SINGAPORE: A director and his company were charged on Wednesday ( Mar 12 ) over suspected money laundering activities.
Sim Chee Wei, 39, is accused of failing to exercise fair dedication in the release of his responsibilities as a chairman of two businesses- SIMCW Tech and SCWEI Tradings.  ,
He is said to have relinquished power of the companies ‘ bank accounts and failed to exercise control of the companies ‘ politics from August 2022 to September 2024.  ,
According to his supposed abuse, SIMCW Tech reportedly possessed house suspected to be the advantages of criminal conduct.  , It possessed US$ 209.90 ( S$ 280 ) on Aug 18, 2022 and US$ 209, 892.84 on Aug 19, 2022. Both sums of money were suspected to be the money of violence.  ,
For these alleged offences, Sim was handed two charges under the Corruption, Drug Trafficking and Other Serious Crimes ( Confiscation of Benefits ) Act ( CDSA ) and two charges under the Companies Act.  ,
SIMCW Tech was given two charges of possessing house suspected to be from judicial do under the CDSA. The agency’s two charges mirror that of Sim’s CDSA costs.  ,
According to a Singapore Police Force press release on Tuesday, Sim included two businesses in August 2022 as part of a claimed business agreement with an unnamed Chinese investment.  ,
Sim next opened corporate bank records for both businesses and gave command of the balances to the Chinese investment.  ,
On Aug 29, 2022, the officers received a statement that payments equivalent to US$ 210, 102.74- presumably from an expense scam elsewhere- was transferred into SIMCW Tech’s bank account.  ,
The organization was unable to account for how it came by this income.
Both Sim and his firm stated that they would be engaged attorneys and did not indicate a appeal.
Their subsequent trials have been fixed for Apr 9.  ,
The authorities said it will get” stern eniforcement behavior” against companies that are designed for illegal purposes such as the fraud of crimnal revenues, and against managers whose neglect allows businesses to be run for illegal purposes.  ,
” Such abuse affects Singapore’s reputation as an international financial centre and business hub”, the police said.  ,
The offence of possessing property suspected to be benefits of criminal conduct under the CDSA carries a jail term of up to three years, a fine of up to S$ 150, 000, or both, if the person is an individual.  ,
For corporate entities, offenders can be fined up to S$ 300, 000 for each charge.
For failing to use reasonable diligence as a director under the Companies Act, an offender may be jailed for up to 12 months or fined up to S$ 5, 000.