Heavier anti-money laundering penalties could help Singapore maintain high standards as wealth hub
Action against those at the heart of 2023’s billion-dollar bust may have long been concluded, but the Republic’s AML war is far from over
Add BT as a preferred source
[SINGAPORE] Authorities in Singapore appear to be kicking it up a notch, as they round up more individuals and entities for their involvement in a S$3 billion money laundering scandal unveiled in August 2023.
To be clear, action against the 10 foreigners at the heart of the scandal that sent shockwaves across the Republic has long been concluded. By around this time last year, all 10 had finished serving their time in jail; they have since been deported and barred from re-entering Singapore.
But the anti-money laundering (AML) war is far from over.
TRENDING NOW
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
