In a revelation following a billion-dollar money laundering bust, it has been uncovered that a Singapore resident, J.J, held positions as director, secretary, and shareholder for 185 companies.
This revelation has surprised the public, especially since nine of these firms were connected to three of the individuals arrested in connection with the money laundering case. The news was aired by Straits Times, which has been strongly following the money laundering case.
Experts view this multitude of appointments as a significant red flag, suggesting possible misuse of corporate entities.
Foreign residents in Singapore without a Singpass account are required to engage registered filing agents to handle applications on their behalf, with agents conducting due diligence on clients’ wealth sources.
J.J, known for operating a secretarial services firm, had previously held positions in 224 companies across various sectors. Of these, a third had been struck off the Accounting and Corporate Regulatory Authority (Acra) business registry, notes the publication.
The discovery of connections to the arrested individuals has added complexity to the ongoing investigation into the money laundering operation, prompting authorities to intensify scrutiny of these companies and J.J’s roles.
This update highlights concerns about corporate transparency and regulatory oversight within Singapore’s business landscape. Authorities are expected to take further steps to prevent such situations in the future, while the public awaits updates on the money laundering investigation’s progress.
