🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 21 (from laksa047)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa021.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://shuftipro.com/news/singapore-under-high-scrutiny-amid-money-laundering-scandal/\')), getAhrefsUnparsedNoserviceFromURL(\'https://shuftipro.com/news/singapore-under-high-scrutiny-amid-money-laundering-scandal/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/shuftipro.com\/news\/singapore-under-high-scrutiny-amid-money-laundering-scandal\/","crawl_time":1775692572,"first_indexed_time":1695037822,"http_code":200,"src_unparsed":"com,shuftipro!\/news\/singapore-under-high-scrutiny-amid-money-laundering-scandal\/ s443","src_root_hash":"1606399281386364621","history_drop_reason":null,"meta_title":"Singapore Under High Scrutiny Amid Money Laundering Scandal","meta_descriptions":["Singapore, one of the money laundering free cities, has made headlines following the arrest of 10 foreigners and the seizure of $736 million in assets."],"attrs_boilerpipe_text":"Singapore, an immaculate business hub, is under fire for one of the largest money laundering cases, which resulted in the arrest of 10 people and confiscation of assets valued at $1.8 billion Singaporean dollars.\nLast month, Singapore police detained 10 foreign citizens aged 31 to 44, originally from Fuji, China, Cypriot, Turkey, Cambodia, and Vanutan, after seizing assets totalling $1.3 billion, including luxury goods. According to the Singapore Police Force, the confiscated assets included the ill-gotten gains of international organised crime, including forgeries and online gambling, the proceeds of which were transported into Singapore and routed via the country’s financial institutions. \nAccording to researchers, the Southeast Asian city-state can be an appealing alternative for money launderers due to its reputation as a prominent financial hub offering a variety of financial instruments. A senior research fellow at the Institute of Policy Studies at the National University of Singapore (\nNUS\n), Woo Jun Jie,\nstated\n,\n“The large volumes of financial transactions that flow through our borders can make it harder for regulators to sift out illicit transactions.” \nMak Yuen Teen, a business expert at NUS Business School, said,\n“Money laundering cases frequently involve entities like the British Virgin Islands and other tax haven countries whose ultimate beneficial owners remain unknown.”\nHe further added,\n“My worry is that the rabbit hole goes really deep and wide.” \nTeen mentioned that banks are responsible for doing extensive\ndue diligence\non their customers and reporting\nsuspicious transactions\n. However, there may still be room for improvement. He added,\n“Where there are breaches, the penalties imposed are generally quite low, and there is no little accountability for those in the board and senior management. This may encourage a culture that puts profits before ethics and compliance.” \nThe Global Investors Programme (\nGIP\n) has also attracted wealthy foreigners, which provides investors with a fast road to permanent residency in Singapore, although the GIP has lately tightened its criteria. According to Ku Swee Yong, one of the GIP directors, the government’s attempt to entice the super-rich may have led\n“all and sundry to come in.”\nHe added,\n“Because Singapore’s image has been built very well over the last five decades, people may see this money laundering case as a one-off instead of dealing with what could be a broader, system-wide issue.”\nThe Monetary Authority Singapore (\nMAS\n) has been working on\nCOSMIC\n, a digital platform that will allow financial institutions to securely communicate information on consumers who exhibit several\n“red flags”\nand suggest\n“potential financial crimes.”\nAccording to Victoria Ting, associate director at Setia Law, whilst it is too early to know who the Ultimate Beneficial Owner (\nUBO\n) may be associated with in the latest\nmoney laundering\ncase, Singapore’s regulatory structure is still firm. She further added that Singapore has a\n“high level of adherence”\nto\nFATF recommendations\nand ranks highly in numerous independent\nAML\nrankings. \nTing stated that the case illustrated Singapore’s effectiveness in dealing with suspicious transactions. Ting further elaborated,\n“To pull off a raid of this scale, with a considerable degree of success both in terms of persons apprehended and assets seized, demonstrates the competence and sophistication of law enforcement here.”\nUndoubtedly, Singapore’s regulatory bodies have\n“historically”\nshown an unwavering stand against non-compliant organisations and further plan to adhere to the regulations to completely eliminate\nmoney laundering\nand illicit activities from the country. \nSuggested Reads:\nSINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING\nTWO OF SINGAPORE’S BANKING GIANTS INVOLVED IN BILLION-DOLLAR MONEY LAUNDERING CASE\n30 SWISS BANKS FAILED MONEY LAUNDERING REGULATORY ANALYSIS TEST","attrs_markdown":"![Frame-2085666935](https:\/\/shuftipro.com\/wp-content\/uploads\/Blind-Spot.png)\n\nBlind Spot Audit\n\nSpot Fraud in your approved Customers\n\n![Runs On Your Cloud](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-6.svg)Runs On Your Cloud\n\n![No Data Sharing](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-1-3.svg)No Data Sharing\n\n![No Contract Required](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-2-1.svg)No Contract Required\n\n[![n-img-aws-icon-cta](https:\/\/shuftipro.com\/wp-content\/uploads\/aws-img.png)Explore Now![right-arrow](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/)\n\n![Frame-2085666935](https:\/\/shuftipro.com\/wp-content\/uploads\/Deepfake-.png)\n\nDeepfake Detection\n\nCheck where deepfake IDs slipped   \nthrough your stack.\n\n![Runs On Your Cloud](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-6.svg)Runs On Your Cloud\n\n![No Data Sharing](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-1-3.svg)No Data Sharing\n\n![No Contract Required](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-2-1.svg)No Contract Required\n\n[![n-img-aws-icon-cta](https:\/\/shuftipro.com\/wp-content\/uploads\/aws-img.png)Explore Now![right-arrow](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/deepfake-detection\/)\n\n![Frame-2085666935](https:\/\/shuftipro.com\/wp-content\/uploads\/Liveness-2.png)\n\nLiveness Detection\n\nFind the replay gaps in your passed   \nliveness checks.\n\n![Runs On Your Cloud](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-6.svg)Runs On Your Cloud\n\n![No Data Sharing](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-1-3.svg)No Data Sharing\n\n![No Contract Required](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-2-1.svg)No Contract Required\n\n[![n-img-aws-icon-cta](https:\/\/shuftipro.com\/wp-content\/uploads\/aws-img.png)Explore Now![right-arrow](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/liveness-detection\/)\n\n![Frame-2085666935](https:\/\/shuftipro.com\/wp-content\/uploads\/Document-Deepfake-1.png)\n\nDocument Deepfake Detection\n\nSpot synthetic documents hiding in   \nverified users.\n\n![Runs On Your Cloud](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-6.svg)Runs On Your Cloud\n\n![No Data Sharing](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-1-3.svg)No Data Sharing\n\n![No Contract Required](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-2-1.svg)No Contract Required\n\n[![n-img-aws-icon-cta](https:\/\/shuftipro.com\/wp-content\/uploads\/aws-img.png)Explore Now![right-arrow](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/document-deepfakes\/)\n\n![Frame-2085666935](https:\/\/shuftipro.com\/wp-content\/uploads\/Document-Originality-1.png)\n\nDocument Originality Detection\n\nStop fake documents before they pass.\n\n![Runs On Your Cloud](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-6.svg)Runs On Your Cloud\n\n![No Data Sharing](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-1-3.svg)No Data Sharing\n\n![No Contract Required](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-2-1.svg)No Contract Required\n\n[![n-img-aws-icon-cta](https:\/\/shuftipro.com\/wp-content\/uploads\/aws-img.png)Explore Now![right-arrow](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/document-originality\/)\n\n[.](https:\/\/shuftipro.com\/blind-spot-audit\/)\n\n**Introducing Blind Spot Audit**. Spot AI-generated forgeries with advanced document analysis. ![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/)\n\nIntroducing Blind Spot Audit ![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg)\n\nSpot AI-generated forgeries with advanced document analysis.\n\n[Run Now ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/)\n\n[.](https:\/\/shuftipro.com\/blind-spot-audit\/deepfake-detection\/)\n\n**Introducing Deepfake Detection**. Detect deepfakes with precision your stack has missed. ![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/deepfake-detection\/)\n\nIntroducing Deepfake Detection![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg)\n\nDetect deepfakes with precision your stack has missed.