PGasia | Singapore Unearths Staggering SGD 2.4 Billion in Seized Assets in Landmark Money Laundering Probe
In a startling development, authorities have managed to seize an astounding SGD 2.4 billion (US$1.75 billion) in cash and assets, further intensifying an ongoing investigation that is rapidly evolving into the largest money laundering case ever witnessed in Singapore’s history.
At every turn, investigators are unraveling new layers of this intricate criminal network. Shockingly, it has come to light that some individuals allegedly pursued Singaporean citizenship as a strategic maneuver to facilitate their involvement in illicit gambling operations.
Join【PGasia】now and try!!! 【Home】
At PGasia, you can enjoy lightning-fast withdrawal of a whopping 10,000 PHP bonus in just 5 minutes! We’re the online casino with the biggest jackpot, and we take your safety and reliability seriously. With countless players hitting the jackpot every day, there’s never been a better time to join in the fun. Don’t hesitate – come play at PGasia today!
PGasia | Singapore Banks Intensify Scrutiny Amid Expanding Money Laundering Probe
Singaporean banks are taking proactive measures to assess the extent of the money laundering organization’s reach. Their focus has shifted beyond Singaporean nationals to include a heightened scrutiny of Chinese customers, particularly those who have opened accounts using passports from other countries.
Reports from local media indicate that financial institutions are closely monitoring customers with Chinese origins. Additionally, they are extending their investigations to individuals hailing from countries such as Vanuatu, the Dominican Republic, Cyprus, Cambodia, and Turkey—nations previously flagged by authorities during initial arrests. At least one Singapore bank has already taken the step of closing accounts held by customers with passports from these countries.
The initial wave of arrests, which involved over 400 police personnel, targeted 10 foreign nationals, some of whom possessed Chinese passports. Subsequent developments in the investigation have led to additional arrests, with the banks’ cooperation likely resulting in further breakthroughs.
Singapore’s government and financial institutions had experienced a surge in foreign deposits in recent years, providing a substantial boost to the nation’s financial sector. In 2021, assets under management in Singapore witnessed a remarkable 16% increase from the previous year, totaling SGD 5.4 trillion (US$3.95 trillion), surpassing the global average increase of 12%. However, in light of the ongoing money laundering scandal, the allure for foreigners seeking a secure haven for their funds in Singaporean banks may experience a significant decline.
Anticipating Wider Ramifications
The unfolding scandal is poised to trigger heightened restrictions across various sectors within Singapore. While banks are already intensifying their customer scrutiny, the prevailing circumstances may necessitate a comprehensive and sweeping audit in the near future.
The real estate industry is also actively engaged, with the Council for Estate Agencies (CEA), the industry’s regulatory authority, pledging its support. Given that real estate transactions have often been targeted by money launderers, this sector can anticipate a surge in regulatory oversight.
Singapore implemented fresh regulations this June, courtesy of the CEA, which impose enhanced due diligence obligations on property developers. These obligations entail developers taking a more meticulous approach to evaluating potential buyers and promptly reporting any suspicious activities, such as the transfer of large sums of cash.
Further contributing to these efforts is COSMIC (Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases), a digital information-sharing platform developed by the Monetary Authority of Singapore. COSMIC enables banks to seamlessly exchange information regarding clients whose account activities raise red flags, enhancing the collective vigilance against questionable transactions.
