Is anyone here jin curious to find out what happened to the money laundering case, which is by far, one of the largest anti-money laundering operations in the world? Lai lai, got update liao!
In the Parliament sitting on Tuesday (3 Oct), ministerial statements were delivered by Second Minister for Home Affairs Josephine Teo, Minister of State for Trade and Industry Alvin Tan, and Second Minister for Finance and National Development Indranee Rajah, to give an update on the case.
But as usual, you know lah, Parliament speeches is jin boring one. So, here’s a Singlish version that is easier to understand and digest, if not need to take Weisen-U sia.
1) Tia gong 7 early 8 early you all already got winds about this money-laundering case liao wor. Why you all take so long then take action ah?
“Police had initially received disparate information on suspicious activities. In 2021, our anti-money laundering regime picked up a few signals, including the use of suspected forged documents to substantiate sources of funds in bank accounts in Singapore. Some Suspicious Transaction Reports (STRs) were filed by financial institutions and other companies. Police began looking separately into these alerts.
In early 2022, Police launched a comprehensive, coordinated intelligence probe. The probe uncovered a web of individuals believed to have connections amongst themselves, including by familial ties.
Police analysed the information and probed further, quietly. To avoid alerting the suspects, the work was kept to a very small group of officers, and a decision was made to hold off any enforcement or overt investigative actions. Police’s aim was to probe extensively and develop as full a picture as possible, of the suspects and their associates, their suspected criminal activities, and their assets, before moving against them.”
“Following the intensive intelligence probes, extensive reviews of information and examination of evidence, Police moved decisively against the suspects on 15 August this year.”
2) Got news outlets gossip saying you all action because China ask you all then only you all take action leh. Is it true?
“There has been some speculation circulating in news outlets – internationally and domestically – that this operation was carried out at the behest of China. This is completely untrue.
Singapore does not need another country to tell us what to do to enforce our laws, nor will we do anything unless it is in our own interests. In this case, we started investigations because we suspected that offences had been committed in Singapore.
Once we confirmed our suspicions, we acted.”
3) What are you all going to do with all the confiscated items ah?
“The seized assets will be dealt with accordingly and under our laws, depending on the findings. The disposal will be conducted by the courts.
There are also ongoing probes by various sectoral regulators, including Government agencies overseeing corporate service providers, real estate agents, financial institutions, and others.
Police are working closely with the sectoral regulators, and will take action against the companies and individuals should criminal offences be disclosed, such as abetment of money laundering.
If there is negligence or non-compliance with anti-money laundering requirements, the sectoral regulators will take action.”
4) Why will this kind of thing happen in Singapore leh? I thought only will happen in dramas and movies sia.
“Singapore is an attractive place for investments and businesses. There is political and economic stability, strong rule of law, and transparency. People are assured that their money is safe here.
The facts speak for themselves. Singapore was ranked third in the Global Financial Centre Index last year, behind only New York and London. Our ability to attract international funds has facilitated investments, growth, and good jobs for Singaporeans. The financial sector contributes about 14% of our GDP and employs about 200,000 people. It is important for us.
When we open for business, and we must be, criminals will also try to exploit the same economic openness and our strong reputation for rule of law, to launder their illicit funds, and create the appearance of legitimacy.
In fact, all major financial hubs, not just Singapore, are vulnerable. The same characteristics that make them attractive as financial hubs, also make them attractive targets, for money laundering. Reputable jurisdictions like Singapore take our anti-money laundering responsibilities seriously, and pursues cases thoroughly.”
5) Okok, so if Singapore cannot stop money from coming in then how to prevent such money-laundering case from happening leh?
“As the third largest financial centre in the world, the daily transactions are voluminous. We have to rely on various stakeholders – the financial institutions and other gatekeepers in the system like corporate service providers, property agents, precious stones and precious metals dealers – to conduct the necessary checks and detect possible risks. A lot of it is picked up and acted upon.
This is therefore not the first time we have taken serious enforcement action against money laundering and breaches of our money laundering requirements.”
6) What if later got other syndicates want to monkey see monkey do and test our system?
“When there is reasonable suspicion to investigate, we do not hesitate to do so. We do not turn a blind eye to any risks, once we are made aware of them.
This is not the first time we have taken serious enforcement action against money laundering offences, not will it be the last. Even with stringent measures in place, we continuously review our practices. Each time we tighten up, the realistic aim is not to expect that no dirty money will ever come in, because that will inevitably also affect legitimate investments and businesses.
Instead, the aim is to minimise risk, have a robust alert system, and take prompt enforcement action when we discover such activities, as we did in this case.
We must also not fool ourselves into thinking that no news is good news. Instead, we must have the capability to detect wrongdoings, and when we do, have the resolve to act decisively and robustly.”
7) Like that is Singapore still a safe place for investors in come here and invest or not?
“Singapore has in place a robust anti-money laundering regime. We are held in high regard internationally not just as a financial centre, but for our strong, principled and no-nonsense approach to taking down individuals who break our laws.
In its last evaluation of Singapore in 2016, the Financial Action Taskforce (FATF) assessed Singapore to have a strong legal and institutional framework against money laundering and terrorism financing. We have achieved substantial results in several aspects, even as a few areas were identified for improvement. We have moved since the evaluation to address these areas, and to further strengthen our regime. We have updated our prevention frameworks to keep pace with the evolving risks and typologies of money laundering and strengthen our capabilities to proactively detect and take firm enforcement action.
Nevertheless, this case is a reminder that even the most stringent preventive measures can be circumvented by determined criminals. But it also shows that our system is able to detect suspicious individuals and activities, and that when we do, we have the resolve and capabilities to track them down and take them to task.
Just as low crime does not mean no crime, zero tolerance of money laundering does not mean zero occurrence. This is not the first time Singapore has detected and acted against such money launderers, nor will it be the last.
We have been undertaking ongoing reviews in the various sectors, to tighten our anti-money laundering regime. Learning from this case, we will consider further measures to strengthen our regime.”
Background of the Billion-dollar Money Laundering Case
In August 2023, ten foreigners were arrested when the Singapore police raided multiple locations, including Good Class Bungalows and condominiums, across the island.
To date, the total value of assets seized or issued with the prohibition of disposal orders by the Police stands at more than $2.8 billion. This includes prohibition of disposal orders issued against 152 properties and 62 vehicles with a total estimated value of more than $1.24 billion, as well as thousands of bottles of liquor and wine.
Seizures of monies in bank accounts amounting to more than $1.45 billion, cash (including foreign currencies) amounting to more than $76 million, cryptocurrencies of more than $38 million, 68 gold bars, 294 luxury bags, 164 luxury watches, and 546 pieces of jewellery.
As the Police’s investigations are still going on, there may be more arrests and assets seized.
