-heeled foreign buyers to Singapore: Privacy.
Buyers use trusts to conceal their identities from the public and even the government. For instance, banks can register themselves as the legal owner on behalf of the individuals. It complicates the burden on developers to screen prospective buyers for mo
10/4/23, 11:49 AM - +Sh Koh: <Media omitted>
10/4/23, 11:50 AM - +KL: When doing policies should have taken that into consideration. <This message was edited>
10/4/23, 11:52 AM - +Rama: How well are we aware!?
10/4/23, 11:53 AM - +Sh Koh: I believe there is framework to handle money laundering... but maybe behind the curve.
10/4/23, 11:55 AM - +KL: Wah in the news so not secret Ah
10/4/23, 11:56 AM - +Rama: Constant adjustment to existing legislation to keep pace with new negative tools!
10/4/23, 12:08 PM - +Rama: Any red flags!?
10/4/23, 12:08 PM - +Frankie Wee: Interpol red flag
10/4/23, 12:09 PM - +Rama: IR said no red flags!?
10/4/23, 12:10 PM - +Sh Koh: Not too sure. Probably is legit. Would it be good if we place some restriction / checks on number of units to a single buyer ?
10/4/23, 12:11 PM - +Frankie Wee: Bank are too busy and no time so many transactions sent and received unknown unless if over suspicions large money transfer then bank account will frozen only
10/4/23, 12:12 PM - +Sh Koh: Bank also love it when they got funds managed by them. They sell their products to rich individuals as well
10/4/23, 12:12 PM - +Frankie Wee: 🤦
10/4/23, 12:13 PM - +Frankie Wee: CAD control will inform all bank system
10/4/23, 12:18 PM - +Sh Koh: My qns is when is a threshold govt act ?the probe is done 'discreetly' for 2 yrs. What kind of gauage do they put in place... now decided to investigate and abetting party involved in some way or falling dn on their due diligence
10/4/23, 12:27 PM - +Rama: It all starts with a STR (suspicious transaction record) from bank to central bank. Then, discreet follow up starts possibly leading to full covert investigation)
10/4/23, 12:29 PM - +Sh Koh: What's done when STR is received ? Do they stop the transaction ? Seems to me it allows it to balloon to this amt.
10/4/23, 12:35 PM - +Rama: SPF (commercial affairs department) comes in and follow up with the bank before sending case over to agc.
10/4/23, 1:06 PM - +Smiley face: "Centralise & Decentralise"
"All economics activities have two main ways in organizing their transactions and their tracks (tricks). Accounting & auditing, receivables snd payables, and paid taxes will not reveal all these illegal trades. A centralised formation transforms into decentralised ways to legalize and realize the economics benefits. How to find out the illegalities? How to find out?"
- - in progress - -
10/4/23, 1:32 PM - +Smiley face: "The wise seldom hurry and the people who hurry are seldom wise."
- - anonymity
10/4/23, 1:35 PM - ☸️ Danny 心:
1. Firstly, as reported, these money lauderers got such a big sum of money through illegal activities - mainly illegal online gambling, scamming people online and others.
They are essentially the Big Crocs - that organised, controlled and managed the scamming operations - that scam innocent victims of their life savings.
They deserved to be arrested and clampdown, and all their ill-gained monies confiscated and recovered for the victims who lose their life savings.
2. Frontline banks, real estate agents, insurance agents, traders of luxuries goods - will obviously be the first contact points as these money lauderers will want to clean up their dirty monies and convert them to clean money - so that they can use it and enjoy their high living.
For these frontline contacts, doing due diligence is important to identify likely money lauderers - and "Suspicious Transaction Record" should be raised if suspecting they are illegal money lauderers.
But it is not an easy job, because these money lauderers can have a well covered tracks - and can lead them to many maze of legitimate business earnings locally and overseas. Hence not so easy to identify money lauderers for frontline contact points --- but still, due diligence must be conducted as far as possible.
3. I applaud the 3-prong Government stratedy of Prevention, Detection and Enforcement - notably the introduction of a digital platform known as Cosmic - to help frontline contact points to search online for all applicants or purchasers of bank deposits, buy properties, insurance or other luxury goods.
