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Financial Firms Under Investigation for Money Laundering in Singapore

25 August, 2023

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Singapore police are waiting for documents from the nine financial institutes to conclude their investigation into one of the large-scale money laundering cases in the country. 

Singapore Police seized $736m worth of virtual assets, including luxury cars, properties, and cash, from nine financial institutes and arrested 10 foreigners involved in money laundering and other financial crimes. Officers claimed scammers laundered money through online gambling and crypto wallets, making it one of the largest money laundering cases in Singapore’s history. According to the police, they are awaiting various documents from nine financial institutions in order to proceed with the investigation, causing a delay in the detention of the criminals arrested so far.

The number of Singaporean businesses being investigated indicates these criminals use various financial system loopholes for illegal purposes. The Monetary Authority of Singapore (MAS) stated that they are observing every step of the financial firms involved in the transfer of funding. The authority also ensures the firms that if they find breaches of Anti-Money Laundering AML laws, they will take action against them. 

According to authorities, police seized more than 100 buildings, including 19 commercial or industrial areas, 79 apartment units, and seven detached houses along the luxury seafront of Sentosa Cove. The police can not comment more about the case because the investigation is ongoing, and the court is awaiting essential papers.

Till now, the investigation disclosed that these scammers illicitly used the holdings of CIMB Group Sdn Bhd and Citigroup Inc’s secondary branches to launder money. Two directors of the Signpore investment lender company, Deutsche Bank AG, were also arrested along with these scammers.

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