$34,000 seized in crackdown on unlicensed remittance businesses

Sixteen men are assisting with 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 officers seized $34,000 in cash, mobile phones and remittance transaction records.

The men, aged between 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 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.

A version of this article appeared in the print edition of The Straits Times on May 07, 2019, with the headline '$34k seized in crackdown on unlicensed remittance businesses'. Print Edition | Subscribe