\n\n[Run Now ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/deepfake-detection\/)\n\n[.](https:\/\/shuftipro.com\/blind-spot-audit\/liveness-detection\/)\n\n**Introducing Liveness Detection**. Detect spoofs with technology built for sophisticated fraud. ![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/liveness-detection\/)\n\nIntroducing Liveness Detection![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg)\n\nDetect spoofs with technology built for sophisticated fraud.\n\n[Run Now ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/liveness-detection\/)\n\n[.](https:\/\/shuftipro.com\/blind-spot-audit\/document-deepfakes\/)\n\n**Introducing Document Deepfake Detection**. Spot AI-generated forgeries with advanced document analysis. ![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/document-deepfakes\/)\n\nIntroducing Document Deepfake Detection![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg)\n\nSpot AI-generated forgeries with advanced document analysis.\n\n[Run Now ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/document-deepfakes\/)\n\n[.](https:\/\/shuftipro.com\/blind-spot-audit\/document-originality\/)\n\n**Introducing Document Originality Detection**. Verify document authenticity before your next audit. ![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/document-originality\/)\n\nIntroducing Document Originality Detection![Teg-1](https:\/\/shuftipro.com\/wp-content\/uploads\/Teg-1.svg)\n\nVerify document authenticity before your next audit.\n\n[Run Now ![right-arrow-2](https:\/\/shuftipro.com\/wp-content\/uploads\/right-arrow-2.svg)](https:\/\/shuftipro.com\/blind-spot-audit\/document-originality\/)\n\n[![shufti\\_logo](https:\/\/shuftipro.com\/wp-content\/uploads\/2024\/08\/sp-white-Logo.png) ![shufti\\_logo](https:\/\/shuftipro.com\/wp-content\/uploads\/2024\/08\/sp-header-logo.png)](https:\/\/shuftipro.com\/)  ![menu-bakc-img](https:\/\/shuftipro.com\/wp-content\/uploads\/menu-bakc-img.svg)\n\n![burger-menu](https:\/\/shuftipro.com\/wp-content\/uploads\/burger-menu-1.png) ![cross-icon-2](https:\/\/shuftipro.com\/wp-content\/uploads\/cross-icon-2.svg)\n\nProducts\n\nUser Onboarding\n\n[![pr-submenu-link-img-1](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-1.svg) Face Verification](https:\/\/shuftipro.com\/face-verification\/)   [![pr-submenu-link-img-2](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-2.svg) Address Verification](https:\/\/shuftipro.com\/address-verification\/)   [![pr-submenu-link-img-3](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-3.svg) Document Verification](https:\/\/shuftipro.com\/document-verification\/)   [![pr-submenu-link-img-4](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-4.svg) Age Verification](https:\/\/shuftipro.com\/age-verification\/)   [![pr-submenu-link-img-5](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-5.svg)VideoIdent](https:\/\/shuftipro.com\/videoident\/)   [![pr-submenu-link-img-6](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-6.svg) Fast ID](https:\/\/shuftipro.com\/fast-id\/)   [![pr-submenu-link-img-7](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-7.svg) eIDV](https:\/\/shuftipro.com\/eidv\/)   [![pr-submenu-link-img-8](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-8.svg) NFC Verification](https:\/\/shuftipro.com\/nfc-verification\/)   [![pr-submenu-link-img-9](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-9.svg) Consent Verification](https:\/\/shuftipro.com\/consent-verification\/)\n\nBusiness Onboarding\n\n[![pr-submenu-link-img-11](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-11.svg) Business Verification](https:\/\/shuftipro.com\/business-verification\/)   [![pr-submenu-link-img-13](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-13.svg) Due Diligence](https:\/\/shuftipro.com\/due-diligence-forms\/)   [![pr-submenu-link-img-14](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-14.svg) Investor Verification](https:\/\/shuftipro.com\/investor-verification\/)   [![pr-submenu-link-img-10](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-10.svg) E-Signature](https:\/\/shuftipro.com\/e-signature\/)\n\nAuthentication\n\n[![pr-submenu-link-img-15](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-15.svg) Behavioural Biometrics](https:\/\/shuftipro.com\/behavioral-biometrics\/)   [![pr-submenu-link-img-16](https:\/\/shuftipro.com\/wp-content\/uploads\/device-fingerprinting.svg) Device Fingerprinting](https:\/\/shuftipro.com\/device-fingerprinting\/)   [![pr-submenu-link-img-17](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-17.svg) MFA](https:\/\/shuftipro.com\/multi-factor-authentication\/)\n\nMonitoring & Compliance\n\n[![pr-submenu-link-img-18](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-18.svg) AML Screening](https:\/\/shuftipro.com\/aml-screening\/)   [![pr-submenu-link-img-19](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-19.svg) Business AML Screening](https:\/\/shuftipro.com\/business-aml-screening\/)   [![pr-submenu-link-img-21](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-21.svg) User Risk Assessment](https:\/\/shuftipro.com\/user-risk-assessment\/)   [![pr-submenu-link-img-22](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-22.svg) Transaction Screening](https:\/\/shuftipro.com\/transaction-screening\/)   [![pr-submenu-link-img-22](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-adverse-media.svg) Adverse Media Screening](https:\/\/shuftipro.com\/adverse-media-screening\/)\n\n![product-menu-img](https:\/\/shuftipro.com\/wp-content\/uploads\/product-menu-img.webp)\n\nGlobal Trust Platform\n\nGlobal Verification Simplified\n\n[Visit Now](https:\/\/shuftipro.com\/global-trust-platform\/)\n\nSolutions\n\nWhat we do\n\n[![pr-submenu-link-img-23](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-1.svg) Identity Verification](https:\/\/shuftipro.com\/identity-verification\/)   [![pr-submenu-link-img-24](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-24.svg) KYC](https:\/\/shuftipro.com\/know-your-customer\/)   [![pr-submenu-link-img-25](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-25.svg) KYB](https:\/\/shuftipro.com\/know-your-business\/)   [![pr-submenu-link-img-26](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-26.svg) KYI](https:\/\/shuftipro.com\/know-your-investor\/)\n\nFrauds We Prevent\n\n[![pr-submenu-link-img-35](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-2085666506.svg) Bonus Abuse](https:\/\/shuftipro.com\/bonus-abuse-prevention\/)   [![pr-submenu-link-img-35](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-44.svg) Fraud Prevention](https:\/\/shuftipro.com\/fraud-prevention-solutions\/)   [![pr-submenu-link-img-35](https:\/\/shuftipro.com\/wp-content\/uploads\/Frame-7.svg) Deepfakes](https:\/\/shuftipro.com\/deepfakes\/)\n\nIndustries\n\n[![pr-submenu-link-img-27](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-banking-menu.svg) Banking](https:\/\/shuftipro.com\/banking\/)   [![pr-submenu-link-img-28](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-28.svg) Crypto](https:\/\/shuftipro.com\/crypto\/)   [![pr-submenu-link-img-30](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-30.svg) Fintech](https:\/\/shuftipro.com\/fintech\/)   [![pr-submenu-link-img-29](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-29.svg) Forex](https:\/\/shuftipro.com\/forex\/)   [![pr-submenu-link-img-27](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-27.svg) Gaming](https:\/\/shuftipro.com\/gaming\/)   [![pr-submenu-link-img-27](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-gig-eco-header.svg) Gig Economy](https:\/\/shuftipro.com\/gig-economy\/)   [![pr-submenu-link-img-32](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-32.svg) Marketplace](https:\/\/shuftipro.com\/marketplaces\/)   [![pr-submenu-link-img-31](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-31.svg) Social Networks](https:\/\/shuftipro.com\/social-networks\/)\n\nRole\n\n[![pr-submenu-link-img-33](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-33.svg) Product Managers](https:\/\/shuftipro.com\/product-managers\/)   [![pr-submenu-link-img-34](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-34.svg) Compliance Officers](https:\/\/shuftipro.com\/compliance-officers\/)   [![pr-submenu-link-img-34](https:\/\/shuftipro.com\/wp-content\/uploads\/fraud-analyst-img.svg) Fraud Analyst](https:\/\/shuftipro.com\/fraud-analyst\/)\n\nPlatform\n\n[![pr-submenu-link-img-35](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-35.svg) Global Trust Platform](https:\/\/shuftipro.com\/global-trust-platform\/)   [![pr-submenu-link-img-35](https:\/\/shuftipro.com\/wp-content\/uploads\/journey-builder-img.svg) Journey Builder](https:\/\/shuftipro.com\/journey-builder\/)   [![pr-submenu-link-img-35](https:\/\/shuftipro.com\/wp-content\/uploads\/n-menu-vendor-comparison.svg) Vendor Comparison](https:\/\/shuftipro.com\/switch-to-shufti\/)\n\n![product-menu-img](https:\/\/shuftipro.com\/wp-content\/uploads\/solution-menu-img.webp)\n\nClose the 1% Fraud Gap\n\nStop the unseen fraud that matters.