A Singaporean, Xie Yong, 37, has been jailed for four weeks and fined SGD57,000 (USD42,900) for negligent conduct as director of 980 companies, some implicated in money laundering. His firm, DD Corporate Services, provided services to mostly Chinese clients for incorporation in Singapore. Deputy Public Prosecutor Janice See criticised Xie’s minimal due diligence, which led to involvement in suspicious activities. The case surfaced after police investigated two transactions totaling over USD1.5m, linking to firms Xie incorporated, including one involved in a scam against US-based Armor Survival. Furthermore, Xie’s connection with Joy Trader, a company used to launder USD3.1m from the US-based Jewish Federation of Greater Washington, was scrutinised.
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