The Monetary Authority of Singapore (MAS) has announced a consultation on transfers to the People’s Republic of China (PRC), including the current suspension of “non-specified channels.”
The suspension, pertaining mostly to PRC nationals working in Singapore, is in regard to accounts and funds that were eventually frozen or forfeited. This was said to be due to “illicit activity” in mainland China.
The suspension was initially for a three-month period from 1 January 2024 to 31 March 2024 and extended for a further six months to 30 September 2024.
The document states that since the suspension, the number of cases of illicit transfers has declined. This may also have been influenced by the actions of the authorities in China.
MAS is also proposing to expand the suspension on use of non-specified channels for remittances to the PRC, to all customers sending monies to China, including corporates and legal person.