A Singaporean director of 980 companies in the city state was sentenced to four weeks in jail after some of the companies he supervised were discovered to be laundering money, the Business Times reported. Xie Yong, 37, had offered accounting and corporate services to foreign clients – mostly from China – who wanted to incorporate companies in Singapore, according to the report on Wednesday, citing a court hearing. The case again highlights gaps that can be exploited when incorporating local companies, and underscores authorities’ efforts to clamp down on them. Authorities in the Asian financial hub earlier this year seized more than S$2.8 billion (US$2.1 billion) of assets in its
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