Former CFO of collapsed commodity trader accused of fraudulently obtaining L/Cs
The former chief financial officer (CFO) of commodity trader Agritrade International which collapsed last year has been charged by Singapore police with cheating. Lim Beng Kim Lulu is accused of obtaining letters of credit (L/Cs) and procuring forged certificates of quality when there was no…
Merchants and traders swap currencies in ‘most sophisticated’ ever form of money laundering
The Reuters news agency has highlighted a case of what one US source familiar with the investigation described as “the most sophisticated form of money laundering that’s ever existed”. The way such operations work involve legitimate merchants and traders, sometimes unknowingly, sending the US proceeds…
