Singapore: Man let foreigner use his name to form company for money laundering

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October 4 2019

A Singapore resident was slapped with the maximum fine of $5,000 yesterday for lending his name to a foreigner to incorporate a local company that was used to launder money.

The police said that Chong Yit Cheong, the resident director of Milotex Trading, had failed to exercise reasonable diligence in his duties as company director.