Singapore’s probe into a SGD1bn (USD732m) money laundering case, involving assets such as multi-million-dollar bungalows and Bentley cars, has brought to light potential regulatory gaps. The mid-August arrest of 10 foreigners, mainly from China, for allegedly laundering criminal proceeds is causing concerns about the vigilance of prominent banks in halting suspicious transactions. Singapore’s appeal as a safe haven for wealth, coupled with an influx of affluent individuals from China, has driven up prices in real estate, vehicles, and education. However, it has also attracted illicit actors. Anton Moiseienko, a law lecturer, remarked that the case underscores the long-evident money laundering risks. Assets of the accused have been seized or frozen, with some defendants having ties to crimes such as online gambling and fraud in China.
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