Billion-dollar money laundering probe widens to include precious metals; 24 more suspects named
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Some of the jewellery and cash seized in the $1 billion money laundering probe.
PHOTO: SINGAPORE POLICE FORCE
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SINGAPORE - A wider net has been cast in the $1 billion money laundering probe,
The list of names included the 10 foreigners who were charged in court
The notice was sent on Sunday to the dealers by the Anti-Money Laundering/Countering the Financing of Terrorism Division of MinLaw.
The dealers were told to review “transactions and business relations to assess if there are any reasonable grounds to suspect criminal conduct, including money laundering in connection to the police investigation”, according to the MinLaw notice that The Straits Times saw.
Mr Mohamed Bilal, president of the Gem Traders Association of Singapore, said when it gets such notices, it immediately shares them with its 26 members to help with investigations.
“Aside from an advisory to look out for suspicious transactions, there were a total of 34 names, some of which showed they were nationals of Cambodia, Turkey and Cyprus,” said Mr Bilal.
The police had launched an islandwide blitz on Aug 15, which saw them take control of more than 250 luxury bags and watches, over 270 pieces of jewellery and two gold bars, among other assets.
In total, they seized, froze or issued orders to block the sale of about $1 billion in assets, including 105 properties,
They also arrested 10 people. Twelve others are helping with investigations, while eight other individuals are on the run.
In the e-mail, MinLaw drew links between the 34 suspects, saying they are “believed to have connections among themselves”.
“Through extensive investigations and follow-up, including the analysis of suspicious transaction reports (STRs), the police identified a group of foreign nationals suspected to be involved in laundering the proceeds of crime from their overseas organised crime activities,” said MinLaw in the e-mail.
It added that all the people involved are neither Singapore citizens nor permanent residents.
Wanted in China
The list included four individuals who are on China’s wanted list for their alleged links to illegal gambling activities
It also included the name of one suspect who was listed as a shareholder of an investment company in Singapore, where one of the accused charged in court was a director.
The precious metal and stones dealers were urged to file an STR and reference Project Cerulean in their report.
The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act, which has been in effect since 2019, establishes a regulatory regime for precious stones and precious metals dealers.
On its website, MinLaw says the sector is exposed to inherent money laundering and terrorism financing risks due to the characteristics of precious stones and metals, and other precious products.
They “are good stores of value, easily transported and concealed, and easily converted to cash”.
Precious stones include diamonds, sapphires and pearls, while precious metals include gold, silver and platinum.
MinLaw says the sector is exposed to the risk of money laundering and terrorism financing as the precious metals and stones “are good stores of value, easily transported and concealed, and easily converted to cash”.
