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04-10-2023, 08:27 AM
Teo pointed to two other major money laundering probes that Singapore undertook, which resulted in serious enforcement action:
One is the 1MDB case, which resulted in the seizure or prohibition of assets amounting to more than S$240 million, the conviction of four bankers, including one who was sentenced to more than four years of imprisonment and the shutting down of two private banks.
The other is the Wirecard case. Following a probe into irregularities in the German company’s financial statements, which involved of Singapore-based individuals and entities, three banks and an insurer in Singapore were issued penalties amounting to S$3.8 million, seven individuals were charged and three of them have been convicted for offences including money laundering.
“These examples leave no doubt that Singapore takes money laundering seriously,” Teo said.
https://www.malaymail.com/news/singapore...obed/94173
One is the 1MDB case, which resulted in the seizure or prohibition of assets amounting to more than S$240 million, the conviction of four bankers, including one who was sentenced to more than four years of imprisonment and the shutting down of two private banks.
The other is the Wirecard case. Following a probe into irregularities in the German company’s financial statements, which involved of Singapore-based individuals and entities, three banks and an insurer in Singapore were issued penalties amounting to S$3.8 million, seven individuals were charged and three of them have been convicted for offences including money laundering.
“These examples leave no doubt that Singapore takes money laundering seriously,” Teo said.
https://www.malaymail.com/news/singapore...obed/94173
