Singapore steps up scrutiny of shell firms to combat money laundering

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August 13 2019

Singapore’s central bank is raising its guard against money launderers increasingly using onshore shell companies to mask their transactions, a senior official said.

Valerie Tay, who heads the anti-money laundering department at the Monetary Authority of Singapore (MAS) said banks had closed accounts of several onshore shell companies over the past year, after detecting unlawful transactions.