Singapore police have uncovered one of the world’s largest money laundering cases, involving more than S$2.8 billion (US$2 billion) worth of assets seized or frozen from 10 suspects of Chinese origin. The case has exposed the dark side of Singapore’s bid to attract the world’s super-rich, as well as the links between online gambling, cybercrime and transnational crime syndicates.
The suspects, who were arrested in August, allegedly used forged documents and shell companies to launder money from China through Singapore’s banks and financial institutions. They then splurged on luxury properties, cars, gold bars, jewellery and watches, some of which were found in their lavish apartments and bungalows in Sentosa Cove, Orchard Road and Bukit Timah.
The police have said that the suspects are part of a transnational crime network that is involved in online gambling, cyber scams, smuggling and violent crime. The network operates mainly in China and South-East Asia, where online gambling is illegal but permitted in some countries, such as the Philippines. The network uses Chinese social media platforms, such as WeChat, to lure Chinese gamblers and cheat them of their money.
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How They Got Caught
The police have also said that they began investigating the case in early 2022, after receiving tip-offs and suspicious transaction alerts from various sources. They conducted a comprehensive and coordinated intelligence probe, involving a small group of officers, to avoid alerting the suspects and to gather as much evidence as possible before making any arrests.
The case has raised questions about the effectiveness of Singapore’s anti-money laundering regime, and whether more action is needed to curb such illicit activities in the city-state. The government has said that it takes a serious view of the case, and that it will review and strengthen its laws and regulations to prevent and combat money laundering. It has also said that it will cooperate with other jurisdictions to bring the suspects to justice.
