Two Counts of Money Laundering: Sentences Handed Down

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A group of 10 individuals, including wives and partners, were sentenced for their involvement in a massive money laundering scheme that saw over S$3 billion in illicit funds laundered through Singapore.

Sentencing Highlights

• The sentences ranged from several months to several years imprisonment.
• The majority of the offenders were deported back to their home countries after serving their time.
• The court ordered the forfeiture of assets worth approximately S$944 million, which will be deposited into Singapore’s consolidated fund.

Scheme Details

The scheme was uncovered by authorities who found that the group had set up shell companies in Singapore and used forged bank documents to explain away suspicious transactions. Several of the offenders were also charged with forgery for their role in creating fake financial records.

• The investigation revealed that the group had been using the city-state as a hub to launder funds from around the world, including Cambodia, Japan, and China.
• Authorities seized assets worth over S$1 billion, with some 17 suspects still on the run or outside of Singapore’s jurisdiction.

Impact and Response

The case has sparked scrutiny of shell companies in Singapore and how banks vet high-value clients. Several private bankers have received additional training to spot tricks used by criminals to mask the background and sources of funds.

• In response to the scheme, the government has announced plans to review Singapore’s anti-money laundering regime.
• The government has proposed stricter rules for corporate service providers and directorships.
• The Accounting and Corporate Regulatory Authority (ACRA) is considering new regulations to prevent money laundering.

Conclusion

The case serves as a reminder of the importance of vigilance in combating financial crimes and the need for robust regulation to prevent illicit activities from taking place.