Billion-Dollar Money Laundering Case Embroils Some of Singapore’s Banking Giants ...Middle East

Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city-state’s largest money laundering cases. DBS Group Holdings Ltd, the country’s largest bank, and Bank of Singapore Ltd., the private-banking arm of Oversea-Chinese Banking Corp., are both creditors to investment firms linked to individuals arrested and charged earlier this month in a case involving over S$1 billion ($740 million) of assets, according to business filings seen by Bloomberg News. One of the accused also tried to cheat Standard Chartered Plc. with fake documents, according to a court hearing in Singapore on Wednesday.  [time-brightcove not-tgx=”true”] The banks

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