Two directors charged for not reporting suspected criminal proceeds used in property sale
A lawyer and a property agent have been charged for failing to report to authorities that suspected criminal proceeds may have been used to buy a private property in a transaction handled by their firms.
Kang Bee Leng, 56, Managing Director of Sterling Law Corporation, and Tan Yen Hsi, 37, Senior Marketing Director of CBRE Realty Associates, were charged on Thursday (16 November) in the State Courts for offences under the Corruption, Drug Trafficking and Other Serious Crimes Act.
They face one count each of failing to disclose to a Suspicious Transaction Reporting Officer their suspicion on 12 January 2016 that the monies used in the transaction were likely to be criminal proceeds.
According to Kang’s charge sheet, she failed to report a sum of $5,481,180.65, while the amount involved in Tan’s case is not stated.
The illegal monies were said to be for the purchase of property in the name of a Zhang Min at 38 Lakeshore View, which is located in the prime Sentosa Cove district.
According to Sterling Law’s company profile page, Kang worked in Hong Kong from 1990 to 1993 for the Securities and Futures Commission, which is a regulatory body for the financial markets there. Part of her work included compliance and regulation of Hong Kong’s fund management industry. She currently does conveyancing work, corporate and general solicitors’ work in Singapore.
Kang will be back in court on 14 December while Tan will be back on 21 December.
If convicted on failing to disclose monies suspected to be from illegal proceeds, Tan and Kang can each be fined up to $20,000 on each count.