\n\n[Visit Now](https:\/\/shuftipro.com\/one-percent\/)\n\nExplore\n\nKnowledge Hub\n\n[![pr-submenu-link-img-36](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-36.svg) Content library](https:\/\/shuftipro.com\/content-library\/)   [![pr-submenu-link-img-37](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-37.svg) Blogs](https:\/\/shuftipro.com\/blog\/)   [![pr-submenu-link-img-38](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-38.svg) News](https:\/\/shuftipro.com\/news\/)   [![pr-submenu-link-img-39](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-39.svg) Reports](https:\/\/shuftipro.com\/resources\/whitepapers-reports\/)   [![pr-submenu-link-img-40](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-40.svg) Insights](https:\/\/shuftipro.com\/insights\/)   [![pr-submenu-link-img-41](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-41.svg) Knowledgebase](https:\/\/shuftipro.com\/knowledgebase\/)   [![pr-submenu-link-img-42](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-42.svg) ROI calculator](https:\/\/shuftipro.com\/roi-calculator\/)\n\nBlind Spot Audit Suite\n\n[![pr-submenu-link-img-43](https:\/\/shuftipro.com\/wp-content\/uploads\/blind-spot-img-1.svg) Blind Spot Audit](https:\/\/shuftipro.com\/blind-spot-audit\/)   [![pr-submenu-link-img-44](https:\/\/shuftipro.com\/wp-content\/uploads\/Deepfake-Detection-2.svg) Deepfake Detection](https:\/\/shuftipro.com\/blind-spot-audit\/deepfake-detection\/)   [![pr-submenu-link-img-45](https:\/\/shuftipro.com\/wp-content\/uploads\/Livenesss-Detection-img-3.svg) Liveness Detection](https:\/\/shuftipro.com\/blind-spot-audit\/liveness-detection\/)   [![pr-submenu-link-img-46](https:\/\/shuftipro.com\/wp-content\/uploads\/Document-Originality-4.svg) Document Originality](https:\/\/shuftipro.com\/blind-spot-audit\/document-originality\/)   [![pr-submenu-link-img-46](https:\/\/shuftipro.com\/wp-content\/uploads\/Document-Deepfake-5.svg) Document Deepfake](https:\/\/shuftipro.com\/blind-spot-audit\/document-deepfakes\/)\n\nMedia Room\n\n[![pr-submenu-link-img-43](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-43.svg) Events & Webinar](https:\/\/shuftipro.com\/events-and-webinars\/)   [![pr-submenu-link-img-44](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-44.svg) Interactive Demo](https:\/\/shuftipro.com\/interactive-demo-center\/)   [![pr-submenu-link-img-45](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-45.svg) Podcast Studio](https:\/\/shuftipro.com\/podcast\/)   [![pr-submenu-link-img-46](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-46.svg) Spotlight Studio](https:\/\/shuftipro.com\/spotlight-studio\/)\n\nDevelopers\n\n[![pr-submenu-link-img-47](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-47.svg) API Documentation](https:\/\/developers.shuftipro.com\/)   [![pr-submenu-link-img-48](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-48.svg) Mobile SDKs](https:\/\/developers.shuftipro.com\/docs\/mobile\/intro\/)   [![pr-submenu-link-img-49](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-49.svg) Service Status](https:\/\/status.shuftipro.com\/)\n\nSupport\n\n[![pr-submenu-link-img-50](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-50.svg) Help Center](https:\/\/shuftipro.com\/help-center\/)   [![pr-submenu-link-img-51](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-51.svg) Contact Us](https:\/\/shuftipro.com\/contact-us\/)   [![pr-submenu-link-img-52](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-52.svg) Technical Support](https:\/\/shuftipro.com\/technical-support\/)   [![pr-submenu-link-img-53](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-53.svg) Compliance](https:\/\/shuftipro.com\/compliance\/)   [![pr-submenu-link-img-54](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-54.svg) Supported Document](https:\/\/shuftipro.com\/supported-documents\/)\n\nCompany\n\n[![pr-submenu-link-img-55](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-55.svg) About](https:\/\/shuftipro.com\/company\/)   [![pr-submenu-link-img-56](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-56.svg) Career](https:\/\/shuftipro.com\/careers\/)   [![pr-submenu-link-img-57](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-57.svg) Press Release](https:\/\/shuftipro.com\/press-release\/)   [![pr-submenu-link-img-58](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-58.svg) Certifications](https:\/\/shuftipro.com\/soc2-compliance\/)   [![pr-submenu-link-img-59](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-59.svg) Partnership](https:\/\/shuftipro.com\/partner-program\/)   [![pr-submenu-link-img-60](https:\/\/shuftipro.com\/wp-content\/uploads\/pr-submenu-link-img-60.svg) Awards](https:\/\/shuftipro.com\/company\/#awards)\n\n[Pricing](https:\/\/shuftipro.com\/plans\/)\n\n[Sign up](https:\/\/shuftipro.com\/plans\/) [Contact us](https:\/\/shuftipro.com\/contact-us\/)\n\ngb\n\n54\\.38.147.225\n\n[Back to News](https:\/\/shuftipro.com\/news\/)\n\n# Singapore Under High Scrutiny Amid Money Laundering Scandal\nRichard M. September 18, 2023 5 minute read\n\n![Singapore Under High Scrutiny Amid Money Laundering Scandal](https:\/\/shuftipro.com\/wp-content\/uploads\/Singapore-Under-High-Scrutiny-Amid-Money-Laundering-Scandal.png)\n\n***Singapore, an immaculate business hub, is under fire for one of the largest money laundering cases, which resulted in the arrest of 10 people and confiscation of assets valued at \\$1.8 billion Singaporean dollars.***\n\nLast month, Singapore police detained 10 foreign citizens aged 31 to 44, originally from Fuji, China, Cypriot, Turkey, Cambodia, and Vanutan, after seizing assets totalling \\$1.3 billion, including luxury goods. According to the Singapore Police Force, the confiscated assets included the ill-gotten gains of international organised crime, including forgeries and online gambling, the proceeds of which were transported into Singapore and routed via the country’s financial institutions.\n\nAccording to researchers, the Southeast Asian city-state can be an appealing alternative for money launderers due to its reputation as a prominent financial hub offering a variety of financial instruments. A senior research fellow at the Institute of Policy Studies at the National University of Singapore ([NUS](https:\/\/nus.edu.sg\/research)), Woo Jun Jie, [stated](https:\/\/www.aljazeera.com\/economy\/2023\/9\/18\/singapores-clean-image-under-scrutiny-amid-money-laundering-scandal), ***“The large volumes of financial transactions that flow through our borders can make it harder for regulators to sift out illicit transactions.”***\n\nMak Yuen Teen, a business expert at NUS Business School, said, ***“Money laundering cases frequently involve entities like the British Virgin Islands and other tax haven countries whose ultimate beneficial owners remain unknown.”*** He further added, ***“My worry is that the rabbit hole goes really deep and wide.”***\n\nTeen mentioned that banks are responsible for doing extensive [due diligence](https:\/\/shuftipro.com\/identity-verification\/) on their customers and reporting **suspicious transactions**. However, there may still be room for improvement. He added, ***“Where there are breaches, the penalties imposed are generally quite low, and there is no little accountability for those in the board and senior management. This may encourage a culture that puts profits before ethics and compliance.”***\n\nThe Global Investors Programme ([GIP](https:\/\/www.edb.gov.sg\/en\/how-we-help\/global-investor-programme.html)) has also attracted wealthy foreigners, which provides investors with a fast road to permanent residency in Singapore, although the GIP has lately tightened its criteria. According to Ku Swee Yong, one of the GIP directors, the government’s attempt to entice the super-rich may have led ***“all and sundry to come in.”*** He added, ***“Because Singapore’s image has been built very well over the last five decades, people may see this money laundering case as a one-off instead of dealing with what could be a broader, system-wide issue.”***\n\nThe Monetary Authority Singapore ([MAS](https:\/\/www.mas.gov.sg\/)) has been working on [COSMIC](https:\/\/www.mas.gov.sg\/regulation\/anti-money-laundering\/cosmic), a digital platform that will allow financial institutions to securely communicate information on consumers who exhibit several ***“red flags”*** and suggest ***“potential financial crimes.”*** According to Victoria Ting, associate director at Setia Law, whilst it is too early to know who the Ultimate Beneficial Owner ([UBO](https:\/\/shuftipro.com\/know-your-business\/)) may be associated with in the latest [money laundering](https:\/\/shuftipro.com\/business-aml-screening\/) case, Singapore’s regulatory structure is still firm. She further added that Singapore has a **“high level of adherence”** to [FATF recommendations](https:\/\/www.fatf-gafi.org\/en\/publications\/Fatfrecommendations\/Fatf-recommendations.html) and ranks highly in numerous independent AML rankings.\n\nTing stated that the case illustrated Singapore’s effectiveness in dealing with suspicious transactions. Ting further elaborated, ***“To pull off a raid of this scale, with a considerable degree of success both in terms of persons apprehended and assets seized, demonstrates the competence and sophistication of law enforcement here.”***\n\nUndoubtedly, Singapore’s regulatory bodies have ***“historically”*** shown an unwavering stand against non-compliant organisations and further plan to adhere to the regulations to completely eliminate [money laundering](https:\/\/shuftipro.com\/business-aml-screening\/) and illicit activities from the country.