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HomeSoutheast AsiaSingapore’s banking giants embroiled in US$740 million money-laundering scandal

Singapore’s banking giants embroiled in US$740 million money-laundering scandal

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Singapore’s banking giants entangled in US$740 million money-laundering scandal

The saga has raised questions about crash barriers against illicit money flowing into one of the world’s most important financial hubsSome of the individuals who were arrested and charged this month held funds totally millions from unlicensed moneylending in China and illegal gamblingSingaporeBloombergandReutersPublished: 8:38am, 31 Aug, 2023Why you can trust SCMP

Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city state’s largest money laundering cases, involving over S$1 billion (US$740 million) of assets.

In charge sheets seen by Bloomberg News, some of the individuals who were arrested and charged this month held funds totally millions from unlicensed moneylending in China, and illegal gambling in United Overseas Bank and the local units of Citigroup and RHB Bank. They also allegedly tried to cheat banks Oversea-Chinese Banking Corp, Standard Chartered and CIMB Bank using fake documents, the charge sheets show.

The wide roster of banks joins property agents, precious metals dealers and golf clubs in the city that have been drawn into this scandal. This has raised questions about crash barriers against illicit money flowing into one of the world’s most important financial hubs.

The accused allegedly used their criminal proceeds to buy luxury cars, Tether stablecoins and, in one case, an upscale condominium unit near the city’s prime shopping belt for S$23 million, the charge sheets show. Some also allegedly had millions in safe deposit boxes held with Certis Cisco Security, a security firm backed by state investor Temasek Holdings.

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