Singapore regulator steps up scrutiny as dirty money targets residents

Thousands of Singapore-incorporated shell companies that are fronts for channeling illicit money flows are paying as little as S$250 a month to use Singapore residents as directors, the local regulator as warned as it steps up efforts to crackdown on money laundering. Numerous corporate services firms in the city-state offer Singapore residents as directors of Singapore-incorporated companies for as little as S$250 a month, and/or a suite of corporate secretarial services for under S$3,000.  While such affordable directors-for-hire services and corporate services are legitimate, regul...