\n\n**Suggested Reads:**\n\n[**SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING**](https:\/\/shuftipro.com\/news\/singapore-scammers-launder-money-through-online-gambling\/)  \n [**TWO OF SINGAPORE’S BANKING GIANTS INVOLVED IN BILLION-DOLLAR MONEY LAUNDERING CASE**](https:\/\/shuftipro.com\/news\/two-of-singapores-banking-giants-involved-in-billion-dollar-money-laundering-case\/)  \n [**30 SWISS BANKS FAILED MONEY LAUNDERING REGULATORY ANALYSIS TEST**](https:\/\/shuftipro.com\/news\/30-swiss-banks-failed-money-laundering-regulatory-analysis-test\/)\n\n## Keep up to date with the Shufti newsletter\nStay ahead of the curve with fresh takes on the latest identity innovations.\n\n## Related Posts\nNews\n\n![Australia Investigates Tech Giants Over Weak Age Verification](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-australia-probes-tech-scaled.webp)\n\n### Australia Investigates Tech Giants Over Weak Age Verification\n[Explore More](https:\/\/shuftipro.com\/news\/australia-investigates-tech-giants-age-verification\/)\n\nNews\n\n![EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-EU-Wide-Social-Media-Age-Limit-Backed-by-Dutch-Coalition.png)\n\n### EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners\n[Explore More](https:\/\/shuftipro.com\/news\/eu-wide-social-media-age-limit-pushed-by-dutch-coalition-partners\/)\n\nNews\n\n![Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-Meta-Blocks-550000-Accounts-Under-Australias-Social-Media-Ban.webp)\n\n### Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban\n[Explore More](https:\/\/shuftipro.com\/news\/meta-blocks-544000-accounts-under-australias-social-media-ban\/)\n\nNews\n\n![Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU](https:\/\/shuftipro.com\/wp-content\/uploads\/news_thumbnail_ireland_calls_for_compulsory_id_verification_on_social_platforms_across_the_eu-1.webp)\n\n### Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU\n[Explore More](https:\/\/shuftipro.com\/news\/ireland-calls-for-compulsory-id-verification-eu\/)\n\nNews\n\n![France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-news-france-scaled.png)\n\n### France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026\n[Explore More](https:\/\/shuftipro.com\/news\/france-enforce-age-verification-under-15s-2026\/)\n\nNews\n\n![Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-Malaysia-Aims-for-95-Public-Service-Integration-With-MyDigital-ID-By-2030.webp)\n\n### Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030\n[Explore More](https:\/\/shuftipro.com\/news\/malaysia-aims-for-95-public-service-integration-with-mydigital-id-by-2030\/)\n\nNews\n\n![Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-germany-eid-eu-digital-id-policy-deadline.png)\n\n### Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears\n[Explore More](https:\/\/shuftipro.com\/news\/germany-eid-under-scrutiny-as-eu-digital-id-deadline-nears\/)\n\nNews\n\n![Australia Investigates Tech Giants Over Weak Age Verification](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-australia-probes-tech-scaled.webp)\n\n### Australia Investigates Tech Giants Over Weak Age Verification\n[Explore More](https:\/\/shuftipro.com\/news\/australia-investigates-tech-giants-age-verification\/)\n\nNews\n\n![EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-EU-Wide-Social-Media-Age-Limit-Backed-by-Dutch-Coalition.png)\n\n### EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners\n[Explore More](https:\/\/shuftipro.com\/news\/eu-wide-social-media-age-limit-pushed-by-dutch-coalition-partners\/)\n\nNews\n\n![Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-Meta-Blocks-550000-Accounts-Under-Australias-Social-Media-Ban.webp)\n\n### Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban\n[Explore More](https:\/\/shuftipro.com\/news\/meta-blocks-544000-accounts-under-australias-social-media-ban\/)\n\nNews\n\n![Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU](https:\/\/shuftipro.com\/wp-content\/uploads\/news_thumbnail_ireland_calls_for_compulsory_id_verification_on_social_platforms_across_the_eu-1.webp)\n\n### Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU\n[Explore More](https:\/\/shuftipro.com\/news\/ireland-calls-for-compulsory-id-verification-eu\/)\n\nNews\n\n![France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-news-france-scaled.png)\n\n### France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026\n[Explore More](https:\/\/shuftipro.com\/news\/france-enforce-age-verification-under-15s-2026\/)\n\nNews\n\n![Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-Malaysia-Aims-for-95-Public-Service-Integration-With-MyDigital-ID-By-2030.webp)\n\n### Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030\n[Explore More](https:\/\/shuftipro.com\/news\/malaysia-aims-for-95-public-service-integration-with-mydigital-id-by-2030\/)\n\nNews\n\n![Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears](https:\/\/shuftipro.com\/wp-content\/uploads\/n-img-germany-eid-eu-digital-id-policy-deadline.png)\n\n### Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears\n[Explore More](https:\/\/shuftipro.com\/news\/germany-eid-under-scrutiny-as-eu-digital-id-deadline-nears\/)\n\n## Take the next steps to better security.\n## Contact us\nGet in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.\n\n[Contact us](https:\/\/shuftipro.com\/contact-us\/)\n\n## Request demo\nGet free access to our platform and try our products today.\n\n[Get started](https:\/\/shuftipro.com\/request-demo\/)\n\nProducts\n\nProducts\n\nUser Verification\n\n[Address Verification](https:\/\/shuftipro.com\/address-verification\/) [Age Verification](https:\/\/shuftipro.com\/age-verification\/) [Consent Verification](https:\/\/shuftipro.com\/consent-verification\/) [Document Verification](https:\/\/shuftipro.com\/document-verification\/) [eIDV](https:\/\/shuftipro.com\/eidv\/) [Face Verification](https:\/\/shuftipro.com\/face-verification\/) [Fast ID](https:\/\/shuftipro.com\/fast-id\/) [NFC Verification](https:\/\/shuftipro.com\/nfc-verification\/) [VideoIdent](https:\/\/shuftipro.com\/videoident\/)\n\nBusiness Onboarding\n\n[Business Verification](https:\/\/shuftipro.com\/business-verification\/) [Business Identification & Risk](https:\/\/shuftipro.com\/category\/business-identification-risk\/) [Due Diligence](https:\/\/shuftipro.com\/due-diligence-forms\/) [E-Signature](https:\/\/shuftipro.com\/e-signature\/) [Investor Verification](https:\/\/shuftipro.com\/investor-verification\/)\n\nProducts\n\nAuthentication\n\n[Behavioural Biometrics](https:\/\/shuftipro.com\/behavioral-biometrics\/) [Device Fingerprinting](https:\/\/shuftipro.com\/device-fingerprinting\/) [Multi-Factor  Authentication](https:\/\/shuftipro.com\/multi-factor-authentication\/)\n\nMonitoring & Compliance\n\n[AML Screening](https:\/\/shuftipro.com\/aml-screening\/) [Business AML Screening](https:\/\/shuftipro.com\/business-aml-screening\/) [Transaction Screening](https:\/\/shuftipro.com\/transaction-screening\/) [User Risk Assessment](https:\/\/shuftipro.com\/user-risk-assessment\/) [Adverse Media Screening](https:\/\/shuftipro.com\/adverse-media-screening\/)\n\nSolutions\n\nSolutions\n\nWhat We Do\n\n[Identity Verification](https:\/\/shuftipro.com\/identity-verification\/) [Know Your Customer](https:\/\/shuftipro.com\/know-your-customer\/) [Know Your Business](https:\/\/shuftipro.com\/know-your-business\/) [Know Your Investor](https:\/\/shuftipro.com\/know-your-investor\/)\n\nindustry\n\n[Banking](https:\/\/shuftipro.com\/banking\/) [Crypto](https:\/\/shuftipro.com\/crypto\/) [Fintech](https:\/\/shuftipro.com\/fintech\/) [Forex](https:\/\/shuftipro.com\/forex\/) [Gaming](https:\/\/shuftipro.com\/gaming\/) [Gig Economy](https:\/\/shuftipro.com\/gig-economy\/) [Marketplaces](https:\/\/shuftipro.com\/marketplaces\/) [Social Networks](https:\/\/shuftipro.com\/social-networks\/)\n\nProducts\n\nRole\n\n[Product Managers](https:\/\/shuftipro.com\/product-managers\/) [Compliance Officers](https:\/\/shuftipro.com\/compliance-officers\/) [Fraud Analyst](https:\/\/shuftipro.com\/fraud-analyst\/)\n\nPlatform\n\n[Global Trust Platform](https:\/\/shuftipro.com\/global-trust-platform\/) [Journey Builder](https:\/\/shuftipro.com\/journey-builder\/) [Vendor Comparison](https:\/\/shuftipro.com\/switch-to-shufti\/)\n\nFrauds\n\n[Bonus Abuse](https:\/\/shuftipro.com\/bonus-abuse-prevention\/) [Fraud Prevention](https:\/\/shuftipro.com\/fraud-prevention-solutions\/) [Deepfakes](https:\/\/shuftipro.com\/deepfakes\/)\n\nExplore\n\nExplore\n\nKnowledge Hub\n\n[Content Library](https:\/\/shuftipro.com\/content-library\/) [Blogs](https:\/\/shuftipro.com\/blog\/) [News](https:\/\/shuftipro.com\/news\/) [Insights](https:\/\/shuftipro.com\/insights\/) [Reports](https:\/\/shuftipro.com\/resources\/whitepapers-reports\/) [Knowledgebase](https:\/\/shuftipro.com\/knowledgebase\/) [ROI Calculator](https:\/\/shuftipro.com\/roi-calculator\/)\n\nMedia Room\n\n[Events & Webinars](https:\/\/shuftipro.com\/events-and-webinars\/) [Interactive Demo](https:\/\/shuftipro.com\/interactive-demo-center\/) [Spotlight Studio](https:\/\/shuftipro.com\/spotlight-studio\/) [Podcast Studio](https:\/\/shuftipro.com\/podcast\/)\n\nDevelopers\n\n[API Documentation](https:\/\/developers.shuftipro.com\/) [Mobile SDKs](https:\/\/developers.shuftipro.com\/docs\/mobile\/intro\/) [Service Status](https:\/\/status.shuftipro.com\/)\n\nCompany\n\n[Press Release](https:\/\/shuftipro.com\/press-release\/) [Partnerships](https:\/\/shuftipro.com\/partner-program\/) [Certifications](https:\/\/shuftipro.com\/soc2-compliance\/) [Careers](https:\/\/shuftipro.com\/careers\/) [Awards](https:\/\/shuftipro.com\/company\/#awards) [About](https:\/\/shuftipro.com\/company\/)\n\nSupport\n\n[Supported