45-year-old Zhong Zun tried to remit $30,000 back to China for her father’s surgery, but the money got frozen by Chinese authorities.
Apparently, the authorities detected money laundering activities in the remittance, though the company denied it.
Here’s what happened.
Father in China Needed Money for Surgery, Mother and Daughter Sends Money Back
Zhong Zun is the owner of a tailor shop. She told Shin Min Daily News that her father, who suffered from heart attacks, recently needed surgery done for his swollen leg.
She then sent $30,000 back to China via the Hansheng Remittance Centre on 21 September. That was the hard-earned money that she and her mother earned in Singapore.
However, the Chinese account that was supposed to receive the money got frozen by the Chinese authorities.
Suspected Money Laundering?
The Chinese authorities then informed Zhong Zun that there were three different accounts sending money to her Chinese account.
One of the accounts was suspected of money laundering, so the account got frozen. When she asked the remittance company for help, they merely insisted that they sent money through legal means and doesn’t launder money.
“Many people saved money, then remit the entire sum at once… If it is frozen, there’s nothing we can do. I hope everyone can be more vigilant,” said Zhong Zun.
She doesn’t dare to send money again, and is considering borrowing money from relatives to tide over this difficult time.
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Having A License Doesn’t Automatically Guarantee Money Will Be Received
A spokesperson from the Monetary Authority of Singapore said that MAS supervises institutions that provide cross-border remittance services. MAS tries to prevent money laundering or financing of terrorism.
Although these service providers must hold operating licenses, having a license doesn’t automatically guarantee that the money remitted will be received by the recipient.
Additionally, these transactions can be frozen by the other country’s authorities depending on their laws and regulations.
Hanson Remittance Center also responded by saying that they have always strictly abided by Singapore’s laws and regulations.
“As long as the customer provides proof that the remittance caused the freezing, we will try our best to assist them within our capacity.”
They added that the customer can obtain the relevant freezing certificate from the Chinese banks, which includes the date of the freeze and the reason for it.
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Featured Image: Shin Min Daily News
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