Anti-money laundering bust that seized S$1 billion could be ‘tip of the iceberg’
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AS A major financial hub, Singapore must remain vigilant as criminal networks continue to seek out loopholes around anti-money laundering safeguards, industry watchers said.
A large-scale anti-money laundering operation was conducted by the Singapore Police Force on Tuesday (Aug 15) in which S$1 billion in cash and assets were seized from a group of foreign nationals.
The crackdown was conducted across several Good Class Bungalows and high-end condominiums simultaneously, in areas including Tanglin, Bukit Timah, Orchard Road, Sentosa and River Valley.
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