Document](https:\/\/shuftipro.com\/supported-documents\/) [Technical Support](https:\/\/shuftipro.com\/technical-support\/) [Compliance](https:\/\/shuftipro.com\/compliance\/) [Contact Us](https:\/\/shuftipro.com\/contact-us\/) [Help Center](https:\/\/shuftipro.com\/help-center\/)\n\nDevelopers\n\nDevelopers\n\n[API Documentation](https:\/\/developers.shuftipro.com\/) [Mobile SDKs](https:\/\/developers.shuftipro.com\/docs\/mobile\/intro\/) [Service Status](https:\/\/status.shuftipro.com\/)\n\n[![Social-Icon-twitter](https:\/\/shuftipro.com\/wp-content\/uploads\/Social-Icon-1.svg)](https:\/\/x.com\/Shufti_Global) [![Social-Icon-linkedin](https:\/\/shuftipro.com\/wp-content\/uploads\/Social-Icon-2.svg)](https:\/\/linkedin.com\/company\/shufti-pro) [![Social-Icon-youtube](https:\/\/shuftipro.com\/wp-content\/uploads\/Social-Icon-3.svg)](https:\/\/www.youtube.com\/@Shuftiglobal)\n\n![ftr-coutnry-icons2](https:\/\/shuftipro.com\/wp-content\/uploads\/ftr-coutnry-icons2.png) ![ftr-coutnry-icons3](https:\/\/shuftipro.com\/wp-content\/uploads\/ftr-coutnry-icons3.png) ![ftr-coutnry-icons2](https:\/\/shuftipro.com\/wp-content\/uploads\/n-icon-se_Sweden.png) ![ftr-coutnry-icons1](https:\/\/shuftipro.com\/wp-content\/uploads\/ftr-coutnry-icons1.png) ![ftr-coutnry-icons5](https:\/\/shuftipro.com\/wp-content\/uploads\/ftr-coutnry-icons5.png?text=SG) ![ftr-coutnry-icons6](https:\/\/shuftipro.com\/wp-content\/uploads\/ftr-coutnry-icons6.png) ![ftr-coutnry-icons4](https:\/\/shuftipro.com\/wp-content\/uploads\/ftr-coutnry-icons4.png) ![ftr-coutnry-icons7](https:\/\/shuftipro.com\/wp-content\/uploads\/ftr-coutnry-icons7.png)\n\nOffice 408 Coppergate House, 10 Whites Row, London E1 7NF, GB\n\n16200 SW Pacific Hwy, Suite H PMB 1053 Tigard, OR 97224, USA\n\nCarl Krooks Gata 18 Helsingborg, SE\n\nUnit 507, Level 5, Gate District Precinct, Building 03, DIFC, Dubai, UAE\n\n68 Circular Road \\#02-01 Singapore, 049422, SG\n\n8 Queen’s Road East, Wan Chai, Hong Kong\n\n414 G4, Phase 2 Johar Town, Lahore, 54000, Pakistan\n\nArch. Makarios III Avenue 229 Limassol, CY\n\n[![Social-Icon-twitter](https:\/\/shuftipro.com\/wp-content\/uploads\/Social-Icon-1.svg)](https:\/\/x.com\/Shufti_Global) [![Social-Icon-linkedin](https:\/\/shuftipro.com\/wp-content\/uploads\/Social-Icon-2.svg)](https:\/\/linkedin.com\/company\/shufti-pro) [![Social-Icon-youtube](https:\/\/shuftipro.com\/wp-content\/uploads\/Social-Icon-3.svg)](https:\/\/www.youtube.com\/@Shuftiglobal)\n\n[ibeta ![ibeta](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-1.png)](https:\/\/shuftipro.com\/news\/singapore-under-high-scrutiny-amid-money-laundering-scandal\/)  [ibeta2 ![ibeta2](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-2.png)](https:\/\/shuftipro.com\/news\/singapore-under-high-scrutiny-amid-money-laundering-scandal\/)   [![pci](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-3.png)](https:\/\/shuftipro.com\/pci\/)   [![soc2-compliance](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-4.png)](https:\/\/shuftipro.com\/soc2-compliance\/)   [![gdpr-compliance-guide](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-5.png)](https:\/\/shuftipro.com\/gdpr-compliance-guide\/)   [![quality-guild](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-6.png)](https:\/\/shuftipro.com\/quality-guild\/)   [![kjm-age-verification](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-8.png)](https:\/\/shuftipro.com\/kjm-age-verification\/)   [![california-residents](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-9.png)](https:\/\/shuftipro.com\/privacy-policy\/#california-residents)   [![california-residents](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-10.png)](https:\/\/shuftipro.com\/cyber-essentials\/)   [![california-residents](https:\/\/shuftipro.com\/wp-content\/uploads\/foter-cert-11.png)](https:\/\/shuftipro.com\/cyber-essentials-plus\/)\n\n![sp-white-Logo](https:\/\/shuftipro.com\/wp-content\/uploads\/2024\/08\/sp-white-Logo.png)Copyright © 2026 Shufti. All rights reserved.\n\n[Privacy Policy](https:\/\/shuftipro.com\/privacy-policy\/) [Cookie Policy](https:\/\/shuftipro.com\/cookie-policy\/) [Terms & Conditions](https:\/\/shuftipro.com\/terms-and-conditions\/)\n\n![](https:\/\/px.ads.linkedin.com\/collect\/?pid=6122457&fmt=gif)","attrs_readable_markdown":"***Singapore, an immaculate business hub, is under fire for one of the largest money laundering cases, which resulted in the arrest of 10 people and confiscation of assets valued at \\$1.8 billion Singaporean dollars.***\n\nLast month, Singapore police detained 10 foreign citizens aged 31 to 44, originally from Fuji, China, Cypriot, Turkey, Cambodia, and Vanutan, after seizing assets totalling \\$1.3 billion, including luxury goods. According to the Singapore Police Force, the confiscated assets included the ill-gotten gains of international organised crime, including forgeries and online gambling, the proceeds of which were transported into Singapore and routed via the country’s financial institutions.\n\nAccording to researchers, the Southeast Asian city-state can be an appealing alternative for money launderers due to its reputation as a prominent financial hub offering a variety of financial instruments. A senior research fellow at the Institute of Policy Studies at the National University of Singapore ([NUS](https:\/\/nus.edu.sg\/research)), Woo Jun Jie, [stated](https:\/\/www.aljazeera.com\/economy\/2023\/9\/18\/singapores-clean-image-under-scrutiny-amid-money-laundering-scandal), ***“The large volumes of financial transactions that flow through our borders can make it harder for regulators to sift out illicit transactions.”***\n\nMak Yuen Teen, a business expert at NUS Business School, said, ***“Money laundering cases frequently involve entities like the British Virgin Islands and other tax haven countries whose ultimate beneficial owners remain unknown.”*** He further added, ***“My worry is that the rabbit hole goes really deep and wide.”***\n\nTeen mentioned that banks are responsible for doing extensive [due diligence](https:\/\/shuftipro.com\/identity-verification\/) on their customers and reporting **suspicious transactions**. However, there may still be room for improvement. He added, ***“Where there are breaches, the penalties imposed are generally quite low, and there is no little accountability for those in the board and senior management. This may encourage a culture that puts profits before ethics and compliance.”***\n\nThe Global Investors Programme ([GIP](https:\/\/www.edb.gov.sg\/en\/how-we-help\/global-investor-programme.html)) has also attracted wealthy foreigners, which provides investors with a fast road to permanent residency in Singapore, although the GIP has lately tightened its criteria. According to Ku Swee Yong, one of the GIP directors, the government’s attempt to entice the super-rich may have led ***“all and sundry to come in.”*** He added, ***“Because Singapore’s image has been built very well over the last five decades, people may see this money laundering case as a one-off instead of dealing with what could be a broader, system-wide issue.”***\n\nThe Monetary Authority Singapore ([MAS](https:\/\/www.mas.gov.sg\/)) has been working on [COSMIC](https:\/\/www.mas.gov.sg\/regulation\/anti-money-laundering\/cosmic), a digital platform that will allow financial institutions to securely communicate information on consumers who exhibit several ***“red flags”*** and suggest ***“potential financial crimes.”*** According to Victoria Ting, associate director at Setia Law, whilst it is too early to know who the Ultimate Beneficial Owner ([UBO](https:\/\/shuftipro.com\/know-your-business\/)) may be associated with in the latest [money laundering](https:\/\/shuftipro.com\/business-aml-screening\/) case, Singapore’s regulatory structure is still firm. She further added that Singapore has a **“high level of adherence”** to [FATF recommendations](https:\/\/www.fatf-gafi.org\/en\/publications\/Fatfrecommendations\/Fatf-recommendations.html) and ranks highly in numerous independent AML rankings.\n\nTing stated that the case illustrated Singapore’s effectiveness in dealing with suspicious transactions. Ting further elaborated, ***“To pull off a raid of this scale, with a considerable degree of success both in terms of persons apprehended and assets seized, demonstrates the competence and sophistication of law enforcement here.”***\n\nUndoubtedly, Singapore’s regulatory bodies have ***“historically”*** shown an unwavering stand against non-compliant organisations and further plan to adhere to the regulations to completely eliminate [money laundering](https:\/\/shuftipro.com\/business-aml-screening\/) and illicit activities from the country.\n\n**Suggested Reads:**\n\n[**SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING**](https:\/\/shuftipro.com\/news\/singapore-scammers-launder-money-through-online-gambling\/)  \n [**TWO OF SINGAPORE’S BANKING GIANTS INVOLVED IN BILLION-DOLLAR MONEY LAUNDERING CASE**](https:\/\/shuftipro.com\/news\/two-of-singapores-banking-giants-involved-in-billion-dollar-money-laundering-case\/)  \n [**30 SWISS BANKS FAILED MONEY LAUNDERING REGULATORY ANALYSIS TEST**](https:\/\/shuftipro.com\/news\/30-swiss-banks-failed-money-laundering-regulatory-analysis-test\/)","meta_canonical":null}

