SINGAPORE, Aug 17 — As a global financial hub, Singapore remains vulnerable to transnational money laundering/terrorism financing (ML/TF) risks, according to Monetary Authority...
SINGAPORE, Aug 17 — As a global financial hub, Singapore remains vulnerable to transnational money laundering/terrorism financing risks, according to Monetary Authority of Singapore Deputy Managing Director , Ho Hern Shin.
MAS, the central bank, issued the statement following the recent seizure of about S$1 billion of assets, including properties, vehicles, luxury goods, jewelleries, and gold bars. In a separate statement, Singapore Police Force said that on August 15, more than 400 officers from the Commercial Affairs Department, the Criminal Investigation Department, Special Operations Command, and the Police Intelligence Department conducted simultaneous raids at multiple locations island-wide.
SPF said prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of more than S$815 million, as well as multiple ornaments and bottles of liquor and wine.
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