The report comes just slightly a month after the revelation of the billion-dollar money laundering scandal, one of the biggest that rocked Asia’s financial world of late. The case, initially involving $1 billion worth of seized assets including good-class bungalows, Bentley cars and Patek Philippe watches, has now increased to more than $2.4 billion according to the Singapore Police Force on Sept 20.
Over an 18-month period from Jan 1, 2022 to June 30 this year, the Monetary Authority of Singapore (MAS) enforced $7.88 million in financial penalties and compositions. The sum included $7.1 million which was related to anti-money laundering/counter-terrorism financing (AML/CTF) breaches.
This was part of the MAS’s fourth enforcement report released on Sept 19, which detailed enforcement actions taken against financial institutions (FI) and individuals for market abuse, financial services misconduct and money laundering-related offences.
