$34,000 seized in crackdown on unlicensed remittance businesses in Little India

During the operation, the authorities seized $34,000 in cash, handphones and remittance transaction records.
During the operation, the authorities seized $34,000 in cash, handphones and remittance transaction records.PHOTOS: SINGAPORE POLICE FORCE

SINGAPORE - Sixteen men are assisting in investigations following a police crackdown on unlicensed remittance activities in Little India on Sunday (May 5).

The operation was jointly conducted by officers from the Commercial Affairs Department and the Central Police Division.

During the operation, the authorities seized $34,000 in cash, mobile phones and remittance transaction records.

The men, who are between the ages of 30 and 54, are suspected to have been involved in remittance businesses without valid licences issued by the Monetary Authority of Singapore.

If found guilty of operating a remittance business without a licence, they may be fined up to $100,000, jailed for up to two years, or both.

If convicted of a continuing offence, they can be fined up to $10,000 for every day that the offence continued after conviction.

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

 

The police added that members of the public who wish to remit money to another country should do so through a licensed bank or licensed remittance agent.