MAS in process of tracing funds, assets related to $1b money laundering case

MAS says it has been in touch with FIs where the potentially tainted funds.

The Monetary Authority of Singapore (MAS) is working closely with the Commercial Affairs Department (CAD) to identify funds and assets related to a recent arrest of individuals suspected of money laundering.

On August 15, the Singapore Police Force arrested 10 individuals suspected of forgery and money laundering. The cash and assets involved are estimated to be worth $1b in total.

Financial institutions (FIs) in Singapore have reportedly filed suspicious transaction reports (STRs) to CAD after encountering several red flag indicators in the transactions. These reportedly include suspicious fund flows, dubious documentation regarding the source of the individuals’ wealth and funds, and inconsistencies or evasiveness in information given to the FIs.

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“MAS takes this case seriously and has been in touch with the FIs where the potentially tainted funds have been identified. Supervisory engagements with these FIs are ongoing,” Singapore’s financial regulator said in a statement.

MAS reiterated that it will take firm action against financial institutions (FIs) who breached its requirements on anti-money laundering/ countering the financing of terrorism, or take inadequate control against such risks.

Singa

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