SPF, MAS to work with PRC on the unfreezing of monies transferred via remittances

As of 15 December 2023, SPF has received over 670 reports of remittances being frozen.

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) announced that remittances of funds into the People’s Republic of China (PRC) should be made through channels such as banks and card networks.

This is to prevent any inadvertent freezing of monies or accounts by PRC law enforcement agencies.

In addition, MAS also issued a notice to direct remittance companies to use only banking and card channels for remittances to China starting 1 January 2024.

Transmission of money can only be assisted by a bank, a card network operator, or a licensed financial institution.

The public is advised not to rush remittances to China through overseas third-party agents before 1 January 2024.

SPF has received more than 670 reports of remittances being frozen worth around $13m as of 15 December 2023. 430 of the reports were against Samlit Moneychanger.

Singapore has no jurisdiction over the beneficiary bank accounts frozen by the PRC law enforcement agencies but is working with the PRC on the required information to facilitate the unfreezing of accounts.

Follow the links for more news on

MAS

Singapore Police Force

Also Read

Teo Ser Luck re-elected as ISCA president

iFAST Corp net profit leaps nearly five times over in Q1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit