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Battling the scourge of money laundering
The ingenious ways of criminals are hard to detect, but steps can be taken to foil their activities
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Singapore’s biggest-ever money laundering scandal was uncovered in August and got ever larger as the investigations proceeded.
PHOTO: SINGAPORE POLICE FORCE
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In 2015, a man of mainland Chinese origin walked into the River Rock casino in Richmond, a suburb of Vancouver, lugging a hockey bag stuffed with cash amounting to C$1 million (S$1 million). The money – mainly in bundles of C$20 notes – was acquired through drug dealing. He exchanged the lot for high-value betting chips and proceeded to the baccarat tables. After playing for a bit, he cashed his remaining chips for a casino cheque.
He then used that laundered money for a down payment on a high-end condominium in Vancouver, which enabled him to start a relationship with a bank. He was later able to use the property as collateral for borrowing.
