SINGAPORE — In early 2022, Singapore police acted on tip-offs regarding various suspicious activities and launched a “comprehensive, coordinated intelligence probe” into what would eventually become a
Over S$2.8 billion worth of assets are now involved, making it likely one of the largest anti-money laundering operations in the world, Second Minister for Home Affairs Josephine Teo tells parliament
Mrs Teo noted that the intelligence gathering and planning for such a major operation can take months or years. “Police analysed the information and probed further, quietly ... A decision was made to hold off any enforcement or overt investigative actions,” she added.She pointed out the complex nature of such anti-money laundering probes and the need to be discreet. Connecting the dots between people and things “is a lot easier said than done”, she said.
“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,” she said. Mrs Teo said that many others who have been — and will be — interviewed include Singaporeans, permanent residents and those on different types of immigration passes.
Eight of the residential properties are landed homes at Sentosa Cove where there are no restrictions on foreign ownership. The sectoral regulators — including government agencies that oversee corporate service providers, real estate agents and financial institutions — will take action if there is negligence or non-compliance with anti-money laundering requirements, she added.
She told the House that as a major financial hub, this is not the first or last time that Singapore has taken serious enforcement action against money laundering offences., the police “extensively investigated” individuals suspected of committing offences in Singapore, while the Monetary Authority of Singapore “thoroughly examined” financial institutions through which the funds flowed, said Mrs Teo.
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