$1b in cash and assets seized and frozen; 30 foreigners probed for money laundering and forgery

[Beehive3783]

On 8/16/2023 at 10:24 PM, Confusedboi said:

its well known singapore is money laundering hub for people to wash their dirty money here, must have taken a while for authorities to finally start to crackdown on the criminals here possibly on tip off. ( The 2 casinos make things much easier to wash their money since their opening also) Who knows how many more people have gotten away with their dirty money undetected all these years.

I don't think PAP bothers anyway... as long as you bring cash, they welcome you with open arms  

If not for the tipoff, would SPF even bother? High chance the answer is "NO"  

[Victor68]

On 8/17/2023 at 10:25 AM, Throttle2 said:

Confirm must kena.  KYC too lax.  Probably the company will kena.  
Huat ah, property agencies.  Most lucrative business in singapore.  
never manufacture anything, just take peoples property as product to sell and chop big big commision.

huat ah

Actually all such transactions are monitored by MHA on how the funds are transferred and via what means. The big one of course. If MHA has cleared, then now found fishy, how? 

Compliance Manager better equipped than MHA? Funds from banks should also have cleared their side mah. All pushing the blame to other knowing it is not clean but yet hungry of it. 

Edited August 17, 2023 by Victor68

[Beehive3783]

On 8/17/2023 at 8:33 AM, Fcw75 said:

More info.

https://mothership.sg/2023/08/police-1billion-money-laundering-raid-details/?fbclid=IwAR2Oke7ZrkS0GdHcHgbm3QekqQxJbsxamMlj08IKPGEbAlPbdHt-FfYLfEo_aem_AQF2XpKZP8KT-jK0kZFGMmEYNzhx3ZdDnGH_34BzBFPo6uHMKrkAvAFtkealvG_PZSE&mibextid=Zxz2cZ
 

Mind boggling.

Chey. All ah tiongs... i was wondering how come turkish working together with chinese  

[Beehive3783]

On 8/17/2023 at 9:13 AM, Volvobrick said:

What surprises me is how they could open bank accts here. The KYC process is very (supposedly) onerous for foreigners. With Chinese nationals holding passports from questionable countries, the banks would have been double vigilant. 

Profits come first I guess. 

There was a mention about forged documents stating the source of funds. 

[Beehive3783]

On 8/17/2023 at 11:49 AM, Volvobrick said:

The Chinese delegation is welcomed to take back their 同乡， BUT please don't ask for the money back hor! We need to top up our reserves. 

LHL no balls to reject them one la  

[Benarsenal]

On 8/17/2023 at 11:49 AM, Volvobrick said:

The Chinese delegation is welcomed to take back their 同乡， BUT please don't ask for the money back hor! We need to top up our reserves. 

Wait long long ah. China needs back all their money that has gone out over the Covid years as their economy now in the shitter.

Expect to see more of these crackdown stories in other countries soon.

[serenade]

https://www.asiaone.com/singapore/1b-worth-gcbs-cars-and-assets-seized-one-singapores-biggest-anti-money-laundering?utm_source=a1home&utm_medium=referral&utm_campaign=A1+trending&utm_content=c5

Bank's systems picked up suspicious money movements and red-flagged to MAS who further investigated before acting. Today, there will be many PRC and PRC-born packing their bags and leaving SG urgently. After drop by their respective banks to withdraw cash. They will not return here knowing that they are on MAS radar.

 

[Volvobrick]

On 8/17/2023 at 12:22 PM, serenade said:

https://www.asiaone.com/singapore/1b-worth-gcbs-cars-and-assets-seized-one-singapores-biggest-anti-money-laundering?utm_source=a1home&utm_medium=referral&utm_campaign=A1+trending&utm_content=c5

Bank's systems picked up suspicious money movements and red-flagged to MAS who further investigated before acting. Today, there will be many PRC and PRC-born packing their bags and leaving SG urgently. After drop by their respective banks to withdraw cash. They will not return here knowing that they are on MAS radar.

 

Leong properties, luxury cars, wines, watches urgently too! 

[D3badge]

On 8/17/2023 at 10:05 AM, Playtime said:

Ah.... similar to our presidents la 😆

Why? One race nominee another race? When we all know that race isn’t that race?

[Mockngbrd]

On 8/17/2023 at 12:22 PM, serenade said:

https://www.asiaone.com/singapore/1b-worth-gcbs-cars-and-assets-seized-one-singapores-biggest-anti-money-laundering?utm_source=a1home&utm_medium=referral&utm_campaign=A1+trending&utm_content=c5

Bank's systems picked up suspicious money movements and red-flagged to MAS who further investigated before acting. Today, there will be many PRC and PRC-born packing their bags and leaving SG urgently. After drop by their respective banks to withdraw cash. They will not return here knowing that they are on MAS radar.

