SINGAPORE - The police busted three unlicensed remittance businesses operating along Syed Alwi Road in a six-hour joint operation in Little India on Sunday (Jan 27).

During the operation, 13 men aged between 26 and 42 were rounded up for their suspected involvement in carrying out remittance businesses without a valid licence issued by the Monetary Authority of Singapore.

More than $70,000 in cash, a laptop, several handphones, currency counting machines and remittance transaction records were seized as case exhibits, the police said.

Officers from the Commercial Affairs Department, Police Intelligence Department and the Central Police Division were involved in the operation against illegal remittance businesses.

The cases are being investigated.

Those convicted of operating a remittance business without a licence can be fined up to $100,000 or jailed up to two years, or both.

In the case of a continuing offence, they can be fined up to $10,000 for every day during which the offence continues after conviction.

The police said that they will not hesitate to take action against any individuals or entities involved in conducting unlicensed remittance businesses, as they pose the risk of being conduits for money laundering and terrorist financing.