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Singapore, HK top destinations for suspect funds; China and India follow

Banks involved in suspec transactions are among global firms that profited from 'powerful and dangerous players', says report.

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The banks involved in the transactions are among global firms that profited from “powerful and dangerous players” even after the U.S. imposed penalties on the institutions, the report said.

Chanyaporn Chanjaroen and Alfred Liu | Bloomberg

3 min read Last Updated : Sep 22 2020 | 3:18 PM IST

Singapore and Hong Kong were the biggest destinations for suspect transactions in Asia, even though the financial centers saw just a small fraction of an estimated $2 trillion in potentially dodgy money flows revealed in a report.

Singapore processed $4.4 billion in suspicious flows through banks, including DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., the International Consortium of Investigative Journalists said in an investigation published Sunday. Some $4.1 billion was handled in Hong Kong by lenders including HSBC Holdings Plc and Deutsche Bank AG, it said.

The two banking centers are followed by China and

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