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Billion-dollar money laundering and the dirty money problem for Singapore
It’s a cat-and-mouse game to sieve out illicit finance and money laundering.
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The reality is that money laundering and terrorism financing can severely impact Singapore’s reputation as a financial hub.
ST PHOTO: CHONG JUN LIANG
Woo Jun Jie
A recent raid resulted in the arrest of 10 foreign nationals for forgery and money laundering and the seizure of $1 billion in cash and assets, in what is now one of Singapore’s biggest money laundering sting operations.
Aside from more conventional assets such as cash, cars, properties and luxury items, 11 documents with information on virtual assets were also seized.
