Some 60 real estate agents were likely involved in the sale of properties to the 10 people arrested in an islandwide money laundering raid in Singapore that yielded more than S$1 billion in cash, items and assets, Lianhe Zaobao reported on Aug. 18.
These agents are expected to assist in investigations, Zaobao's sources claimed.
According to the Chinese newspaper, one of 10 suspects arrested is believed to be the Chinese buyer who snapped up 20 units at CanningHill Piers in Clarke Quay for an estimated S$85 million in May 2022.
In April 2021, it was also reported that Su Baolin, one of the men arrested, had bought a sea-facing bungalow in Sentosa Cove for slightly over S$39.33 million
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According to the Council for Estate Agencies (CEA), real estate agents are required to conduct due diligence checks on clients to prevent money laundering and terrorism financing.
The implementation of the full requirements for due diligence kicked in on June 28, 2023.
https://mothership.sg/2023/08/real-estat...aundering/