3. Robots.txt Check

Query:

Response:

4. Spam/Ban Check

Query:

Response:

5. Seen Status Check

ℹ️ Skipped - page is already crawled

📄

INDEXABLE

✅

CRAWLED

8 days ago

🤖

ROBOTS ALLOWED

Page Info Filters

Filter	Status	Condition	Details
HTTP status	PASS	`download_http_code = 200`	HTTP 200
Age cutoff	PASS	`download_stamp > now() - 6 MONTH`	0.3 months ago
History drop	PASS	`isNull(history_drop_reason)`	No drop reason
Spam/ban	PASS	`fh_dont_index != 1 AND ml_spam_score = 0`	ml_spam_score=0
Canonical	PASS	`meta_canonical IS NULL OR = '' OR = src_unparsed`	Not set

Page Details

Property	Value
URL	https://shuftipro.com/news/singapore-under-high-scrutiny-amid-money-laundering-scandal/
Last Crawled	2026-04-08 23:56:12 (8 days ago)
First Indexed	2023-09-18 11:50:22 (2 years ago)
HTTP Status Code	200
Meta Title	Singapore Under High Scrutiny Amid Money Laundering Scandal
Meta Description	Singapore, one of the money laundering free cities, has made headlines following the arrest of 10 foreigners and the seizure of $736 million in assets.
Meta Canonical	null
Boilerpipe Text	Singapore, an immaculate business hub, is under fire for one of the largest money laundering cases, which resulted in the arrest of 10 people and confiscation of assets valued at $1.8 billion Singaporean dollars. Last month, Singapore police detained 10 foreign citizens aged 31 to 44, originally from Fuji, China, Cypriot, Turkey, Cambodia, and Vanutan, after seizing assets totalling $1.3 billion, including luxury goods. According to the Singapore Police Force, the confiscated assets included the ill-gotten gains of international organised crime, including forgeries and online gambling, the proceeds of which were transported into Singapore and routed via the country’s financial institutions. According to researchers, the Southeast Asian city-state can be an appealing alternative for money launderers due to its reputation as a prominent financial hub offering a variety of financial instruments. A senior research fellow at the Institute of Policy Studies at the National University of Singapore ( NUS ), Woo Jun Jie, stated , “The large volumes of financial transactions that flow through our borders can make it harder for regulators to sift out illicit transactions.” Mak Yuen Teen, a business expert at NUS Business School, said, “Money laundering cases frequently involve entities like the British Virgin Islands and other tax haven countries whose ultimate beneficial owners remain unknown.” He further added, “My worry is that the rabbit hole goes really deep and wide.” Teen mentioned that banks are responsible for doing extensive due diligence on their customers and reporting suspicious transactions . However, there may still be room for improvement. He added, “Where there are breaches, the penalties imposed are generally quite low, and there is no little accountability for those in the board and senior management. This may encourage a culture that puts profits before ethics and compliance.” The Global Investors Programme ( GIP ) has also attracted wealthy foreigners, which provides investors with a fast road to permanent residency in Singapore, although the GIP has lately tightened its criteria. According to Ku Swee Yong, one of the GIP directors, the government’s attempt to entice the super-rich may have led “all and sundry to come in.” He added, “Because Singapore’s image has been built very well over the last five decades, people may see this money laundering case as a one-off instead of dealing with what could be a broader, system-wide issue.” The Monetary Authority Singapore ( MAS ) has been working on COSMIC , a digital platform that will allow financial institutions to securely communicate information on consumers who exhibit several “red flags” and suggest “potential financial crimes.” According to Victoria Ting, associate director at Setia Law, whilst it is too early to know who the Ultimate Beneficial Owner ( UBO ) may be associated with in the latest money laundering case, Singapore’s regulatory structure is still firm. She further added that Singapore has a “high level of adherence” to FATF recommendations and ranks highly in numerous independent AML rankings. Ting stated that the case illustrated Singapore’s effectiveness in dealing with suspicious transactions. Ting further elaborated, “To pull off a raid of this scale, with a considerable degree of success both in terms of persons apprehended and assets seized, demonstrates the competence and sophistication of law enforcement here.” Undoubtedly, Singapore’s regulatory bodies have “historically” shown an unwavering stand against non-compliant organisations and further plan to adhere to the regulations to completely eliminate money laundering and illicit activities from the country. Suggested Reads: SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING TWO OF SINGAPORE’S BANKING GIANTS INVOLVED IN BILLION-DOLLAR MONEY LAUNDERING CASE 30 SWISS BANKS FAILED MONEY LAUNDERING REGULATORY ANALYSIS TEST
Markdown	![Frame-2085666935](https://shuftipro.com/wp-content/uploads/Blind-Spot.png) Blind Spot Audit Spot Fraud in your approved Customers ![Runs On Your Cloud](https://shuftipro.com/wp-content/uploads/Frame-6.svg)Runs On Your Cloud ![No Data Sharing](https://shuftipro.com/wp-content/uploads/Frame-1-3.svg)No Data Sharing ![No Contract Required](https://shuftipro.com/wp-content/uploads/Frame-2-1.svg)No Contract Required [![n-img-aws-icon-cta](https://shuftipro.com/wp-content/uploads/aws-img.png)Explore Now![right-arrow](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/) ![Frame-2085666935](https://shuftipro.com/wp-content/uploads/Deepfake-.png) Deepfake Detection Check where deepfake IDs slipped through your stack. ![Runs On Your Cloud](https://shuftipro.com/wp-content/uploads/Frame-6.svg)Runs On Your Cloud ![No Data Sharing](https://shuftipro.com/wp-content/uploads/Frame-1-3.svg)No Data Sharing ![No Contract Required](https://shuftipro.com/wp-content/uploads/Frame-2-1.svg)No Contract Required [![n-img-aws-icon-cta](https://shuftipro.com/wp-content/uploads/aws-img.png)Explore Now![right-arrow](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/deepfake-detection/) ![Frame-2085666935](https://shuftipro.com/wp-content/uploads/Liveness-2.png) Liveness Detection Find the replay gaps in your passed liveness checks. ![Runs On Your Cloud](https://shuftipro.com/wp-content/uploads/Frame-6.svg)Runs On Your Cloud ![No Data Sharing](https://shuftipro.com/wp-content/uploads/Frame-1-3.svg)No Data Sharing ![No Contract Required](https://shuftipro.com/wp-content/uploads/Frame-2-1.svg)No Contract Required [![n-img-aws-icon-cta](https://shuftipro.com/wp-content/uploads/aws-img.png)Explore Now![right-arrow](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/liveness-detection/) ![Frame-2085666935](https://shuftipro.com/wp-content/uploads/Document-Deepfake-1.png) Document Deepfake Detection Spot synthetic documents hiding in verified users. ![Runs On Your Cloud](https://shuftipro.com/wp-content/uploads/Frame-6.svg)Runs On Your Cloud ![No Data Sharing](https://shuftipro.com/wp-content/uploads/Frame-1-3.svg)No Data Sharing ![No Contract Required](https://shuftipro.com/wp-content/uploads/Frame-2-1.svg)No Contract Required [![n-img-aws-icon-cta](https://shuftipro.com/wp-content/uploads/aws-img.png)Explore Now![right-arrow](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/document-deepfakes/) ![Frame-2085666935](https://shuftipro.com/wp-content/uploads/Document-Originality-1.png) Document Originality Detection Stop fake documents before they pass. ![Runs On Your Cloud](https://shuftipro.com/wp-content/uploads/Frame-6.svg)Runs On Your Cloud ![No Data Sharing](https://shuftipro.com/wp-content/uploads/Frame-1-3.svg)No Data Sharing ![No Contract Required](https://shuftipro.com/wp-content/uploads/Frame-2-1.svg)No Contract Required [![n-img-aws-icon-cta](https://shuftipro.com/wp-content/uploads/aws-img.png)Explore Now![right-arrow](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/document-originality/) [.](https://shuftipro.com/blind-spot-audit/) Introducing Blind Spot Audit. Spot AI-generated forgeries with advanced document analysis. ![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/) Introducing Blind Spot Audit ![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) Spot AI-generated forgeries with advanced document analysis. [Run Now ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/) [.](https://shuftipro.com/blind-spot-audit/deepfake-detection/) Introducing Deepfake Detection. Detect deepfakes with precision your stack has missed. ![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/deepfake-detection/) Introducing Deepfake Detection![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) Detect deepfakes with precision your stack has missed. [Run Now ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/deepfake-detection/) [.](https://shuftipro.com/blind-spot-audit/liveness-detection/) Introducing Liveness Detection. Detect spoofs with technology built for sophisticated fraud. ![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/liveness-detection/) Introducing Liveness Detection![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) Detect spoofs with technology built for sophisticated fraud. [Run Now ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/liveness-detection/) [.](https://shuftipro.com/blind-spot-audit/document-deepfakes/) Introducing Document Deepfake Detection. Spot AI-generated forgeries with advanced document analysis. ![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/document-deepfakes/) Introducing Document Deepfake Detection![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) Spot AI-generated forgeries with advanced document analysis. [Run Now ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/document-deepfakes/) [.](https://shuftipro.com/blind-spot-audit/document-originality/) Introducing Document Originality Detection. Verify document authenticity before your next audit. ![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) [Run Now on AWS ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/document-originality/) Introducing Document Originality Detection![Teg-1](https://shuftipro.com/wp-content/uploads/Teg-1.svg) Verify document authenticity before your next audit. [Run Now ![right-arrow-2](https://shuftipro.com/wp-content/uploads/right-arrow-2.svg)](https://shuftipro.com/blind-spot-audit/document-originality/) [![shufti\_logo](https://shuftipro.com/wp-content/uploads/2024/08/sp-white-Logo.png) ![shufti\_logo](https://shuftipro.com/wp-content/uploads/2024/08/sp-header-logo.png)](https://shuftipro.com/) ![menu-bakc-img](https://shuftipro.com/wp-content/uploads/menu-bakc-img.svg) ![burger-menu](https://shuftipro.com/wp-content/uploads/burger-menu-1.png) ![cross-icon-2](https://shuftipro.com/wp-content/uploads/cross-icon-2.svg) Products User Onboarding [![pr-submenu-link-img-1](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-1.svg) Face Verification](https://shuftipro.com/face-verification/) [![pr-submenu-link-img-2](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-2.svg) Address Verification](https://shuftipro.com/address-verification/) [![pr-submenu-link-img-3](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-3.svg) Document Verification](https://shuftipro.com/document-verification/) [![pr-submenu-link-img-4](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-4.svg) Age Verification](https://shuftipro.com/age-verification/) [![pr-submenu-link-img-5](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-5.svg)VideoIdent](https://shuftipro.com/videoident/) [![pr-submenu-link-img-6](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-6.svg) Fast ID](https://shuftipro.com/fast-id/) [![pr-submenu-link-img-7](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-7.svg) eIDV](https://shuftipro.com/eidv/) [![pr-submenu-link-img-8](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-8.svg) NFC Verification](https://shuftipro.com/nfc-verification/) [![pr-submenu-link-img-9](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-9.svg) Consent