ANN/THE STRAITS TIMES – Following an extensive investigation, Singapore police uncovered a network of individuals, some of whom had familial connections, allegedly engaged in transferring funds earned from suspected criminal activities from abroad.
On August 15, after conducting raids across the island, authorities seized assets and issued orders prohibiting the disposal of assets, with a total estimated value exceeding SGD2.8 billion. This case now ranks as one of the world’s largest money laundering investigations.
Second Minister for Home Affairs Josephine Teo made this statement yesterday in response to approximately 60 parliamentary questions filed on the matter. She explained that in 2021, authorities became alerted to the situation due to various signals, including the use of potentially forged documents to substantiate the sources of funds in local bank accounts.
Financial institutions and other companies had also filed suspicious transaction reports, prompting a thorough police investigation into these red flags.
Teo said, “The 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.”
She said the police’s aim was to develop as full a picture as possible of the suspects and their associates, their suspected criminal activities, and their assets, before moving against them. Teo added, “As the probe progressed, the web uncovered by the police grew and grew.
“More and more individuals were implicated in the alleged money laundering operation, and more and more of their assets held in Singapore were discovered. The police painstakingly and discreetly traced their ties and assets.”
