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Singapore tightens remittance regulations to China following frozen-funds problem

( December 19, 2023, 04:13 GMT | Official Statement) -- MLex Summary: Singapore has directed remittance companies to suspend the use of non-bank and non-card channels for sending money to China from Jan. 1 to March 31, 2024. This decision is in response to incidents where funds remitted to China were frozen in the beneficiaries’ accounts by Chinese law enforcement. To minimize risks, the Monetary Authority of Singapore has mandated that remittances be conducted only through banks or card-network operators like Union Pay International. The Singapore Police Force has received over 670 reports of frozen remittances, amounting to around S$13 million ($9.75 million), mostly involving Samlit Moneychanger.The full statements follows: ...

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