Ten foreigners have been arrested by the Singapore Police Force (SPF) for alleged money laundering of an estimated value of $1 billion assets in the form of good class bungalows (GCBs), high-end condominiums and owned luxury cars. This is according to a Facebook post by the SPF on Aug 16.
The SPF says that 12 other persons are assisting with investigations and eight other are currently wanted, with believed connections amongst themselves.
The police received information of possible illicit activities including the use of suspected forged documents used to substantiate the source of funds in Singapore bank accounts.
After investigation, they identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities including scams and online gambling.
On Aug 15, over 400 officers from four departments in the SPF conducted raids at multiple locations island-wide, leading to the arrest of the ten persons, aged 31 to 44.
Following the raid, prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than $815 million, and multiple ornaments and bottles of liquor and wine.
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In addition, more than 35 related bank accounts were seized, with a total estimated balance of over $110 million for investigations and to prevent transfers of the suspected criminal proceeds.
Also seized were about $23 million in cash, more than 250 luxury bags and watches, more than 120 electronic devices such as computers and mobile phones, more than 270 pieces of jewellery, two gold bars, and 11 documents with information on virtual assets.
If convicted, the offence of money laundering for individuals under Section 54 of the CDSA 1992 is punishable with imprisonment for up to 10 years, or a fine of up to $500,000, or both.
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In its separate statement issued after SPF's, the Monetary Authority of Singapore (MAS) said it has been working closely with the police on this case.
According to MAS, suspicious transaction reports have been filed by financial institutions which were not named, after red flags were raised.
The warning signs included suspicious fund flows, dubious documentation of source of wealth or funds, and inconsistencies or evasiveness in the information provided to the FIs, says MAS.
MAS says it has been in touch with the FIs where the potentially tainted funds have been identified and that "supervisory engagements" with these FIs are ongoing.
MAS says it will take firm action against FIs which are found to have breached anti-money laundering rules and is reminding them to stay vigilant to such risks.
“This case has highlighted that vigilance and prompt filing of STRs by our FIs have helped law enforcement authorities to identify those suspected of carrying out illicit activities," says Ho Hern Shin, MAS' deputy managing director for financial supervision.
Ho adds that the case has also highlighted the fact that as a global financial centre, Singapore remains vulnerable to transnational money-laundering risks.
"MAS and FIs need to continue to work together to strengthen our defences against these risks," she adds.
