[Tee tiong huat]

When we open for business - and we have to be - criminals will also try to exploit the same economic openness and our strong reputation for rule of law, to launder their illicit funds, and create the appearance of legitimacy," she said.

Singapore handles massive volumes of transactions every day, she noted, and this sheer volume provides "easy camouflage" for illicit activities.

She outlined just how often suspicious transactions are flagged here as a result: The Suspicious Transaction Reporting Office, a body under the Singapore Police Force that focuses on financial intelligence, received an average of 43,000 suspicious transaction reports annually from 2020 to 2022, or more than 150 every working day.

In the same period, at least 240 people were convicted of money laundering offences, largely related to laundering domestic scam proceeds, and some S$1.2 billion worth of assets were seized.

When the police first announced the arrest on Aug 15, they had said that another 12 people are assisting with investigations and eight others are currently wanted by the police.

FINANCIAL HUBS MORE VULNERABLE TO MONEY LAUNDERING

On Tuesday, Mrs Teo also made the point that it is Singapore’s status as a major financial hub that also makes it an attractive target to money launderers.

The finance sector contributes about 14 per cent of Singapore’s economy and employs about 200,000 people, making it an important industry here.

[Tee tiong huat]

Mr Teh said CAD had not known of these assets initially, and was alerted to them only after receiving information from "foreign authorities".

Mr Teh said the overall quantum of cryptocurrency assets is believed to amount to more than US$30 million and investigations on this front are ongoing.

"This further strengthens my belief that the accused has connections and assets to allow him to relocate outside of Singapore, despite the seizure of his local assets, should he be released on bail," said Mr Teh.

More than S$200 million in assets linked to Vang have been seized in Singapore.

According to Mr Teh, this comprises S$962,000 in cash, S$128.8 million in his bank accounts, S$5.5 million in his wife's bank accounts, 15 properties worth S$104.8 million in his wife's name but funded by him and three vehicles worth S$3.4 million in his wife's name but funded by him.

Billion-dollar money laundering case: Accused at risk of cancer, say lawyers who suggest 24-hour surveillance

Su Baolin's lawyers alleged that Changi Prison's Complex Medical Centre does not provide adequate care for their client, who has a congenital heart condition.

Lawyers for one of the 10 people charged in relation to Singapore's largest money laundering probe revealed on Wednesday (Nov 15) that their client was at high risk of gastric cancer.

They asked that Su Baolin be released on bail, proposing 24-hour surveillance with a guard by his side to mitigate any flight risk.
https://www.channelnewsasia.com/singapor...er-3922086

[Tee tiong huat]

Su Baolin -- Age: 41 Nationality: Cambodian

Representation: Mr Sunil Sudheesan, Ms Diana Ngiam and Ms Joyce Khoo from Quahe Woo & Palmer. Assets seized: Over S$130 million seized from him and his wife. Charges tendered: 

Two charges of using forged documents
Additional information: He has a heart condition, which has led to his remand in Changi Medical Centre instead of Changi Prison's A Division like the rest

https://www.channelnewsasia.com/singapor...er-3922086

[Tee tiong huat]

SINGAPORE: The 10 people who have been arrested and charged in relation to a multi-billion dollar money laundering probe all hold either employment passes or dependent’s passes in Singapore, and none had been on Interpol’s list of red notices at the time of their application for these passes, Second Minister for Home Affairs Josephine Teo said on Tuesday (Oct 3).

Interpol, an international police body, issues red notices to ask law enforcement officials around the world to locate and provisionally arrest a person, pending extradition, surrender or similar legal action.

Mrs Teo, who is also Minister for Communication and Information, was delivering a ministerial statement in parliament in response to questions from Members of Parliament (MPs), some of which related to how the 10 suspects had entered Singapore and obtained immigration passes.
https://www.channelnewsasia.com/singapor...ol-3816951

https://www.channelnewsasia.com/singapor...ed-3734531

[Tee tiong huat]

@heart of the broader case is a remote gambling operation based in the Philippines, which several of the accused are allegedly linked to and a scheme that generated proceeds from punters in China.

Despite a wanted notice issued by China in 2015 naming some of the accused, they managed to set up shop in Singapore, with some running alleged shell companies, from as early as 2019.

The illegal gambling proceeds are alleged to have been laundered in Singapore through luxury property purchases, jewellery, liquor, bags and watches. Some of the proceeds were also found in cash or stashed in safe deposit boxes.

Voluminous documents have been shared by both defence and prosecution in multiple full-day hearings, with investigation officers on the respective cases providing affidavits - or statements made on oath - on their accounts of the probe, and some of the accused giving their own affidavits to gain temporary freedom in the form of bail.

While bail has been denied across the board, whether in the State Courts or the High Court, the exchanges of documents have revealed nuggets of information about the accused even at this early stage of proceedings.

Not one of 10 has indicated in open court, they would be pleading guilty. In fact, at least one has indicated his intention to claim trial.
https://www.channelnewsasia.com/singapor...it-3857886

[singaporean1964]

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