recent large-scale money laundering scandalThe S$2.4 billion money laundering case is one of the largest Singapore has faced. Reuters quoted MAS as saying it will take action if the probe shows loopholes in the banks’ controls.
“Supervisory engagements with these are ongoing to assess whether they had taken all reasonable steps to mitigate against money laundering/terrorism financing risks,” the MAS spokesperson said in the email, adding, “We will take action where the FIs’ controls have fallen short, as we have done in past cases.”
In August, 10 foreigners faced charges in court after authorities seized and froze approximately S$1 billion in assets. These assets included luxury real estate, vehicles, luxury goods, gold bars, cryptocurrencies, and cars.