SINGAPORE: A director and his company were sentenced on Tuesday (Jan 6) over money laundering offences.
Sim Chee Wei was sentenced to eight months and one week's jail for one count under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and another count under the Companies Act (CA). Another count each under the CDSA and CA was taken into consideration during sentencing.
His company SIMCW Tech was fined S$32,000 (US$25,000) for one charge under the CDSA, with a further count under the same Act taken into consideration during sentencing.
Sim and SIMCW Tech were first charged in March.
According to a Singapore Police Force press release on Tuesday, Sim had incorporated SIMCW Tech and another company, SCWEI Tradings, in August 2022 as part of a purported business arrangement with an unidentified Chinese investor.
Sim was the sole director of both companies. He opened corporate bank accounts for both companies and relinquished control of these accounts to the purported Chinese investor.
Police received information on Aug 29, 2022 that criminal proceeds amounting to US$210,102.74 from an overseas investment scam had been transferred into SIMCW Tech’s Singapore bank account.
"SIMCW Tech was unable to provide a satisfactory explanation for the abovementioned sum of money," the police said.
Investigations showed that Sim failed to exercise any supervision over the affairs of both companies and was unaware of the transactions in their respective bank accounts, demonstrating neglect.
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Sim Chee Wei was sentenced to eight months and one week's jail for one count under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and another count under the Companies Act (CA). Another count each under the CDSA and CA was taken into consideration during sentencing.
His company SIMCW Tech was fined S$32,000 (US$25,000) for one charge under the CDSA, with a further count under the same Act taken into consideration during sentencing.
Sim and SIMCW Tech were first charged in March.
According to a Singapore Police Force press release on Tuesday, Sim had incorporated SIMCW Tech and another company, SCWEI Tradings, in August 2022 as part of a purported business arrangement with an unidentified Chinese investor.
Sim was the sole director of both companies. He opened corporate bank accounts for both companies and relinquished control of these accounts to the purported Chinese investor.
Police received information on Aug 29, 2022 that criminal proceeds amounting to US$210,102.74 from an overseas investment scam had been transferred into SIMCW Tech’s Singapore bank account.
"SIMCW Tech was unable to provide a satisfactory explanation for the abovementioned sum of money," the police said.
Investigations showed that Sim failed to exercise any supervision over the affairs of both companies and was unaware of the transactions in their respective bank accounts, demonstrating neglect.
Continue reading...