Money Laundering

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Singapore: A woman was charged on Monday (Jul 4) for her role as a director in two suspected shell companies used for money laundering.

Susila Hyrawatty Hashim, 43, is facing two counts of offences under the Companies Act, for allegedly failing to exercise reasonable diligence in her duties as director of two Singapore firms – Noxt Lightings and Aubright Lightings.

She was also charged with possessing in a company bank account funds suspected of being another person’s benefits from criminal conduct, “which she had failed to account satisfactorily how she came by”, said police in a news release.

Investigations showed that she had allegedly incorporated the two firms after being instructed to do so by an unidentified person. This person is thought to have accessed the companies’ bank accounts to launder criminal proceeds.

Police highlighted a transaction in Aubright Lightings’ bank account on Sep 30, 2021, where the firm received a sum of more than S$265,000. Susila, who is the company’s sole director, could not “account satisfactorily” how the money came about.

For failing to exercise reasonable diligence in the discharge of her duties, she may be jailed up to a year, or fined up to S$5,000.

Offenders may also be fined and disqualified from acting as a director for up to five years.

Police advised the public to “consider their ability to act as directors for companies and ensure that they are able to exercise reasonable diligence in the discharge of their duties”.

“Should a director exercise inadequate supervision over the company’s affairs, there is a risk that the company may be used to facilitate illicit activities, such as the laundering of criminal proceeds,” they added.

Source: CNA

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