Stripping the layers in money laundering is a Herculean task, say experts

SHELL companies, cryptocurrencies and penny stocks can all be made use of by would-be money launderers seeking to hide ill-gotten gains, experts said. The nature of these assets can make them difficult to track, and transactions difficult to unravel.

Singapore’s multi-billion-dollar anti-money laundering probe has turned the spotlight on property, cars and other luxury items as a means of moving or concealing money.

Assets worth S$2.4 billion have been seized from 10 individuals, and glitzy accounts of Bearbrick collectibles and well-stocked wine racks have caught the public eye.