(15-02-2023, 12:24 PM)debono Wrote: Some of these non-residents from China, are doing money laundering..................that is the reason why they prefer to park their money here.......
I had known for the longest time that you are not called debodoh for nothing.
Do not use a word if you don't know what it means, and use it to sound smart but prove that you are not much better than sentinel.
Money laudering...to launder is to clean. It's making dirty money clean.
How?
Say, you are a drug lord. You make millions and billions of dollars selling drugs. If you spend it, the authorities will ask: where does the money come from? How come you can afford this GCB and a Maserati? Obviously, you cannot tell them you are peddling drugs.
So, you set up a legit company. It's not profitable, and you have no intention to work HARD to make it so. All you do is to create fictitious Tax Invoices, Invoices, and make a profit in the books. Damn! you even pay taxes to IRAS based on the fictitious profits.
This is one of a few ways of laundering money. Now you can tell the government, I bought a GCB and a Maserati with profits I made in this company, all legit.
Got it?