Singapore cracks down on money laundering

The Parliament building in Singapore (Photo: AFP)

Hanoi (VNA) – Singapore will form an inter-ministerial panel to review its anti-money laundering regime and draw lessons from its recent crackdown on one of the largest money laundering cases, said Singapore's Second Minister for Home Affairs Josephine Teo on October 3.

In mid-August, the Singaporean authorities busted an a suspected international money laundering operation, leading to the arrest of 10 foreign nationals and the seizure of substantial assets, including valuable real estate, automobiles, gold, luxury handbags, and jewelry which valued up to 2.8 billion SGD (2 billion USD).

Teo was one of three ministers that addressed several parliamentary questions regarding Singapore’s largest money laundering probe. Some 60 questions were raised by 30 members of parliament over the last two sittings.

The Singaporean Government has affirmed that it is currently reviewing various financial regimes and will take legal action against any organisations and their employees who violate the regulations set by the central bank.

It also anticipates further arrests and asset seizures in the near future as part of its ongoing efforts to combat money laundering and related financial crimes./.