Man accused of money laundering

A 25-year-old man will be charged in court today over alleged money laundering and providing payment services without a licence.

The man is alleged to have accessed several bank accounts, opened in the names of different individuals, between December 2020 and March last year, said the police in a statement yesterday.

He is said to have withdrawn at least $28,350 from these accounts. He then allegedly handed the funds to other individuals in Singapore.

The funds are believed to be illicit proceeds from fraud committed overseas.

The man will face two charges - one for the offence of acquiring criminal benefits of another person, and another for abetting an offence of carrying on a business of providing payment services without a licence, said the police.

A person found guilty of acquiring benefits from criminal conduct faces a jail sentence of up to 10 years, a fine of up to $500,000, or both.

For providing a payment service without a licence, a person can be jailed for up to three years, fined up to $125,000, or both.

The police have said that they take a serious stance against those who may be involved in scams and advised the public to reject any request by others to use their bank accounts as they can be held accountable if the accounts are linked to crimes.

Those who receive or are asked to receive funds from an unknown or dubious source are advised to call the Anti-Scam Helpline on 1800-722-6688.

Anyone with information on such scams may call the police hotline on 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.