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Attention all! The country prohibits third-party remittances to China! 70 million yuan has been frozen...
Dec 21,2023
A few days ago, the Monetary Authority of Singapore issued a statement late at night announcing that fromFrom January 1, 2024, all local cross-border remittance companies in Singapore can not send money to China through third-party agents, but only through remittance channels such as banks or UnionPay cards.
This ban is for three months.After March 31, it will be decided whether to continue to extend the ban, end the ban, or adopt other policies depending on the actual situation.
In the proclamation,MASThe Monetary Authority notes that,The reason for providing14The window of days is to allow remittance companies to make adjustments., and complete the orders already on hand“Non-bank, non-UnionPay”Third-party agent remittance business.
The Monetary Authority advises the public,Avoid in14Use a third-party agent to remit money during the skylight period.If there is a demand for remittance to China, other channels should be used, such as banks or bank card institutions (such as UnionPay International).
Life-saving money"Black money", anti-prosecution! WARNING
Sending money back to China through remittance companies is the most common way for many Chinese working in Singapore. Most of the time, the money will be transferred to the recipient's account in China.
In order to reduce transaction costs and to allow customers to pay less for remittances, many remittance companies do not transfer funds directly from Singapore to China through banks, but process remittances through overseas third-party licensed agents.
On the 18th, hundreds of victims went to the Chinese Embassy in Singapore to complain,The three victims broke down in tears,"Please help us, we need money!"The money they sent back to China was frozen, saying that the money they sent was related to the money-laundering case.
The remittance companies refused to help on the grounds that they could not disclose trade secrets, and even more so, they had to sue the victims.
670 cases! 70 million RMB! WARNING
On the 18th, the Singapore police held a meeting at the police headquarters. The meeting was attended by 39 members of the public affected by the remittance freeze,Representatives of three remittance centers, Shanli, Hansheng and Changcheng.and representatives of the Chinese Embassy in Singapore.
From last year to this yearOn December 15, the authorities received more than 670 reports of the incident, involving an amount of about S $13 million (nearly 70 million yuan),Among them430 related to Yamachi Remittance.
to fight for a better exchange rate,Some money transfer companies may work through licensed agents abroad, or even third parties,to send money without passing through a bank or UnionPay card. Some customers are attracted by these exchange rates and choose to use non-bank, non-UnionPay card channels to remit money.
The Monetary Authority of Singapore and the police pointed out in a joint statement that the affected frozen remittance transactions accounted for a very small part of the total remittance.
Although Singapore has no restrictions on the use of foreign licensed agents and third parties,There are risks associated with the use of such remittance channels due to Chinese enforcement actions.
The Monetary Authority said,It has not yet been determined why these remittances were previously frozen.However, in order to reduce the risk, it was decided to implement a temporary ban on remittances to China through non-bank and non-bank card channels.
The authorities pointed out that in order to avoid more people's Chinese accounts being frozen, they took this necessary measure.
The two governments are speeding up processing! WARNING
On the 19th, according to Lianhe Zaobao, the Ministry of Foreign Affairs of Singapore has repeatedly contacted the Chinese Embassy in Singapore to learn about the freezing of remittances.
The Singapore Embassy in Beijing and the Singapore police have raised the matter with the Chinese Ministry of Foreign Affairs and the Chinese public security department respectively.
in addition,The Monetary Authority of Singapore has been actively in contact with remittance companies,they are reminded of the need to assist affected money remitters and the need to strengthen the complaint handling process.
The Monetary Authority has asked remittance companies to assist affected customers,This includes showing them a written explanation of the source of the remittance (e. g. salary income) and proving that the amount has been remitted to China to assist the customer in obtaining the unfreezing of the account.
The police also reminded that those affected should allow countries to conduct their own investigations.It is an offence under Singapore law to organize or participate in a public meeting without permissionThe police will not hesitate to take enforcement action against any suspected offender.
I hope that the Chinese compatriots involved in this matter will remain calm and get their hard-earned money back as soon as possible.
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