Singapore police arrested 10 individuals in one of the city-state’s largest anti-money laundering operations ever. The financial regulator is reviewing fund flows for potential violations or inadequate controls.
Singapore Police Force (SPF) have arrested 10 foreign nationals for their «suspected involvement in offences of forgery and/or, money laundering, and resistance to lawful apprehension», according to a statement. 12 other persons are assisting with investigations and eight more are wanted by the police.
As a result of the arrest, SPF seized more than S$815 million ($599 million) of assets in total, including 94 properties and 50 vehicles, ornaments, bottles of liquor and wine. 35 bank accounts with a total estimated balance of over S$110 million was also seized for investigation.
MAS Response
The Monetary Authority of Singapore (MAS) said that it had worked closely with the Commercial Affairs Department (CAD) on the case that led to the police arrest on August 15. It also said it is in touch with financial institutions where the funds were identified.
«Supervisory engagements with these financial institutions are ongoing,» the regulator said in a statement. «MAS will take firm action against financial institutions which are found to have breached MAS’s stringent requirements on anti-money laundering/countering the financing of terrorism, or to have inadequate controls against money-laundering/terrorism financing risks.»
