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Singapore wealth management players unfazed by money laundering probe

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Tan Nai Lun

Tan Nai Lun

Published Thu, Sep 21, 2023 · 05:00 AM
    • Industry players and observers say the police bust – the largest anti-money laundering operation in Singapore’s history – should be viewed in a positive light.
    • Industry players and observers say the police bust – the largest anti-money laundering operation in Singapore’s history – should be viewed in a positive light. PHOTO: LIM YAOHUI, ST

    WEALTH management industry players said the recent probe into a money laundering ring should be viewed in a positive light, and should enhance Singapore’s position as a hub for the region’s richest.

    Authorities in August conducted several simultaneous raids and seized the assets of 10 individuals, who have been charged for alleged forgery, money laundering and/or resisting lawful apprehension.

    The value of the assets seized has since grown to S$2.4 billion, making this the largest anti-money laundering operation in Singapore’s history.

    Wealth managementFamily officesMoney launderingSpotlight

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