Friday, June 09, 2006
[RealEdge] TodayOnline Forum : Do we really know foreign property buyers?
 This story was printed from TODAYonline | |
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| Do we really know foreign property buyers? Friday June 9, 2006 Letter from Jeffrey Ho YOSHIAKI Murakami the top Japanese fund manager recently arrested in Japan for insider trading had bought a high-end property in Singapore (The Boulevard Residence developed by Mr Simon Cheong's SC Global Developments) for $16 million. He was reportedly applying for Permanent Resident status here prior to his arrest. At the same time, it is noted that out of the 58 units sold in the record-breaking St Regis Residences by City Developments, 65 per cent are bought by foreigners. While banks are required to "screen" their customers for potential money laundering, are developers also subject to similar "know your customer" regulations to ensure buyers of such multi-million dollar properties are not laundering money through such conduits? | |
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// posted by Shajahan @ 4:15 PM 