The Monetary Authority of Singapore (MAS) said it had worked closely with the Commercial Affairs Department (CAD) that led to the police’s arrest of 10 people on Aug. 15 for their suspected involvement in offences, including forgery and/ or money laundering, as well as resistance to lawful apprehension.
Nine men and one woman were charged in court on Aug. 16, 2023, following an islandwide raid on the same day, which led to the Singapore Police Force seizing more than S$1 billion worth of properties, cars, luxury goods and other assets.
In a statement on Aug. 16, the central bank added that it has also been collaborating closely with CAD to identify potentially tainted funds and assets in Singapore's financial system and prevent their dissipation.
How the case proceeded
In its statement, MAS highlighted that intelligence and information from suspicious transaction reports filed by financial institutions in Singapore had earlier alerted CAD to suspicious activities, which have been attempted through the financial system.
Red flag indicators picked up by financial institutions prompted them to file suspicious transaction reports.
These indicators include suspicious fund flows, dubious documentation of source of wealth or funds, and inconsistencies or evasiveness in information provided to the financial institutions.
MAS said it takes this case seriously and has been in touch with the financial institutions where the potentially tainted funds have been identified.
Supervisory engagements with these financial institutions are ongoing.
Action will be taken against financial institutions in the event of breaches
MAS added that it will take firm action against financial institutions which are found to have breached MAS’ stringent requirements on anti-money laundering/ countering the financing of terrorism, or to have inadequate controls against money laundering/ terrorism financing risks.
MAS said it works closely with our financial institutions to guard against the abuse of our financial system for illicit activities.
Financial institutions are regularly reminded to stay vigilant to money laundering/ terrorism financing risks, MAS said, and to ensure that fund flows into Singapore are and remain legitimate.
MAS added that it has also been conducting inspections focusing on financial institutions active in the wealth management space, to ensure that robust controls are in place to effectively detect and deal with money laundering/ terrorism financing risks.
Ho Hern Shin, deputy managing director for financial supervision at MAS, said: “This case has highlighted that vigilance and prompt filing of suspicious transaction reports by our financial institutions have helped law enforcement authorities to identify those suspected of carrying out illicit activities."
"But it has also highlighted that as a global financial hub, Singapore remains vulnerable to international money laundering/ terrorism financing risks and that MAS and financial institutions need to continue to work together to strengthen our defences against these risks.”
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