Authorities raid companies involved in suspected money laundering
San Francisco, CA -- (SBWIRE) -- 10/09/2012 -- Unnamed sources report several Singaporeans appear to be directly involved in illegal gold trading in Malaysia.
“As the Singaporean authorities are also raiding companies involved in suspected money laundering activities, we suspect that there is outflow of funds from unsuspecting Malaysian investors to assist them,” said the sources.
These same sources allege there are Singaporeans serving as board members within Malaysian-based companies dealing in unregulated gold investment.
Authorities teamed with Bank Negara this week to raid Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Worldwide Far East Bhd, and Caesar Gold Sdn Bhd as part of investigations into illegal deposit taking, money laundering, and tax evasion, among other things.
Singapore’s Commercial Affairs Department performed a similar operation against Genneva Pte Ltd.
In a Sept. 28 letter posted on its website, since shut down, Genneva Pte Ltd newly appointed general manager Lim Kieng Justin said the directors had discovered financial improprieties that delayed payment of discounts and commissions, and fulfillment of buy-back guarantees.
According to Lim’s letter, the directors were negotiating with outside individuals who were prepared to assist the company in overcoming its financial hardships.
Pageantry Gold’s website is also down following Bank Negara’s raid on Friday, while Worldwide Far East’s site remains operational. A website could not be found for Caesar Gold.
Eighteen of 87 companies on Bank Negara’s consumer alert list are involved in gold investment.
Sources said companies refusing to adhere to the 2001 Anti-Money Laundering Act are at risk for having their assets and cash frozen while investigations are conducted.
Malaysia and Singapore have begun enforcing money laundering law as part of a recent international commitment.
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