SINGAPOREAN SCRAMBLING TO BOOST AML/CFT FOLLOWING MAJOR CHINESE LAUNDERER ARRESTS IN 2023
June 22nd, 2024
Singapore authorities are trying to strengthen vulnerabilities in the Asian financial hub’s anti-money laundering (AML) system following an AML probe that led to the arrest of nine men and one woman, all from Fujian province in China last August (2023). Police subsequently seized assets and cash worth more than Singapore dollars SGD3 billion (USD2.2 billion) as of January 2024. (1) The suspects, of who eight non-Chinese passports, such as Cambodia, Cyprus, Turkey and St Kitts & Nevis) have since been charged, with nine facing money laundering charges. Other ...
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