[Levin]

BY NUR HIKMAH MD ALI
Published August 18, 2023
Updated August 18, 2023


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Money laundering starts from a criminal offence that procures a large sum of money and refers to the process of "cleaning" these proceeds so that they appear to have originated from a legitimate source.

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money laundering can generally be done in three ways:

- Placement, or the physical disposal of the criminal proceeds
- Layering, which is by creating layers of financial transactions to disguise the audit trail in an attempt to delink the funds from the criminal activity
- Integration, which is placing the laundered funds into the economy as legitimate business funds if layering is successful

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Despite Singapore’s strong commitment to fight money laundering, the country continues to be a target for money launderers trying to park their criminal proceeds.

Experts say this is because of Singapore’s strong currency and economy and its reputation as an international financial hub.

“Money launderers want to park their money where the currency and economy is strong because their wealth would appreciate over time, rather than decline in value,” said Ms Biechele.

Some criminals may also assume that it is easier for them to keep their illegal transactions under the radar, given the high volume of financial transactions in a financial hub such as Singapore

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Singapore is also held in high regard internationally, which is the ultimate aim of money laundering. This is so that the funds are seen as "clean" should there be a need to move them elsewhere.


Much more at: https://www.todayonline.com/singapore/ex...it-2235126

[red3]

Guard? By ownself stopping at ground level when top level give approval and instruct low level to start processing the legal docs?

[Lukongsimi]

High tech robbers

[pinkpanther]

The billions that the gov managed to loot from these money launderers are more than the returns from gic and temasick..good money for 1 day of operation.

[K88 shu shu]

let them wash in SGP 1st than confiscated it, good move.

[Manthink]

let them wash in SGP 1st than confiscated it, good move.

Syndicates are run by very very smart pple...I suspect CID, CAD, SOC, SPF and other SG agencies had been monitoring this Fujian-group for some time before moving in at multiple locations involving 400 agents...

Unlike drug or human trafficking - such white-collar crimes that spans borders, multiple countries and financial systems are not easy to track or detect....

For sure some financial coys will kenna call up to lim-kopi also...