Investigations into Bankers, Property Agents and Others Linked to Property Transactions in Multi-billion Dollar Money Laundering Case

Mr Dennis Tan Lip Fong asked the Prime Minister and Minister for Finance with regard to the recent $3 billion money laundering case in Singapore, whether the authorities have started investigations into individuals, such as bankers and property agents, who facilitated the property transactions on behalf of the convicted persons and who have failed to comply with requirements for money laundering background checks and suspicious transactions reporting.

Investigations by the law enforcement authorities into the recent major money laundering case have resulted in the identification of specific individuals who had facilitated financial and property-related transactions. Individuals who had been involved in criminal wrongdoing will be dealt with accordingly under our laws.

At the same time, sector regulators have conducted supervisory follow-ups and investigations against pertinent regulated entities and relevant associated individuals to assess whether they had performed anti-money laundering measures to the standards expected of them. Where any non-compliance with regulatory requirements is identified, sector regulators will not hesitate to take firm and appropriate action against these entities or individuals.