Following a recent crackdown on money laundering, Singaporean banks have increased their examination of Chinese-born clientele who have dual citizenships. The crackdown, which covered assets worth over $1.8 billion, has made lenders more cautious. Accounts owned by clients who are citizens of nations like Cambodia, Cyprus, Turkey, and Vanuatu are being closed by several multinational banks. On a case-by-case basis, other lenders decide whether to take new funds from customers with comparable profiles. Singapore’s attempts to improve its anti-money laundering system include these initiatives.
The crackdown started after 10 affluent people of Chinese descent were detained and charged in August. Significant assets, including cash, cryptocurrency, and real estate, have been revealed by the investigations. Due to the risk of flight presented by their many passports, judges have refused bail. Furthermore, it is claimed that several of the accused engage in illicit gambling in foreign nations. Despite residing in Singapore, they have passports from places including Dominica, Cyprus, Cambodia, and Vanuatu.