Singapore
Monetary Authority of Singapore stresses collaboration with financial institutions in major anti-money laundering operation
The Monetary Authority of Singapore (MAS) underscored its collaborative efforts with local financial institutions in thwarting illicit activities.
MAS noted that Suspicious Transaction Reports (STRs) from these institutions played a key role in alerting authorities to anomalous actions, leading to the arrest of ten individuals suspected of money laundering, forgery, and the seizure of assets valued at approximately S$1 billion (US$736 million).
SINGAPORE: In a recent press release, the Monetary Authority of Singapore (MAS) underscored the significance of its collaborative efforts with local financial institutions (FIs) in preventing illicit activities in the nation’s financial system.
On Wednesday (16 Aug), MAS highlighted the indispensable role of Suspicious Transaction Reports (STRs) filed by these institutions.
Such reports, which flagged dubious documentation, suspicious fund flows, and informational inconsistencies, played a pivotal role in alerting the Commercial Affairs Department (CAD) to anomalous activities.
This collaborative detection mechanism resulted in the swift identification and subsequent arrest of ten individuals on 15 August, suspected of offences including forgery, money laundering, and resisting lawful apprehension.
Emphasizing its dedication to upholding the integrity of Singapore’s financial ecosystem, MAS said it takes this case seriously and has been in touch with the FIs where the potentially tainted funds have been identified.
“Supervisory engagements with these FIs are ongoing. MAS will take firm action against FIs 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 (ML/TF) risks.”
The authority reaffirmed its stance on ensuring stringent compliance on FIs active in the wealth management space, warning of firm actions against any institutions found in breach of MAS’s stringent anti-money laundering and counter-terrorism financing standards to ensure that fund flows into Singapore are and remain legitimate.
The Deputy Managing Director (Financial Supervision) of MAS, Ms Ho Hern Shin, encapsulated the sentiment stating, “This collaboration demonstrates the power of vigilance and timely reporting by our FIs. As a global financial hub, Singapore’s vulnerability to transnational money laundering and terrorist financing risks cannot be overlooked. The cohesive efforts between MAS and FIs are paramount in safeguarding our financial landscape.”
Against the backdrop of the MAS release, the Singapore Police Force unveiled details of a significant crackdown that led to the seizure of assets valued at approximately S$1 billion (US$736 million).
This operation, which involved over 400 police officers in island-wide raids, brought to light the involvement of ten individuals, aged between 31 and 44, from diverse nationalities.
Charges encompassed a gamut of offences, from money laundering to forgery.
Notice to Our Readers: Moving Back to The Online Citizen
Construction worker dies in Changi worksite accident; Driver arrested
Consumers Association of Singapore fined S$20,000 for PDPA breaches following two data security incidents
Singapore’s Yip Pin Xiu secures historic three-peat at Paris Paralympics
Jamus Lim on Minister Chee Hong Tat’s remarks on fiscal policy: Calls for genuine debate over rhetoric
Philippine migrant group in SG hosts successful blood donation drive
China’s ex-convict jailed six years in Singapore for S$6.7M crypto scam
Chee Hong Tat’s call for fiscal prudence rings hollow amid contradictory government spending
UN food agency halts operations in Gaza after vehicle shot by Israeli forces
KL City Hall cancels National Day event following sinkhole incident
Swiss court convicts 2 executives for embezzling S$1.8 billion from 1MDB
They Are Everywhere.
Groupings, Organisations, Big Governments.
The Biggest Black Swam Ever Is Underway.
https://t.me/c/1561795078/15391
『有得震，無得睏』 “Yau tak chun🥶 mou tak fun😵💫” Chua TP of Jinjiang, FJ descent and his associates at the sCCCI – most notably his very closest, one who goes by the nicknames『矮佬黄』、『短舌成』、『短根成』、”Shorty Short-tongued👅Wong (KS)” of that MAS (not central bank lah, please, alamak🤦🏻) fiasco before he was ‘de-cabinated’ – as well as also not a few from the Hokkien Huay Kuan must right now be shaking & trembling with alarming fright and having sleepless nights in the last few days or so🤭😄 not knowing when they will be called up to be invited to Cee-Ae-Dee for their very heartwarmingly irresist(arrest)ible Supermix™️®️☕️kopi-⚫️-My🌭doG👻👻👻… Read more »
Thks to The Online Citizen Asia that I shared my concern in an open letter on 18 May 2023 that my company bank account with OCBC was taken over by someone without my authority and knowledge. Until today, I still have not heard from OCBC how this could have happened.
In light of the seriousness of the billion-dollar money laundering case recently, I beg and urge OCBC to let me know what had happened to the stolen bank account.
https://www.theonlinecitizen.com/2023/05/18/unexplained-unauthorized-takeover-of-company-account-at-ocbc-raises-concerns-over-new-law/?fbclid=IwAR0quumf2v1hiaT5PXpV-ux2dKWw7r6a4cHiLQIq1Xhk6kxo44rCZlMsOeI