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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

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Tan Nai Lun

Tan Nai Lun

Published Thu, Jul 24, 2025 · 07:00 AM
    • MAS has issued penalties totalling S$27.5 million to nine financial institutions for AML-related breaches.
    • MAS has issued penalties totalling S$27.5 million to nine financial institutions for AML-related breaches. PHOTO: BT FILE

    [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.

    Hock Lock SiewMoney launderingMonetary Authority of SingaporeSingapore banksWealth management

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