Singapore’s bank investigates S$2.4bn money laundering scandal

<img width="562" height="339" src="https://www.leaprate.com/wp-content/uploads/2018/07/money-laundering.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2018/07/money-laundering.jpg 730w, https://www.leaprate.com/wp-content/uploads/2018/07/money-laundering-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2018/07/money-laundering-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2018/07/money-laundering-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2018/07/money-laundering-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2018/07/money-laundering-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>In one of the largest anti-money laundering operations, the Singapore police arrested and charged 10 foreigners. The authorities laid their hands on S$2.4bn in assets that ranged from luxury properties and cryptocurrencies to motor vehicles.</p>
<p>Singapore is widely known for its tough stance on <a href="https://www.leaprate.com/news/swiss-banks-struggle-to-control-money-laundering-risks/" target="_blank" rel="noopener">money laundering</a>. This incident raised eyebrows, and many are wondering if the city nation’s banks stick to the rules when it comes to transparent and legal financial practices.</p>
<p>In the Reuters statement, a MAS spokesperson commented:</p>
<blockquote><p>Supervisory engagements with these (financial institutions) are ongoing to assess whether they had taken all reasonable steps to mitigate against money laundering/terrorism financing risks. We will take action where the FIs’ controls have fallen short, as we have done in past cases.</p></blockquote>
<p>The MAS also indicated it is early days, and it has not yet determined if any of the banks involved neglected to adhere to the strict finance regulatory requirements of the city. Singapore scooped up some significant asset inflows over the past few years as wealthy individuals established family and trust outfits in the city to reap the advantages attached to them.</p>
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<p>Family-based operations that handle financial matters such as investments and wealth transfers increased from 400 in 2020 to 1,100 at the end of 2022. At present, the total assets being managed is roughly S$5.4trn.</p>
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