MAS Orders Wen Long Money Changer to Cease Business and Takes Steps to Revoke License
Singapore, 30 January 2002. The Monetary Authority of Singapore (MAS) today issued a notice to Wen Long Money Changer to cease business with immediate effect and took steps to revoke its license. This follows the arrest of a 29-year old male Chinese, a partner of Wen Long Money Changer yesterday on allegations that he misappropriated moneys given to him by clients in Singapore. Wen Long's two licenses, which enabled it to function as a money changer and remittance agent in Singapore will be revoked. The Police is investigating the case and all necessary legal efforts will be made to seize the assets of Wen Long Money Changer and the two partners.