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

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Uma Devi

Uma Devi

Published Mon, Oct 2, 2023 · 05:00 AM
    • The ability to use mixers – a service that mixes the cryptocurrency assets of multiple clients – makes the tracing of funds more challenging.
    • The ability to use mixers – a service that mixes the cryptocurrency assets of multiple clients – makes the tracing of funds more challenging. PHOTO: REUTERS

    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.

    Money launderingSGXCryptocurrenciesCommodities

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