Singapore Firm Faces Money Laundering Charge for Alleged $571k in Bank Account Linked to Criminal Activity
A Singapore-based company, Kowns International, has been charged with money laundering for reportedly holding over $571,000 in its bank account believed to be proceeds from criminal activities. The company allegedly received funds from a scam and transferred a portion to foreign accounts without proper explanation.
Singapore-registered Kowns International is accused of committing the offence in September 2021. PHOTO: ST FILE
Firm charged over $571k in bank account believed to be crime benefits
SINGAPORE – A company that manufactures electric wires was handed a money laundering charge on June 30 over allegedly having more than $571,000 in its bank account that is believed to be the benefits of criminal conduct.
Singapore-registered Kowns International is accused of committing the offence in September 2021.
Without revealing details, police said in a statement on June 29 that the company’s bank accounts were allegedly used to receive criminal proceeds from a scam perpetrated against a foreign firm.
A police spokesperson said that between Sept 8 and 14, 2021, Kowns International allegedly received the purported ill-gotten gains before a portion of the money was transferred to foreign bank accounts.
The spokesperson added that Kowns International was purportedly unable to satisfactorily account for how it got hold of the money.
On Aug 6, a representative of the company is expected to turn up in court so that it can be convicted of the offence.
For money laundering, a company can be fined up to $300,000.
Shaffiq Alkhatib is The Straits Times’ court correspondent, covering mainly criminal cases heard at the State Courts.
Join ST's WhatsApp Channel and get the latest news and must-reads.
What's Your Reaction?
Like
0
Dislike
0
Love
0
Funny
0
Angry
0
Sad
0
Wow
0
