Singapore is grappling with one of its largest-ever money laundering cases, involving over S$1 billion (US$740 million) of assets. Individuals, recently arrested and charged, allegedly held millions from unauthorised lending in China and illicit gambling in numerous banks such as United Overseas Bank, Citigroup and RHB Bank’s local units. Attempted fraud using counterfeit documents was also reported on banks including Oversea-Chinese Banking Corp, Standard Chartered and CIMB Bank.
This scandal has drawn in a wide range of organisations from banks to golf clubs and precious metals dealers, prompting concerns about the robustness of measures against illegal money entering this significant global financial hub.
The accused reportedly invested their unlawful proceeds in luxury assets, including cars and Tether stablecoins. One individual allegedly purchased a…
