SINGAPORE - Despite Singapore's strict regulations to prevent money laundering through real estate, property transactions remain attractive for criminals looking to wash dirty money, said lawyers and property consultants. Many are drawn to Singapore properties due to the stable economy. Rising prices also make real estate an attractive and safe avenue. In addition, large sums of money are involved in...
SINGAPORE - Despite Singapore's strict regulations to prevent money laundering through real estate, property transactions remain attractive for criminals looking to wash dirty money, said lawyers and property consultants.
Ms Mok added that the effectiveness of due diligence checks is also largely dependent on the accuracy of declarations by buyers and the verification documents provided. "It is very difficult for lay persons to detect whether these are fake or forged." They could also facilitate transactions on behalf of the criminal by receiving and transferring large amounts of cash, setting up complex loans and other credit arrangements, and facilitating the transfer of properties to third parties.
"It is not possible for the police to arrest their way out of this problem. It genuinely requires a whole-of-society approach," said Mr Miralis. "Perhaps some form of governance should also be imposed on all vendors, not only property developers, to require due diligence checks on their purchasers and third-party payers to be cleared before options are issued, or sale and purchase agreements are entered into.
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