Verification](https://shuftipro.com/consent-verification/) Business Onboarding [![pr-submenu-link-img-11](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-11.svg) Business Verification](https://shuftipro.com/business-verification/) [![pr-submenu-link-img-13](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-13.svg) Due Diligence](https://shuftipro.com/due-diligence-forms/) [![pr-submenu-link-img-14](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-14.svg) Investor Verification](https://shuftipro.com/investor-verification/) [![pr-submenu-link-img-10](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-10.svg) E-Signature](https://shuftipro.com/e-signature/) Authentication [![pr-submenu-link-img-15](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-15.svg) Behavioural Biometrics](https://shuftipro.com/behavioral-biometrics/) [![pr-submenu-link-img-16](https://shuftipro.com/wp-content/uploads/device-fingerprinting.svg) Device Fingerprinting](https://shuftipro.com/device-fingerprinting/) [![pr-submenu-link-img-17](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-17.svg) MFA](https://shuftipro.com/multi-factor-authentication/) Monitoring & Compliance [![pr-submenu-link-img-18](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-18.svg) AML Screening](https://shuftipro.com/aml-screening/) [![pr-submenu-link-img-19](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-19.svg) Business AML Screening](https://shuftipro.com/business-aml-screening/) [![pr-submenu-link-img-21](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-21.svg) User Risk Assessment](https://shuftipro.com/user-risk-assessment/) [![pr-submenu-link-img-22](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-22.svg) Transaction Screening](https://shuftipro.com/transaction-screening/) [![pr-submenu-link-img-22](https://shuftipro.com/wp-content/uploads/n-img-adverse-media.svg) Adverse Media Screening](https://shuftipro.com/adverse-media-screening/) ![product-menu-img](https://shuftipro.com/wp-content/uploads/product-menu-img.webp) Global Trust Platform Global Verification Simplified [Visit Now](https://shuftipro.com/global-trust-platform/) Solutions What we do [![pr-submenu-link-img-23](https://shuftipro.com/wp-content/uploads/Frame-1.svg) Identity Verification](https://shuftipro.com/identity-verification/) [![pr-submenu-link-img-24](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-24.svg) KYC](https://shuftipro.com/know-your-customer/) [![pr-submenu-link-img-25](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-25.svg) KYB](https://shuftipro.com/know-your-business/) [![pr-submenu-link-img-26](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-26.svg) KYI](https://shuftipro.com/know-your-investor/) Frauds We Prevent [![pr-submenu-link-img-35](https://shuftipro.com/wp-content/uploads/Frame-2085666506.svg) Bonus Abuse](https://shuftipro.com/bonus-abuse-prevention/) [![pr-submenu-link-img-35](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-44.svg) Fraud Prevention](https://shuftipro.com/fraud-prevention-solutions/) [![pr-submenu-link-img-35](https://shuftipro.com/wp-content/uploads/Frame-7.svg) Deepfakes](https://shuftipro.com/deepfakes/) Industries [![pr-submenu-link-img-27](https://shuftipro.com/wp-content/uploads/n-img-banking-menu.svg) Banking](https://shuftipro.com/banking/) [![pr-submenu-link-img-28](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-28.svg) Crypto](https://shuftipro.com/crypto/) [![pr-submenu-link-img-30](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-30.svg) Fintech](https://shuftipro.com/fintech/) [![pr-submenu-link-img-29](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-29.svg) Forex](https://shuftipro.com/forex/) [![pr-submenu-link-img-27](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-27.svg) Gaming](https://shuftipro.com/gaming/) [![pr-submenu-link-img-27](https://shuftipro.com/wp-content/uploads/n-img-gig-eco-header.svg) Gig Economy](https://shuftipro.com/gig-economy/) [![pr-submenu-link-img-32](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-32.svg) Marketplace](https://shuftipro.com/marketplaces/) [![pr-submenu-link-img-31](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-31.svg) Social Networks](https://shuftipro.com/social-networks/) Role [![pr-submenu-link-img-33](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-33.svg) Product Managers](https://shuftipro.com/product-managers/) [![pr-submenu-link-img-34](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-34.svg) Compliance Officers](https://shuftipro.com/compliance-officers/) [![pr-submenu-link-img-34](https://shuftipro.com/wp-content/uploads/fraud-analyst-img.svg) Fraud Analyst](https://shuftipro.com/fraud-analyst/) Platform [![pr-submenu-link-img-35](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-35.svg) Global Trust Platform](https://shuftipro.com/global-trust-platform/) [![pr-submenu-link-img-35](https://shuftipro.com/wp-content/uploads/journey-builder-img.svg) Journey Builder](https://shuftipro.com/journey-builder/) [![pr-submenu-link-img-35](https://shuftipro.com/wp-content/uploads/n-menu-vendor-comparison.svg) Vendor Comparison](https://shuftipro.com/switch-to-shufti/) ![product-menu-img](https://shuftipro.com/wp-content/uploads/solution-menu-img.webp) Close the 1% Fraud Gap Stop the unseen fraud that matters. [Visit Now](https://shuftipro.com/one-percent/) Explore Knowledge Hub [![pr-submenu-link-img-36](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-36.svg) Content library](https://shuftipro.com/content-library/) [![pr-submenu-link-img-37](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-37.svg) Blogs](https://shuftipro.com/blog/) [![pr-submenu-link-img-38](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-38.svg) News](https://shuftipro.com/news/) [![pr-submenu-link-img-39](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-39.svg) Reports](https://shuftipro.com/resources/whitepapers-reports/) [![pr-submenu-link-img-40](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-40.svg) Insights](https://shuftipro.com/insights/) [![pr-submenu-link-img-41](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-41.svg) Knowledgebase](https://shuftipro.com/knowledgebase/) [![pr-submenu-link-img-42](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-42.svg) ROI calculator](https://shuftipro.com/roi-calculator/) Blind Spot Audit Suite [![pr-submenu-link-img-43](https://shuftipro.com/wp-content/uploads/blind-spot-img-1.svg) Blind Spot Audit](https://shuftipro.com/blind-spot-audit/) [![pr-submenu-link-img-44](https://shuftipro.com/wp-content/uploads/Deepfake-Detection-2.svg) Deepfake Detection](https://shuftipro.com/blind-spot-audit/deepfake-detection/) [![pr-submenu-link-img-45](https://shuftipro.com/wp-content/uploads/Livenesss-Detection-img-3.svg) Liveness Detection](https://shuftipro.com/blind-spot-audit/liveness-detection/) [![pr-submenu-link-img-46](https://shuftipro.com/wp-content/uploads/Document-Originality-4.svg) Document Originality](https://shuftipro.com/blind-spot-audit/document-originality/) [![pr-submenu-link-img-46](https://shuftipro.com/wp-content/uploads/Document-Deepfake-5.svg) Document Deepfake](https://shuftipro.com/blind-spot-audit/document-deepfakes/) Media Room [![pr-submenu-link-img-43](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-43.svg) Events & Webinar](https://shuftipro.com/events-and-webinars/) [![pr-submenu-link-img-44](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-44.svg) Interactive Demo](https://shuftipro.com/interactive-demo-center/) [![pr-submenu-link-img-45](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-45.svg) Podcast Studio](https://shuftipro.com/podcast/) [![pr-submenu-link-img-46](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-46.svg) Spotlight Studio](https://shuftipro.com/spotlight-studio/) Developers [![pr-submenu-link-img-47](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-47.svg) API Documentation](https://developers.shuftipro.com/) [![pr-submenu-link-img-48](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-48.svg) Mobile SDKs](https://developers.shuftipro.com/docs/mobile/intro/) [![pr-submenu-link-img-49](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-49.svg) Service Status](https://status.shuftipro.com/) Support [![pr-submenu-link-img-50](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-50.svg) Help Center](https://shuftipro.com/help-center/) [![pr-submenu-link-img-51](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-51.svg) Contact Us](https://shuftipro.com/contact-us/) [![pr-submenu-link-img-52](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-52.svg) Technical Support](https://shuftipro.com/technical-support/) [![pr-submenu-link-img-53](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-53.svg) Compliance](https://shuftipro.com/compliance/) [![pr-submenu-link-img-54](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-54.svg) Supported Document](https://shuftipro.com/supported-documents/) Company [![pr-submenu-link-img-55](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-55.svg) About](https://shuftipro.com/company/) [![pr-submenu-link-img-56](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-56.svg) Career](https://shuftipro.com/careers/) [![pr-submenu-link-img-57](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-57.svg) Press Release](https://shuftipro.com/press-release/) [![pr-submenu-link-img-58](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-58.svg) Certifications](https://shuftipro.com/soc2-compliance/) [![pr-submenu-link-img-59](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-59.svg) Partnership](https://shuftipro.com/partner-program/) [![pr-submenu-link-img-60](https://shuftipro.com/wp-content/uploads/pr-submenu-link-img-60.svg) Awards](https://shuftipro.com/company/#awards) [Pricing](https://shuftipro.com/plans/) [Sign up](https://shuftipro.com/plans/) [Contact us](https://shuftipro.com/contact-us/) gb 54\.38.147.225 [Back to News](https://shuftipro.com/news/) # Singapore Under High Scrutiny Amid Money Laundering Scandal Richard M. September 18, 2023 5 minute read ![Singapore Under High Scrutiny Amid Money Laundering Scandal](https://shuftipro.com/wp-content/uploads/Singapore-Under-High-Scrutiny-Amid-Money-Laundering-Scandal.png) *Singapore, an immaculate business hub, is under fire for one of the largest money laundering cases, which resulted in the arrest of 10 people and confiscation of assets valued at \$1.8 billion Singaporean dollars.* Last month, Singapore police detained 10 foreign citizens aged 31 to 44, originally from Fuji, China, Cypriot, Turkey, Cambodia, and Vanutan, after seizing assets totalling \$1.3 billion, including luxury goods. According to the Singapore Police Force, the confiscated assets included the ill-gotten gains of international organised crime, including forgeries and online gambling, the proceeds of which were transported into Singapore and routed via the country’s financial institutions. According to researchers, the Southeast Asian city-state can be an appealing alternative for money launderers due to its reputation as a prominent financial hub offering a variety of financial instruments. A senior research fellow at the Institute of Policy Studies at the National University of Singapore ([NUS](https://nus.edu.sg/research)), Woo Jun Jie, [stated](https://www.aljazeera.com/economy/2023/9/18/singapores-clean-image-under-scrutiny-amid-money-laundering-scandal), *“The large volumes of financial transactions that flow through our borders can make it harder for regulators to sift out illicit transactions.”* Mak Yuen Teen, a business expert at NUS Business School, said, *“Money laundering cases frequently involve entities like the British Virgin Islands and other tax haven countries whose ultimate beneficial owners remain unknown.”* He further added, *“My worry is that the rabbit hole goes really deep and wide.”