Following a number of suspicious transactions, the financial regulator noted a patron of use of onshore shell companies to evade or distract relevant money laundering controls and preventive actions.
The regulator note the situation to be an early sign of weakness in the internal system and committed top address such gap.
Once of the flags reported was the speed of transactional activity linked to inshore shells, making some parallel with the known typology linked to offshore companies.
Mrs. Valerie Tray former journalist and head of the anti-money laundering department of the Monetary Authority of Singapore (MAS) stated that this new information is a “wake up call” for the regulator and the market.
