Money laundering: Scammers set up firms in S’pore remotely during Covid-19

In total, the scammers moved S$4.65 million in 2020 - money which they had stolen from companies based overseas. - ST

SINGAPORE (The Straits Times/Asia News Network): Scammers were able to set up firms in Singapore and move their ill-gotten gains to bank accounts here by exploiting relaxed rules, which allowed the registration processes to be conducted remotely during the Covid-19 pandemic.

In total, they moved US$3.4 million (S$4.65 million) in 2020 - money which they had stolen from companies based overseas.