People remitting funds to China have had their bank accounts frozen, funds confiscated: Case

[MynameisS]

Link

 

[white_prince]

wlwlwl bbq le

 

[josephm]

In response to queries, the Singapore Police Force and Monetary Authority of Singapore (MAS) confirmed in a joint statement that reports involving alleged breaches of agreements have been made against some remittance companies.

In consultation with the Attorney-General's Chambers, the police assessed that no criminal offence was disclosed in Singapore in these reports.

The police and MAS said the Singapore authorities have no jurisdiction over the foreign authorities' suspension of bank accounts, which may arise if third parties engaged by remittance companies' agents in these countries fail to comply with the laws there.




then MAS should mandate these remittance companies to transfer funds only via banks and not third party agents

 

[2_sillies_trap]

no wonder some chinatown remittance i see the rates are so much better than official exchange rates. yuan lai is a washing machine?

 

[buttbERry]

what a mess sia

 

[SkyAmryBoi]

no wonder some chinatown remittance i see the rates are so much better than official exchange rates. yuan lai is a washing machine?

China has very tight capital control. They have being using this to take money out and in to China. Finally, trying to close this

 

[pieface]

Wow the CCP regime is seizing funds from those tiongs overseas remitting money.

Is this winnie xi's so called common prosperity at work? Tiongland situation is very jialat man.

 

[semiret]

CCP boh lui liao. Started to collect protection money anywhere.

 

[cosmothecat]

Use official banking channels, then no problem loh

 

[littlegrasshopper]

no wonder some chinatown remittance i see the rates are so much better than official exchange rates. yuan lai is a washing machine?

https://www.theguardian.com/austral...ered-almost-230m-in-funds-busted-in-afp-raids

In Australia, the largest washing machine got taken down. My trusted source says their daily volume is in the tens of millions AUD.

 

[16/8IF]

Use official banking channels, then no problem loh

Even Official banking Channels seems to be stricter and slower compared to pre covid.

Before Covid when you TT thru banks, usually in a few hours the counterparty will received the funds and able to withdraw immediately. No questions asked. etc etc.

After Covid, It takes a few days to 1 week to be reflected in the counterparty account , not only that Counterparty cant withdraw immediately and also need to go back to the bank where the account was opened unlike in the past, any branch of the bank is good. Plus plenty of query on the person financial status and purpose of the money etc etc .

 

[littlegrasshopper]

Even Official banking Channels seems to be stricter and slower compared to pre covid.

Before Covid when you TT thru banks, usually in a few hours the counterparty will received the funds and able to withdraw immediately. No questions asked. etc etc.

After Covid, It takes a few days to 1 week to be reflected in the counterparty account , not only that Counterparty cant withdraw immediately and also need to go back to the bank where the account was opened unlike in the past, any branch of the bank is good. Plus plenty of query on the person financial status and purpose of the money etc etc .

Yes very strict now compared to last year even. We deal with getting their RMB out using unofficial channels. Sometimes banks will block local transfer to third party. Call you up to explain why. Got 1 rare case police went to customer's house to demand why he's transferring money to another Chinese bank account.

As for remitting money back to China, it's well known they are using those scam call money proceeds to pay the customers.

 

[hardwriter]

China has very tight capital control. They have being using this to take money out and in to China. Finally, trying to close this

Is go in easy.

Exit like not just difficult. Literally impossible.

 

[2_sillies_trap]

Is go in easy.

Exit like not just difficult. Literally impossible.

wah. sounds like traditional marriage nong nong time ago, easy to marry, literally impossible to divorce.

 

[hardwriter]

wah. sounds like traditional marriage nong nong time ago, easy to marry, literally impossible to divorce.

Same as those current atb marriages.

Husband go out eat - the wives go whack the small 3.

I mean, is there a point doing that? Husband also doesn't love you anymore

 

[mooseolly]

The people who remit money to China are usually the China nationals working in SG?

 

[littlegrasshopper]

Is go in easy.

Exit like not just difficult. Literally impossible.

50k USD per person/yr official channels, If you want to move large amount of money, max pool in 3 person. More than that risk getting charged.

But there are other unofficial ways to move large amount of RMB out.

 

[mooseolly]

50k USD per person/yr official channels, If you want to move large amount of money, max pool in 3 person. More than that risk getting charged.

But there are other unofficial ways to move large amount of RMB out.

I know of one agent who help them to use USDT to get out their money but unsure of the details.

 

[16/8IF]

Yes very strict now compared to last year even. We deal with getting their RMB out using unofficial channels. Sometimes banks will block local transfer to third party. Call you up to explain why. Got 1 rare case police went to customer's house to demand why he's transferring money to another Chinese bank account.

As for remitting money back to China, it's well known they are using those scam call money proceeds to pay the customers.

I had to TT money to a China National to help me to pay for my Giro which was all suspended during Covid. Otherwise have to pay late payment fees etc etc . Many foreigners who were not in China during this period were affected by such action during covid where most of their banking account were "frozen" .

 

[AndroidComa]

first time see this toothless tiger CASE come out to say anything