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MAS imposes three-month suspension on non-bank remittances to China amid frozen funds issue

The Monetary Authority of Singapore (MAS) has mandated a three-month suspension of non-bank, non-card remittances to China, starting 1 January 2024, in response to over 670 reports of frozen funds amounting to S$13 million (US$9.8 million).

This measure, aimed at protecting consumers, follows numerous complaints from Chinese nationals in Singapore about remittances being frozen in China.

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The Monetary Authority of Singapore (MAS) has imposed stringent regulations on remittance companies, mandating a suspension of money transfers through non-bank and non-card channels to China for three months.

This directive, starting 1 January 2024 and lasting until 31 March 2024, aims to address the issue of Chinese authorities freezing workers’ remittances.

Following over 670 reports received by the Singapore Police Force (SPF) involving approximately S$13 million (US$9.8 million) in frozen funds, MAS has specified that remittance companies must utilize either a bank or a card network, such as Union Pay, for cross-border services.

Notably, about 430 reports implicated Samlit Moneychanger in these incidents.

MAS’s decision is a response to numerous complaints by Chinese nationals in Singapore, whose remittances have been held up in China. The restriction will be reviewed after the three-month period.

This move diverges from the common practice where remittance companies engage overseas third-party agents to keep costs low, a method that has successfully completed most transfers but recently faced issues with a small proportion of remittances being frozen by the People’s Republic of China (PRC) law enforcement agencies.

The exact reasons for the freezing of funds remain unclear. Nonetheless, MAS asserts that this suspension is crucial for consumer protection and curbing the increase in cases of frozen beneficiary accounts in China.

The Singapore government, although lacking jurisdiction over these accounts, is said to be actively working to minimize risks for consumers.

This situation first gained public attention through a report by Lianhe Zaobao, revealing that around 1,000 Chinese nationals were affected, with over 100 lodging police reports on 19 November.

MAS and SPF, along with representatives from the Chinese Embassy in Singapore and several remittance companies, conducted an outreach session for those impacted, primarily Chinese nationals working in Singapore.

The Singaporean and Chinese authorities are collaboratively addressing this issue.

Singapore’s Foreign Ministry and its embassy in Beijing have engaged their Chinese counterparts, emphasizing the impact on Singaporean remitters and seeking guidance for unfreezing the accounts.

MAS has instructed involved remittance companies to assist affected customers, including providing confirmation letters to support the unfreezing process in China.

The Singapore government has shared that it is in close contact with the Chinese government regarding the necessary information for this procedure.

MAS and SPF have urged affected individuals to cooperate fully with the legal requirements to expedite the resolution.

They also warned against any unlawful activities, such as unauthorized public assemblies in Singapore.

MAS noted that it will continue to monitor the situation and may extend or terminate the suspension after 31 March 2024, based on the evolving circumstances.

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Rmb the coming GE, the $30 billion of Tax Payers Hard Earned Sweat and blood money LOST as pennies or loose change by the MAS which is under the Political Control of PAP when MAS should be a Govt service to All Singaporeans and WHOSE Allegiance MAS shd be to, NOT this PAP bcz ONE FINE DAY this PAP CAN BE TOPPLED, Singapore STILL EXISTS.

Last edited 5 months ago by 80twenty

Watch as they reverse their decision once Xi Jinping comes knocking on those diplomatic channels.

Ownself proclaim ownself Smart Nation – it’s a super face saving act of this Administration Very Desperately to justify their ENROMOUS years of Ownself Pay Ownself Supremely High Salaries BUT at the Expense of an Entirely Embarrassed Population whose skins are so thin as COMPARED with those INCHES THICK of The Regimes Politicians.

Open legs as wide and wider
Everything can except criticizing PAP
That cannot… will POFMA/sue and chase you all the way.
and super duper fast too…

MAS or Singapoor is not colony of commie china. they got problem with frozen account in china, go back to their commie kampung to complain pls.

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