Global Accounting Firm BDO Quits Work for Singapore Family Office DW Capital

Global accounting firm BDO has resigned from its work for DW Capital Holdings, a Singapore family office sanctioned by the US and UK over alleged links to Cambodia’s Prince Group. Two BDO employees also stepped down as DW Capital’s company secretaries following the US Treasury’s action. The firm had helped incorporate DW Capital in 2018, using BDO’s Singapore office address in filings. Authorities imposed sanctions on 146 individuals and entities tied to what they described as a USD1tr scam network. US agencies seized USD15bn in bitcoin and charged Prince Group founder Chen Zhi with fraud and money laundering. Singapore’s Monetary Authority of Singapore (MAS) is investigating DW Capital after police seized SGD150m (USD111m) in assets, a yacht, and 11 cars.