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
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