SG Talk

The police in Singapore have received more than 670 reports that remittances totalling around S$13 million made to China have been frozen by the authorities there.

The police, in a joint statement with the Monetary Association of Singapore (MAS) today, said that people who want to remit money to China should do so through banks and card networks to prevent any inadvertent freezing of cash or accounts by China’s law enforcement agencies.

In its notice to remittance firms, MAS said that for such money transfers, they may engage only a bank, an operator of a card network such as China’s payment services firm Union Pay International, or a licensed financial institution that can engage a bank or an operator of a card network.

https://www.malaymail.com/news/singapore...ths/108194

potentially sich remittance business allow indirect leaking of chinese money out of china.

potentially, one rich want to send money outside china but no legal way to do it.
so he goes to such remittance company.
the remittance company accept the exchange maybe got some extra fee since it is not easy to send money legally oversea. when there is a remittance from outside of china to some people in china. the remittance company can then use these origin china money to pay out.
the money received from oversea remittance company then used to pay to china origin money who want to be send outside of china. in that way money wanting out of china by pass the legal way which is difficult to get.

by freezing the money of those receiving account in china will stop people from using the remittance company.

my guess of how it could work for illegal money only.

by stopping these remittance company is reasonable move since it will help the china legal enforcement and hopefully leads to release of money for those innocent money sender from singapore. hopefully money jit for cny.

MAS is useless. These poor folks hard earn money must be return to them.

It is China side that set the gate keeper.