The investigation began in 2024 after police received financial intelligence from the Suspicious Transaction Reporting Office (STR) regarding 38-year-old Cambodian busnessmen Chen.
Singaporean police on October 30 seized and issued prohibition of disposal orders against six properties and various financial assets tied to Cambodian businessman Chen Zhi and his company, Prince Group, in relation to money laundering and forgery offences.
The United Nations Convention against Cybercrime is therefore expected to help harmonise laws, establish international standards, and build a round-the-clock cooperation network to support member states in cybercrime investigations, they underscored.
ASEAN has adopted more innovative approaches to address the growing nexus between transnational crime, money laundering, and sophisticated cyber-enabled offences, including online scams, Malaysian Foreign Minister Datuk Seri Mohamad Hasan said.
The resolution stipulates that organisations and individuals participating in the market must comply with relevant laws on anti-money laundering, counter-terrorism financing, and the non-proliferation of weapons of mass destruction.
The regulations, which came into effect on September 9, consist of 12 articles detailing principles, forms, content, and responsibilities in information sharing and cooperation across ministries, ministerial-level agencies, and government bodies.
The Ministry of Public Security, within its authority and responsibility, will direct relevant forces to work with the central bank and related agencies, to immediately implement professional measures to strictly and promptly handle violations of the law related to the gold market and gold trading activities.
The State Bank of Vietnam (SBV) has proposed that all electronic money transfers of 1,000 USD or more at the shaping International Financial Centre (IFC) must be reported.
This is considered the second largest cumulative penalty imposed by MAS for breaches related to anti-money laundering and countering the financing of terrorism.
The Monetary Authority of Singapore (MAS) last month said digital token service providers (DTSPs) that served only overseas clients must have a licence to continue operations past June 30 – or close up shop.
The suspects were reportedly part of a crime ring operating under foreign direction.
The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into former Prime Minister Datuk Seri Ismail Sabri Yaakob over allegations of corruption and money laundering.
The following is a brief review of the day’s events as reported by the Vietnam News Agency.
Deputy Prime Minister Ho Duc Phoc on December 12 urged ministries and sectors to do their utmost to implement the Financial Action Task Force (FATF)’s 17 recommendations to lift Vietnam out of its list of Jurisdictions under Increased Monitoring (grey list) related to money laundering.
Vietnam’s property sector remains vulnerable to money laundering with the risks high in the sector, according to the latest report by the State Bank of Vietnam (SBV).
Singapore reported on June 26 that it has seized 6 billion SGD (4.4 billion USD) linked to crime and money laundering since 2019.
As a business, financial and trade hub, Singapore is vulnerable to being misused as a conduit to launder illicit funds derived from fraud committed abroad, said the Singapore’s Money Laundering National Risk Assessment (ML NRA).
The Hanoi People’s Court on May 15 opened the first instance trial for 21 members of a transnational money laundering ring.
