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Probe Launched by Singapore’s Central Bank Into Bank’s Participation In a $1.8 Billion Money Laundering Case

Ten foreign individuals, including Chinese nationals, were apprehended and prosecuted by Singaporean law enforcement in a massive anti-money laundering operation last month. Assets totaling $1.8 billion, comprising luxurious properties, digital currencies, and top-tier vehicles, were confiscated as part of the inquiry.

These disclosures have sparked concerns regarding the conformity of financial firms in Singapore to the stringent anti-money laundering regulations of the city-state. The MAS has kicked off “supervisory engagements” with these entities to evaluate the efficiency of their safeguards against money laundering and terrorism financing risks.

https://x.com/Reuters/status/1706656228007366906?s=20

In recent times, Singapore has witnessed a substantial surge in assets, with affluent individuals from Asia and other regions forming family and trust offices to capitalize on the incentives provided by the city. According to MAS statistics, the count of single-family offices handling investments, taxes, wealth transfer, and other financial affairs for high-net-worth individuals has surged from 400 at the close of 2020 to 1,100 by the conclusion of 2022.

Moreover, the most recent data from MAS reveals a noteworthy 16% rise in the overall assets under management in Singapore in 2021, reaching $5.4 trillion, in contrast to a global surge of 12%, totaling $112 trillion, for the same year.

The ongoing scrutiny by the Monetary Authority of Singapore underscores the nation’s dedication to upholding the integrity of its financial industry and ensuring adherence to anti-money laundering and counter-terrorism financing regulations.

Image Source: Motortion Films / Shutterstock

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