Some 60 real estate agents were likely involved in the sale of properties to the 10 people arrested in an islandwide money laundering raid in Singapore that yielded more than S$1 billion in cash, items and assets, Lianhe Zaobao reported on Aug. 18.

These agents are expected to assist in investigations, Zaobao's sources claimed.

According to the Chinese newspaper, one of 10 suspects arrested is believed to be the Chinese buyer who snapped up 20 units at CanningHill Piers in Clarke Quay for an estimated S$85 million in May 2022.

In April 2021, it was also reported that Su Baolin, one of the men arrested, had bought a sea-facing bungalow in Sentosa Cove for slightly over S$39.33 million.

The 99-year leasehold tenure property had about 83 years of its lease left at that time.

Su was described then as hailing from Xiamen city in Fujian Province and holds Cambodian citizenship.

He also had stakes in two Singapore-incorporated companies — one in software development and the other in e-commerce.

Agents to conduct due diligence

According to the Council for Estate Agencies (CEA), real estate agents are required to conduct due diligence checks on clients to prevent money laundering and terrorism financing.

The implementation of the full requirements for due diligence kicked in on July 30, 2021.

CNA reported that the measures involve a due diligence checklist, a list of "suspicious indicators" that includes client behaviour, and checking details of clients against international databases, including leaked documents like the Panama Papers.

Agents must conduct customer due diligence before entering any business relationship with clients and must keep records of these due diligence measures for at least five years.

Agents are also mandated by law to report any suspicious transactions or activities to the Commercial Affairs Department.

For example, a tell-tale sign that can trigger an agent to lodge a suspicious transaction report is when the client appears reluctant to put a name down on the documents that would link the person with the property.

For property developers, the implementation of the full requirements for due diligence against money laundering and terrorism financing was enforced on June 28, 2023.

About the suspects

The 10 suspects, allegedly a part of a transnational money laundering syndicate, are believed to be originally from Fujian, China, and three of them are still Chinese citizens.

Aged 31 to 44, they are said to be part of a "Fujian Gang", which was said to have "hundreds" of members at one point in Singapore.

In a statement on Aug. 16, the police said 12 other people are assisting in investigations, while eight others are wanted by the police.

These individuals are believed to be related.

None of the persons involved are Singapore citizens nor permanent residents.

Top photo via Google Maps