A 41-year-old woman, who is a director of a Singapore-registered company (“Company”) will be charged in Court on 16 May 2024 for her suspected involvement in several offences including money laundering, engaging in a conspiracy to cheat a local bank and knowingly being a party to fraudulent trading.
Investigations revealed that between December 2019 and February 2020, the woman had allegedly entered an arrangement with a 38-year-old man, who had promised her monetary benefits, to incorporate the Company and open four corporate bank accounts in Singapore. This was despite her having reasonable grounds to believe that the man was a person who engaged in criminal conduct, and that such an arrangement facilitated the control of the man’s benefits from criminal conduct. The woman then allegedly provided access of the corporate bank accounts to the man. Three of the bank accounts held under the Company’s name were later allegedly used to launder a total sum amounting to USD 443,785.09, derived from fraud perpetrated on five overseas victims during the period of January 2020 to February 2020.
As the director of the Company, the woman allegedly knew that the Company was being used for illegitimate purposes and had reasonable grounds to believe that the property in the bank accounts constituted benefits of criminal conduct. As such, she is alleged to have been a knowing party to carrying on the business of the Company for a fraudulent purpose.
The woman faces the following charges:
- Three counts of entering into an arrangement to facilitate the retention of benefits from criminal conduct using the Company’s bank accounts under Section 44(1)(a) of the Corruption Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Chapter 65A 2000. The offence carries an imprisonment term of up to 10 years, a fine of up to S$500,000, or both;
- One count of conspiracy to commit cheating under Section 417 read with Section 109 of the Penal Code 2008. The offence carries an imprisonment term of up to three years, a fine, or both; and
- One count of being a party to the Company’s business activities that were carried on for fraudulent purposes under Section 340(5) of the Companies Act 2006. The offence which carries an imprisonment term of up to seven years, a fine of up to S$15,000, or both.
The Police take a serious stance against any person who may be involved in money laundering, and perpetrators will be dealt with in accordance with the law. The Police would like to remind members of the public that individuals will be held accountable if they allow their personal or company bank accounts to be used to receive and transfer monies found to be criminal proceeds.
If you receive or are asked to receive funds from unknown or dubious sources, please contact the Anti-Scam Helpline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.
SINGAPORE POLICE FORCE
15 May 2024 @ 8:45 PM