SINGAPORE BANKS, BURNED IN A BILLION DOLLAR MONEY LAUNDERING CASE WITH CHINESE PLAYERS, START CLOSING ACCOUNTS OF CBI PASSPORT HOLDERS

                                    

The seizure of $2.4bn in assets in a major Singapore money laundering case that we have been reporting on, where Chinese nationals holding both CBI passports from the Caribbean, as well as Asian passports from all over the region, committed financial mayhem in the tightly-controlled island nation, has resulted in some Singaporean banks closing the accounts of foreign nationals holding what it calls investment-linked passports, apparently the latest means of describing economic/CBI passports from nations different from those of their birth. The arrest of a large number of alleged financial criminals definitely has upset the authorities in Singapore.

Whether this is the shape of things to come we cannot say, but given the reputational damage reportedly sustained by Singapore's financial structure by this Chinese organization, we expect that the closure there of accounts of individuals with Citizenship by Investment (CBI/CIP) passports will become widespread. Will the trend spread to other jurisdictions? We cannot say, but we will be watching. 

Remember, The United Kingdom recently terminated Dominica's visa-free entry for its passport holders, due to the torrent of financial crime being committed by individuals Dominica CBI passports. Some of the arrested Chinese money launderers in Singapore had Dominica CBI passports. Connect the dots please, gentlemen; these passports may now be on the endangered list.