SINGAPORE: In a series of coordinated raids conducted in mid-August, Singaporean authorities apprehended 10 foreigners and seized assets worth a staggering S$1 billion, including luxury properties, cars, gold bars, designer handbags, and jewelry.
Josephine Teo, Singapore’s Second Minister for Home Affairs, addressed the parliament on Tuesday, emphasizing the gravity of the situation: “This case is a reminder that even the most stringent preventive measures can be circumvented by determined criminals.” In response, the government announced the establishment of an inter-ministerial panel tasked with reviewing the country’s anti-money laundering regime, drawing essential lessons from the recent case.
Heading the inter-ministerial committee, Indranee Rajah, Second Minister for Finance, will collaborate with political office holders from various ministries, including the central bank, home affairs, law, manpower, and trade. The committee’s mandate encompasses four critical areas: preventing corporate structures from being exploited for illicit gains, fostering collaboration among financial institutions and authorities, engaging third-party entities like real estate agents in combating money laundering, and enhancing detection capabilities.
Singapore Authorities Launch Inspection
Singapore authorities have initiated inspections of financial institutions suspected of involvement in the case, promising enforcement action against any entity or staff member found to have violated central bank requirements. Additionally, agencies are reevaluating processes, including the central bank’s approval for family offices to receive tax incentives, and considering regulations for high-value assets such as luxury cars and bags.
However, Minister Teo stressed that any changes introduced should not unduly burden legitimate businesses and customers. The investigation into this case had commenced in 2021, prompted by suspicious transaction reports filed by financial institutions, Teo confirmed. She vehemently refuted speculations circulating in local and international media that the operation was instigated by external influence, stating, “We started investigations because we suspected that offenses had been committed in Singapore. Once we confirmed our suspicions, we acted.”