Because the digital platform will based on personal information able to pick up suspected money lauderers - as compared to manual check.
4. It is important for Singapore not to discourage or make lives difficult for genuine Home Office investors or rich investors who intend to place funds in Singapore - as we need them to boost our Financial Hub, attract investment, set up business and create jobs.
At the same time, we don't want dirty money to come to Singapore.
We want clean and good money to flow into Singapore.
5. Hence, a transparent and yet discrete way of screening capital inflow to our financial system - such as the digital platform will be a good way to ensure clean and good money come into Singapore while filtering out dirty money.
10/4/23, 1:44 PM - +Rama: If you listen to the news broadcast last night, you would have heard MCI JT says they allowed as much illegal funds to flow in before closing the loop! This is to cast the net as wide as possible to get those big fish!
10/4/23, 2:08 PM - +GLCM: If this was meant as a lure to patiently hit the big money trail, then no need for enhanced detection. Just maintain current rules.
10/4/23, 2:09 PM - +REACH: 📢 *Topic* 📢
10/4/23, 2:15 PM - +Sh Koh: I wish it was to detect and prevent. Correction is later..
10/4/23, 2:16 PM - +Rama: Government did the right thing
10/4/23, 3:18 PM - +REACH: Dear contributors,
We want to HEAR MORE from you!
💬 *What are your views on the statements delivered on the measures against money laundering? Are there sufficient safeguards and measures in our system to prevent and detect money laundering and other illicit financial flows while maintaining Singapore’s reputation as a trusted and well-governed financial centre?*
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Megan 😊
10/4/23, 3:22 PM - +Frankie Wee: What should Singapore govt do with $2.8B disposal by anti money laundering? Should govt keep it for use? Or burning away billions dollars or donate support Charity or give publicity trusteeship?
10/4/23, 3:22 PM - +Frankie Wee: When case is end closed.
10/4/23, 3:25 PM - +Frankie Wee: In future need safeguards and proof ACRA and with ensure law full implementation money do not treat corruption and anti fraud by anti money laundering.
10/4/23, 3:33 PM - +Rama: As far as possible, I'll gotten gains will be returned to the right party if there is official reports made. Beyond that, !?
10/4/23, 3:34 PM - +Frankie Wee: What if they invested return profit taken that money is belong us or
10/4/23, 3:36 PM - +Rama: The details will only be known to the party handling the return to verify authenticity in detail
10/4/23, 3:39 PM - +Frankie Wee: Maybe $2.8B locked and unused fund. If dissolved
10/4/23, 3:40 PM - +Rama: Legal fees will be substantial!
10/4/23, 3:41 PM - +Frankie Wee: Government pay but it’s a lot fee
10/4/23, 3:46 PM - ☸️ Danny 心:
Singaporeans have lost more than $1 billions through scams.
Tremendous police efforts, government funds and bank resources are spend to fight scams.
Can the confiscated funds be used to compensate for all the victims' loss as well as compensate the cost Singapore incur to fight scams?
Most of the victim loss overseas are not recoverable.
Hence, these dirty money we recover here from these money launderers will be a good fund source to compensate Singaporeans and taxpayers money loss and money spent to fight scams. <This message was edited>
10/4/23, 3:46 PM - +Rama: Hopefully, there's adequate legislation in place for this!
10/4/23, 3:47 PM - +Frankie Wee: More than $13B since now
10/4/23, 3:47 PM - +Rama: 😳🤦♂️😞
10/4/23, 3:49 PM - +Frankie Wee: Maybe I read wrongly $1.3B instead $13B
10/4/23, 3:49 PM - ☸️ Danny 心:
There are no international legislation for overseas countries to recover money loss through scam to pay back our local victims here.
So what we can recover from these money launderers, it will be a good fund source to compensate the local victims life savings as well as those taxpayers money spent to fight scams here.
10/4/23, 3:50 PM - +Rama: Agree
10/4/23, 3:51 PM - ☸️ Danny 心:
SPF say, money transfer out to overseas by scammers - very little chance to recover.
