Singapore MAS Chairman Gan Kim Yong: Individuals Who Facilitated Financial & Property-Related Transactions in $2.2 Billion Money Laundering Case Will be Dealt with under Singapore Laws
9th August 2024 | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (6/8/24) on $2.2 Billion Singapore Money Laundering Case – Individuals who facilitated financial & property-related transactions in $2.2 billion (S$3 Billion) money laundering case will be dealt with under Singapore laws. Gan Kim Yong (6/8/24): “Investigations by the law enforcement authorities into the recent major money laundering case have resulted in the identification of specific individuals who had facilitated financial and property-related transactions. Individuals who had been involved in criminal wrongdoing will be dealt with accordingly under our laws … … At the same time, sector regulators have conducted supervisory follow-ups and investigations against pertinent regulated entities and relevant associated individuals to assess whether they had performed anti-money laundering measures to the standards expected of them. Where any non-compliance with regulatory requirements is identified, sector regulators will not hesitate to take firm and appropriate action against these entities or individuals.”
“ Singapore MAS Chairman Gan Kim Yong: Individuals Who Facilitated Financial & Property-Related Transactions in $2.2 Billion Money Laundering Case Will be Dealt with under Singapore Laws “
Singapore MAS Chairman Gan Kim Yong: Individuals Who Facilitated Financial & Property-Related Transactions in $2.2 Billion Money Laundering Case Will be Dealt with under Singapore Laws
Date: For Parliament Sitting on 6 August 2024
Name and Constituency of Member of Parliament
Mr Dennis Tan Lip Fong, MP, Hougang SMC
Question:
To ask the Prime Minister and Minister for Finance with regard to the recent $3 billion money laundering case in Singapore, whether the authorities have started investigations into individuals such as bankers and property agents who facilitated the property transactions on behalf of the convicted persons and who have failed to comply with requirements for money laundering background checks and suspicious transactions reporting.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. Investigations by the law enforcement authorities into the recent major money laundering case have resulted in the identification of specific individuals who had facilitated financial and property-related transactions. Individuals who had been involved in criminal wrongdoing will be dealt with accordingly under our laws.
2. At the same time, sector regulators have conducted supervisory follow-ups and investigations against pertinent regulated entities and relevant associated individuals to assess whether they had performed anti-money laundering measures to the standards expected of them. Where any non-compliance with regulatory requirements is identified, sector regulators will not hesitate to take firm and appropriate action against these entities or individuals.
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