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Singapore Probing S$1 Billion Money Laundering Ring

Singapore Probing S$1 Billion Money Laundering Ring

by Starling Insights

Starling Insights Editorial Board

Sep 08, 2023

Observations

Singapore AML/CFT MAS Culture & Conduct Supervision

A majority of Singapore's most important local and global banks — including DBS, OCBC, Citigroup, and Deutsche — have become embroiled in the investigation into a S$1 billion money laundering scheme.

Ten individuals from China, Cyprus, Turkey, and Vanuatu were apprehended in coordinated raids involving 400 law enforcement officers as a part of the investigation into a money laundering ring. They are suspected of laundering proceeds from overseas criminal activities, including scams, online gambling, and document forgery. Authorities seized assets like luxury homes, cars, designer handbags, cash, and gold bars, collectively valued at S$1 billion.

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