$1 billion money laundering case in Singapore

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Banks have always been required to file suspicious transaction reports (STRs) about suspicious activity. In fact, the data sharing platform COSMIC (Collaborative Sharing of Money Laundering / Terrorism Financing (ML/TF) Information & Cases) is currently being developed.

🕵️‍♀️ This case has highlighted how important and effective the vigilance and prompt filing of STRs by our financial institutions are to helping law enforcement authorities identify those suspected of carrying out illicit activities.

💵 Given the magnitude and the nature of the goods involved ($1 billion!), I am curious how these seized assets will be treated.

♻️From an ESG perspective, I certainly hope that the products such as liquor/wines and collectibles will be auctioned off (instead of being disposed) and funds used to compensate the losses of scam victims either directly involved in this case or otherwise.

Photo credit : Straits Times. 



https://www.straitstimes.com/singapore/1b-in-cash-and-assets-seized-and-frozen-30-foreigners-probed-for-money-laundering-and-forgery

#aml #moneylaundering #data #singapore

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