Now government confiscated $2.8 billions here.
Then this should be a good fund source for scam recovery and compensation to our victims life savings loss through scam whether through CPF or bank savings. <This message was edited>
10/4/23, 3:52 PM - +Frankie Wee: I agreed there is unknown evidence
10/4/23, 3:52 PM - +Rama: Yes
10/4/23, 4:00 PM - +REACH: 📢 *Topic* 📢
10/4/23, 4:08 PM - ☸️ Danny 心:
Wondering how much Singapore police have recover scam money loss overseas?
$0 ?
So now we managed to recover $2.8 billions here - then can compensate all our victims scam loss of $1.3 billions + government money setup to combat scams+ banks resources setup to combat scams.
10/4/23, 4:09 PM - ☸️ Danny 心:
National interest come first - in our tough fight against online scams. <This message was edited>
10/4/23, 4:30 PM - +KL: Actually is a blessing these cash is from illegal gambling as per news . Not from narcotine or other violent crime. It will even be worse. Thus preventive is still better option in long run.
10/4/23, 4:30 PM - +KL: 2.8 billions can arm a nation up to it teeth
10/4/23, 4:32 PM - +Rama: 🤷♂️
10/4/23, 4:38 PM - +Frankie Wee: JT said we don’t need them telling us what do with anti money laundering. We are own interests and inform will announced. I think there is overseas unknown evidence who belong money laundering.
10/4/23, 4:39 PM - +Rama: Possibly
10/4/23, 4:42 PM - ☸️ Danny 心:
Good.
Our national interest first.
Because no overseas countries will help us to recover our local victims loss to overseas bank.
What we lost go into their own piggy banks.
Likewise we should safeguard our national interest first.
Payback our local victims first. <This message was edited>
10/4/23, 4:44 PM - ☸️ Danny 心:
If all the international countries play ball, then rightfully all victims loss through scams can be recovered.
But now this is not the case.
10/4/23, 4:44 PM - +Rama: It never will!
10/4/23, 4:44 PM - +Rama: Yes
10/4/23, 4:45 PM - ☸️ Danny 心:
If all international countries play ball.
We play ball.
But now no one play ball, then we need to safeguard our own people's interest.
10/4/23, 5:09 PM - +Smiley face: Ownself play own balls?
10/4/23, 5:11 PM - +Smiley face: Singapore’s AML strategy:
📌 Prevention - law and at group level
📌 Detection - signals from banks
📌 Enforcement - evidence based
📌 MAS - master planner
📌 Corporate - rules of AML
📌 Financial Institutions - early detectors
📌 Systems - micro parts include signals, surveillance and networks.
📌 Centralised - a coordinating intelligence agency.
10/4/23, 5:34 PM - +Rama: Sounds familiar!
10/4/23, 5:37 PM - +Smiley face: As the saying goes, "The worse the global economic is, the greater the losses at the economic fronts and the greater the activities of money launders win even it out."
10/4/23, 5:44 PM - +Smiley face: "All economics activities have two main ways in organizing their transactions and their tracks (tricks). Accounting & auditing, receivables snd payables, and paid taxes will not reveal all these illegal trades. A centralised formation transforms into decentralised ways to legalize and realize the economics benefits. How to find out the illegalities? How to find out?"
Mobility?
1) Country A to Country Z ; All Countries have dirty and clean money!
2) Person A + Person B in both countries and in multiple global cities.
3) Person A + Person B in Country A to Z making use of people from A to Z for legal or illegal means.
Question #1
What is your original country of birth?
Question #2
How many passport or citizenship you currently have including passports or citizenship from all previous countries, valid and/or expired?
Question #3
When did you denounced your citizenship of your original country of birth? Please produce documents.
Question #4
Please list the country and name of bank accounts you have in hand.
question #5
What is your occupation and income? What was your previous 10 years of economic activities? employed or self employed?
10/4/23, 5:48 PM - +Smiley face: Concept:
Money is Money, neither clean nor dirty!
