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Monday, May 13, 2024

Laundering scandal ensnares Singapore banking giants

Funds from unlicensed lending and gambling in China allegedly washed through city-state

Buildings housing DBS, HSBC and Standard Chartered are seen in Singapore. Many of the biggest banking names in the city-state have been found to have had contact with some of those accused in a major money-laundering scandal. (Photo: Bloomberg)

SINGAPORE: Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city-state’s largest money laundering cases involving over S$1 billion (US$740 million) worth of assets.

In charge sheets seen by…

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