Golf membership managers to satisfy over cash laundering issues amid $1 billion probe

SINGAPORE – The Singapore Golf Affiliation (SGA) has referred to as for a gathering with managers of golf golf equipment and their compliance officers over cash laundering issues within the sector.

The assembly on Wednesday on the Singapore Island Nation Membership is to debate the golf equipment’ threat of publicity to racketeering and different legal actions.

The Straits Instances had reported that 5 of the ten foreigners arrested in a current anti-money laundering blitz, by which police took management of greater than $1 billion in property, are members of Sentosa Golf Membership.

A number of different people, with hyperlinks to these arrested, are additionally members of the membership, which has seen file costs for membership.

Within the invitation to the golf equipment, the SGA mentioned: “With the growing financial significance of golf, alongside varied different sports activities, there was a considerable surge in monetary funding inside this sector.

“Sadly, a portion of this funding has turn into related to legal parts.”

Audio system on the occasion will handle cash laundering developments, exploitative ways and dangers which can be particular to {the golfing} scene. They will even sort out measures that communities can take to fend in opposition to cash laundering.

The panellists embrace legal professionals Sharon Chong and Chng Li Ling from RHTLaw Asia and Mr Kannan Chettiar, co-founder of human useful resource know-how agency Avvanz, which specialises in background screening.

Golf golf equipment sometimes restrict their variety of members, however most memberships could be traded like a commodity. Membership at golf golf equipment right here begins at a number of 1000’s to a whole lot of 1000’s of {dollars}.

Sentosa Golf Membership is among the many most costly right here, and may price locals about $580,000 and foreigners as much as $990,000, based on membership membership dealer Lively Golf Companies.

On its web site, the membership mentioned that it has greater than 1,600 members, who obtain unique advantages, together with entry to 2 golf programs, main golf and membership occasions and different amenities.

A Sentosa Golf Membership spokesman mentioned the membership is dedicated to cooperating totally with the native authorities all through the course of their investigation, however declined to remark additional at the moment.

Within the Aug 15 raid, police took management of property, together with gold bars, some 50 autos, greater than 250 purses, watches price thousands and thousands and different luxurious items. Orders have additionally been issued to dam the sale of greater than 100 properties linked to the case.

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