Think it through and thoroughly, you will see how Money works and how it flows!
10/4/23, 6:15 PM - +Frankie Wee: People want live a better place called home and healthy
-Good life country
-Affordable housing and car
-People Culture and race
-Good Govt and budget
Economy and development future and more creative Ai and job opportunities growth.
10/4/23, 6:16 PM - +Frankie Wee: UAE has a lot of building city Sci-Fi
10/4/23, 6:17 PM - +Frankie Wee: UAE will run out of oil 2100 they will will save the earth use emission carbon.
10/4/23, 6:44 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 😊
10/4/23, 6:58 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 😊
10/4/23, 6:58 PM - +Smiley face: 4 October, 2023
"The Multi Billion Dollar Challenge"
"Money is Money, historically, it is revolution (change) and evolution (process) both playing. If money is the means to many fixed ends then the flow of money whether it is clean or it is cleaned, it is the means and the ends of these cleaned or soiled or stored or electrified intermediaries, three things, people, money and the center of attractions; Convergence and Divergence are the two magnets of ML. How to create crafty policies, to outsmart the surveillances and not overly incentivised the stakeholders?"
- - anonymity
Singapore’s AML strategy:
📌 Prevention - law and at group level
📌 Detection - signals from banks
📌 Enforcement - evidence based
📌 MAS - master planner
📌 Corporate - rules of AML
📌 Financial Institutions - early detectors
📌 Systems - micro parts include signals, surveillance and networks.
📌 Centralised - a coordinating intelligence agency.
"All economics activities have two main ways in organizing their transactions and their tracks (tricks). Accounting & auditing, receivables snd payables, and paid taxes will not reveal all these illegal trades. A centralised formation transforms into decentralised ways to legalize and realize the economics benefits. How to find out the illegalities? How to find out?"
Mobility?
1) Country A to Country Z ; All Countries have dirty and clean money!
2) Person A + Person B in both countries and in multiple global cities.
3) Person A + Person B in Country A to Z making use of people from A to Z for legal or illegal means.
Question #1
What is your original country of birth?
Question #2
How many passport or citizenship you currently have including passports or citizenship from all previous countries, valid and/or expired?
Question #3
When did you denounced your citizenship of your original country of birth? Please produce documents.
Question #4
Please list the country and name of bank accounts you have in hand.
question #5
What is your occupation and income? What was your previous 10 years of economic activities? employed or self employed?
Convergence Tactics?
The past 60 days, how many foreigners including PRs and new citizens' left SG for the next city and thereafter into another country?
What are these travel habits, frequency and intensity?
How long were these stay overseas and when they returned to SG?
What were their travel itineraies including hotels or homes and theirs expenses through credit cards?
Any cross border significant amount of money transfered before, during and after? What's the total amount and payees?
All booked into the data analytics of movements both tangibles and intangibles!
How to empirically aced it?
The book, "Thinking, Fast and Slow" Daniel Kahneman, winner of the Nobel Prize in Economics explained the two fundamental systems that drive the way human think and react.
System 1 is fast, intuitive, and emotional.
System 2 is slower, more deliberative, and more logical.
Centralise & Decentralise?
How to craft policies, surveillance, ring fence and to catch?
In the developing and less developed countries, the AML don't exist and these are the opportunities for dirty money to infiltrate through collaboration or joint ventures in manufacturings or minings or trades or arms dealers. How to break the money supplies chain?
The corrupted practices at these micro levels are huge and politicians tend to close an eye or even participate as stakeholders to rechannel the earned profits into developed countries for investments into any legitimate instruments that will clean up and legalised the money and flow to the next destination into a centralised funds to restart the entire process all over again; it evolves and it revolves, from dirty to clean and from clean to dirty and thereafter into cleaner money! How to stop the flow?
For that, it is a highly complex, almost foolproof, and highly sophisticated steps of ML.
What are types of asset besides cash flowing out and incoming?
As the saying goes, "The worse the global economic is, the greater the losses at the economic fronts and the greater the activities of money launderers win even it out."
- - in progress - -
10/4/23, 7:00 PM - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
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