Remittance to China through non-specified channels remain suspended for six more months
SINGAPORE: The suspension of injurious-border money transfers to China via non-specified channels has been prolonged till Sep 30.
This became once first implemented on Jan 1 after the police acquired complaints from Chinese nationals in Singapore who acknowledged their remittances had been frozen in China.
The Monetary Authority of Singapore (MAS) acknowledged on Wednesday (Mar 27) that the suspension, which became once first and foremost meant to entire on Mar 31, became once prolonged “to minimise dangers to buyers remitting funds to China”.
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“Because the suspension became once first implemented on Jan 1, 2024, MAS has no longer acquired experiences of monies remitted to China via the specified channels therefore being frozen by PRC law enforcement companies,” it acknowledged in a media delivery, referring to the Other folks’s Republic of China.
“MAS will continue to closely video display the disaster and practices of remittance firms.”
Source: Reuters