 

Fly back to ni Vanuatu? 

[BanCoe]

On 8/17/2023 at 12:51 PM, Mockngbrd said:

Fly back to ni Vanuatu? 

Abang across the cosway will invite them to Forest City 🤣 MM2H 

[Confusedboi]

So what happened to the missing people? Already fled the country or hiding somewhere waiting to escape laundromat sinkapore.

[Watwheels]

On 8/17/2023 at 12:22 PM, serenade said:

https://www.asiaone.com/singapore/1b-worth-gcbs-cars-and-assets-seized-one-singapores-biggest-anti-money-laundering?utm_source=a1home&utm_medium=referral&utm_campaign=A1+trending&utm_content=c5

Bank's systems picked up suspicious money movements and red-flagged to MAS who further investigated before acting. Today, there will be many PRC and PRC-born packing their bags and leaving SG urgently. After drop by their respective banks to withdraw cash. They will not return here knowing that they are on MAS radar.

 

Still drop by atms or banks? Places full of cctv? No need to consider. The accounts will be frozen. They can only take whatever cash on them and try to run, swim or hide. Chances are slim. Nowadays it is difficult to stay low profile if a lot of money goes in and out of a bank account. Everything is being monitored. The authorities just have to follow the money trail and track people down.

[Throttle2]

On 8/17/2023 at 11:43 AM, Voodooman said:

Looks like Citi reported them. All from same village?

 

Singapore, August 15 - The Commercial Affairs Department (CAD) of Singapore launched the largest and most severe crackdown on money laundering in history at 7 am local time. Hundreds of police officers participated in the operation, arresting about 30 individuals (with a total of approximately 60 individuals involved) suspected of money laundering. This operation also demonstrates Singapore's determination to combat money laundering crimes, which can carry a maximum sentence of 10 years.

It is reported that CAD established a task force for a secret investigation more than three months ago. The investigation involved dozens of Chinese nationals from Fujian province, which drew high attention from the Singaporean government. At the same time, Singapore authorities have had in-depth communication with the Chinese embassy and the Chinese Liaison Office in Singapore, but it is currently unclear whether the Chinese Ministry of Public Security is involved.

The operation was triggered by a series of events related to Citibank. It is understood that dozens of Fujianese individuals transferred a large amount of funds to Citibank accounts through underground banks, which were suspected to be used for illegal activities such as gambling and drug trafficking. This situation caught the attention of relevant departments of the Singaporean government, leading CAD to establish a task force for an in-depth investigation.

In addition, it is noteworthy that the Chinese Ministry of Public Security will send a delegation led by a deputy minister to visit Singapore on August 21. Experts believe that this visit is likely related to CAD's crackdown on money laundering, and both sides will engage in in-depth coordination and cooperation on this matter.

The Commercial Affairs Department (CAD) of Singapore will continue to firmly combat financial crimes such as money laundering to safeguard national financial security and social stability. This operation once again highlights Singapore's zero-tolerance attitude and determination in the field of anti-money laundering.

Source: https://www.shicheng.news/v/zWkL8

Swee. Cool. 

[Maxus-MIFA9]

On 8/17/2023 at 10:38 AM, Macrosszero said:

Distribute that $1 billion to the bottom 10% of Singapore’s citizens

Its not even robbing the rich to give to the poor because it’s illegal money

That’ll be a popular move

That 10% just give to all Charitable Homes, no need to ask public for donations for at least the next 3 years.... 

[Throttle2]

On 8/17/2023 at 10:38 AM, Macrosszero said:

Distribute that $1 billion to the bottom 10% of Singapore’s citizens

Its not even robbing the rich to give to the poor because it’s illegal money

That’ll be a popular move

Dont be a f**king populist lah 😂😂😎

Edited August 17, 2023 by Throttle2

[Arogab]

Some time ago, when my friend told me about this Chinese Internet company in Suntec and mention the boss is Chinese with a Cambodian Passport. He also mentions they don't have a product and hire many people and give staffs lots of benefits. 

I straight away told him - This could be a money laundering activity lah. 

Now I want to see if this company will disappear or will still be there. Haha 

[Strat]

On 8/17/2023 at 1:57 PM, Arogab said:

Some time ago, when my friend told me about this Chinese Internet company in Suntec and mention the boss is Chinese with a Cambodian Passport. He also mentions they don't have a product and hire many people and give staffs lots of benefits. 

I straight away told him - This could be a money laundering activity lah. 

Now I want to see if this company will disappear or will still be there. Haha 

think should be this company: XINBAO INVESTMENT HOLDINGS PTE. LTD.

https://xinbao.sg/

this morning website still work now kenna taken down.

Edited August 17, 2023 by Strat