SPF, MAS to work with PRC on the unfreezing of monies transferred via remittances

As of 15 December 2023, SPF has received over 670 reports of remittances being frozen.

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) announced  that remittances of funds into the People’s Republic of China (PRC) should be made through channels such as banks and card networks.

This is to prevent any inadvertent freezing of monies or accounts by PRC law enforcement agencies.

In addition, MAS also issued a notice to direct remittance companies to use only banking and card channels for remittances to China starting 1 January 2024.

Transmission of money can only be assisted by a bank, a card network operator, or a licensed financial institution.

The public is advised not to rush remittances to China through overseas third-party agents before 1 January 2024.

SPF has received more than 670 reports of remittances being frozen worth around $13m as of 15 December 2023. 430 of the reports were against Samlit Moneychanger. 

Singapore has no jurisdiction over the beneficiary bank accounts frozen by the PRC law enforcement agencies but is working with the PRC on the required information to facilitate the unfreezing of accounts.