SINGAPORE – Investigations into the billion dollar money laundering case here did not arise from external pressure and were triggered by suspicious transaction reports filed by financial institutions, said Home Affairs and Law Minister K. Shanmugam, stressing that the probe had been ongoing for months.
The police have taken control of more than $1.8 billion in assets, raising eyebrows and questions over how the 10 had managed to accumulate so much.Quashing speculation among some that the arrests were linked to a visit by China’s Foreign Minister Wang Yi on Aug 10, Mr Shanmugam said there was absolutely no connection between the two events.
There was no way that tracing such investigations could have been done in a matter of days or weeks, and those familiar with such work would know, he added.That the 10 arrested are believed to have originated from China also spooked some other Chinese nationals in Singapore, worried about being implicated.
“But if you have a proper, legitimate business and you bring in legitimate money here and don’t break our laws like forging documents – there is nothing to worry about.”Police seized more than $23 million in cash and hundreds of luxury items, and issued prohibition of disposal orders on dozens of cars and multiple bottles of liquor and wine. PHOTOS: SINGAPORE POLICE FORCE
The first line of defence in this whole-of-economy effort is the Monetary Authority of Singapore and the financial institutions, he added. Other gatekeepers such as real estate agents, precious commodities dealers and their regulators also have a role to play in guarding Singapore against illicit funds.