* Teen mentioned that banks are responsible for doing extensive [due diligence](https://shuftipro.com/identity-verification/) on their customers and reporting suspicious transactions. However, there may still be room for improvement. He added, *“Where there are breaches, the penalties imposed are generally quite low, and there is no little accountability for those in the board and senior management. This may encourage a culture that puts profits before ethics and compliance.”* The Global Investors Programme ([GIP](https://www.edb.gov.sg/en/how-we-help/global-investor-programme.html)) has also attracted wealthy foreigners, which provides investors with a fast road to permanent residency in Singapore, although the GIP has lately tightened its criteria. According to Ku Swee Yong, one of the GIP directors, the government’s attempt to entice the super-rich may have led *“all and sundry to come in.”* He added, *“Because Singapore’s image has been built very well over the last five decades, people may see this money laundering case as a one-off instead of dealing with what could be a broader, system-wide issue.”* The Monetary Authority Singapore ([MAS](https://www.mas.gov.sg/)) has been working on [COSMIC](https://www.mas.gov.sg/regulation/anti-money-laundering/cosmic), a digital platform that will allow financial institutions to securely communicate information on consumers who exhibit several *“red flags”* and suggest *“potential financial crimes.”* According to Victoria Ting, associate director at Setia Law, whilst it is too early to know who the Ultimate Beneficial Owner ([UBO](https://shuftipro.com/know-your-business/)) may be associated with in the latest [money laundering](https://shuftipro.com/business-aml-screening/) case, Singapore’s regulatory structure is still firm. She further added that Singapore has a “high level of adherence” to [FATF recommendations](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html) and ranks highly in numerous independent AML rankings. Ting stated that the case illustrated Singapore’s effectiveness in dealing with suspicious transactions. Ting further elaborated, *“To pull off a raid of this scale, with a considerable degree of success both in terms of persons apprehended and assets seized, demonstrates the competence and sophistication of law enforcement here.”* Undoubtedly, Singapore’s regulatory bodies have *“historically”* shown an unwavering stand against non-compliant organisations and further plan to adhere to the regulations to completely eliminate [money laundering](https://shuftipro.com/business-aml-screening/) and illicit activities from the country. Suggested Reads: [SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING](https://shuftipro.com/news/singapore-scammers-launder-money-through-online-gambling/) [TWO OF SINGAPORE’S BANKING GIANTS INVOLVED IN BILLION-DOLLAR MONEY LAUNDERING CASE](https://shuftipro.com/news/two-of-singapores-banking-giants-involved-in-billion-dollar-money-laundering-case/) [30 SWISS BANKS FAILED MONEY LAUNDERING REGULATORY ANALYSIS TEST](https://shuftipro.com/news/30-swiss-banks-failed-money-laundering-regulatory-analysis-test/) ## Keep up to date with the Shufti newsletter Stay ahead of the curve with fresh takes on the latest identity innovations. ## Related Posts News ![Australia Investigates Tech Giants Over Weak Age Verification](https://shuftipro.com/wp-content/uploads/n-img-australia-probes-tech-scaled.webp) ### Australia Investigates Tech Giants Over Weak Age Verification [Explore More](https://shuftipro.com/news/australia-investigates-tech-giants-age-verification/) News ![EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners](https://shuftipro.com/wp-content/uploads/n-img-EU-Wide-Social-Media-Age-Limit-Backed-by-Dutch-Coalition.png) ### EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners [Explore More](https://shuftipro.com/news/eu-wide-social-media-age-limit-pushed-by-dutch-coalition-partners/) News ![Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban](https://shuftipro.com/wp-content/uploads/n-img-Meta-Blocks-550000-Accounts-Under-Australias-Social-Media-Ban.webp) ### Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban [Explore More](https://shuftipro.com/news/meta-blocks-544000-accounts-under-australias-social-media-ban/) News ![Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU](https://shuftipro.com/wp-content/uploads/news_thumbnail_ireland_calls_for_compulsory_id_verification_on_social_platforms_across_the_eu-1.webp) ### Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU [Explore More](https://shuftipro.com/news/ireland-calls-for-compulsory-id-verification-eu/) News ![France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026](https://shuftipro.com/wp-content/uploads/n-img-news-france-scaled.png) ### France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026 [Explore More](https://shuftipro.com/news/france-enforce-age-verification-under-15s-2026/) News ![Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030](https://shuftipro.com/wp-content/uploads/n-img-Malaysia-Aims-for-95-Public-Service-Integration-With-MyDigital-ID-By-2030.webp) ### Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030 [Explore More](https://shuftipro.com/news/malaysia-aims-for-95-public-service-integration-with-mydigital-id-by-2030/) News ![Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears](https://shuftipro.com/wp-content/uploads/n-img-germany-eid-eu-digital-id-policy-deadline.png) ### Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears [Explore More](https://shuftipro.com/news/germany-eid-under-scrutiny-as-eu-digital-id-deadline-nears/) News ![Australia Investigates Tech Giants Over Weak Age Verification](https://shuftipro.com/wp-content/uploads/n-img-australia-probes-tech-scaled.webp) ### Australia Investigates Tech Giants Over Weak Age Verification [Explore More](https://shuftipro.com/news/australia-investigates-tech-giants-age-verification/) News ![EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners](https://shuftipro.com/wp-content/uploads/n-img-EU-Wide-Social-Media-Age-Limit-Backed-by-Dutch-Coalition.png) ### EU-Wide Social Media Age Limit Pushed by Dutch Coalition Partners [Explore More](https://shuftipro.com/news/eu-wide-social-media-age-limit-pushed-by-dutch-coalition-partners/) News ![Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban](https://shuftipro.com/wp-content/uploads/n-img-Meta-Blocks-550000-Accounts-Under-Australias-Social-Media-Ban.webp) ### Meta Blocks 544,000+ Accounts Under Australia’s Social Media Ban [Explore More](https://shuftipro.com/news/meta-blocks-544000-accounts-under-australias-social-media-ban/) News ![Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU](https://shuftipro.com/wp-content/uploads/news_thumbnail_ireland_calls_for_compulsory_id_verification_on_social_platforms_across_the_eu-1.webp) ### Ireland Calls for Compulsory ID Verification on Social Platforms Across the EU [Explore More](https://shuftipro.com/news/ireland-calls-for-compulsory-id-verification-eu/) News ![France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026](https://shuftipro.com/wp-content/uploads/n-img-news-france-scaled.png) ### France Targets Under-15 Social Media Use With Mandatory Age Verification For 2026 [Explore More](https://shuftipro.com/news/france-enforce-age-verification-under-15s-2026/) News ![Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030](https://shuftipro.com/wp-content/uploads/n-img-Malaysia-Aims-for-95-Public-Service-Integration-With-MyDigital-ID-By-2030.webp) ### Malaysia Aims for 95% Public Service Integration With MyDigital ID By 2030 [Explore More](https://shuftipro.com/news/malaysia-aims-for-95-public-service-integration-with-mydigital-id-by-2030/) News ![Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears](https://shuftipro.com/wp-content/uploads/n-img-germany-eid-eu-digital-id-policy-deadline.png) ### Germany’s eID Under Scrutiny as EU Digital Identity Wallet Deadline Nears [Explore More](https://shuftipro.com/news/germany-eid-under-scrutiny-as-eu-digital-id-deadline-nears/) ## Take the next steps to better security. ## Contact us Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs. [Contact us](https://shuftipro.com/contact-us/) ## Request demo Get free access to our platform and try our products today. [Get started](https://shuftipro.com/request-demo/) Products Products User Verification [Address Verification](https://shuftipro.com/address-verification/) [Age Verification](https://shuftipro.com/age-verification/) [Consent Verification](https://shuftipro.com/consent-verification/) [Document Verification](https://shuftipro.com/document-verification/) [eIDV](https://shuftipro.com/eidv/) [Face Verification](https://shuftipro.com/face-verification/) [Fast ID](https://shuftipro.com/fast-id/) [NFC Verification](https://shuftipro.com/nfc-verification/) [VideoIdent](https://shuftipro.com/videoident/) Business Onboarding [Business Verification](https://shuftipro.com/business-verification/) [Business Identification & Risk](https://shuftipro.com/category/business-identification-risk/) [Due Diligence](https://shuftipro.com/due-diligence-forms/) [E-Signature](https://shuftipro.com/e-signature/) [Investor Verification](https://shuftipro.com/investor-verification/) Products Authentication [Behavioural Biometrics](https://shuftipro.com/behavioral-biometrics/) [Device Fingerprinting](https://shuftipro.com/device-fingerprinting/) [Multi-Factor Authentication](https://shuftipro.com/multi-factor-authentication/) Monitoring & Compliance [AML Screening](https://shuftipro.com/aml-screening/) [Business AML Screening](https://shuftipro.com/business-aml-screening/) [Transaction Screening](https://shuftipro.com/transaction-screening/) [User Risk Assessment](https://shuftipro.com/user-risk-assessment/) [Adverse Media Screening](https://shuftipro.com/adverse-media-screening/) Solutions Solutions What We Do [Identity Verification](https://shuftipro.com/identity-verification/) [Know Your Customer](https://shuftipro.com/know-your-customer/) [Know Your Business](https://shuftipro.com/know-your-business/) [Know Your Investor](https://shuftipro.com/know-your-investor/) industry [Banking](https://shuftipro.com/banking/) [Crypto](https://shuftipro.com/crypto/) [Fintech](https://shuftipro.com/fintech/) [Forex](https://shuftipro.com/forex/) [Gaming](https://shuftipro.com/gaming/) [Gig Economy](https://shuftipro.com/gig-economy/) [Marketplaces](https://shuftipro.com/marketplaces/) [Social Networks](https://shuftipro.com/social-networks/) Products Role [Product Managers](https://shuftipro.com/product-managers/) [Compliance Officers](https://shuftipro.com/compliance-officers/) [Fraud Analyst](https://shuftipro.com/fraud-analyst/) Platform [Global Trust Platform](https://shuftipro.com/global-trust-platform/) [Journey Builder](https://shuftipro.com/journey-builder/) [Vendor Comparison](https://shuftipro.com/switch-to-shufti/) Frauds [Bonus Abuse](https://shuftipro.com/bonus-abuse-prevention/) [Fraud Prevention](https://shuftipro.com/fraud-prevention-solutions/) [Deepfakes](https://shuftipro.com/deepfakes/) Explore Explore Knowledge Hub [Content Library](https://shuftipro.com/content-library/) [Blogs](https://shuftipro.com/blog/) [News](https://shuftipro.com/news/) [Insights](https://shuftipro.com/insights/) [Reports](https://shuftipro.com/resources/whitepapers-reports/) [Knowledgebase](https://shuftipro.com/knowledgebase/) [ROI Calculator](https://shuftipro.com/roi-calculator/) Media Room [Events & Webinars](https://shuftipro.com/events-and-webinars/) [Interactive Demo](https://shuftipro.com/interactive-demo-center/) [Spotlight Studio](https://shuftipro.com/spotlight-studio/) [Podcast Studio](https://shuftipro.com/podcast/) Developers [API Documentation](https://developers.shuftipro.com/) [Mobile SDKs](https://developers.shuftipro.com/docs/mobile/intro/) [Service Status](https://status.shuftipro.com/) Company [Press Release](https://shuftipro.com/press-release/) [Partnerships](https://shuftipro.com/partner-program/) [Certifications](https://shuftipro.com/soc2-compliance/) [Careers](https://shuftipro.com/careers/) [Awards](https://shuftipro.com/company/#awards) [About](https://shuftipro.com/company/) Support [Supported Document](https://shuftipro.com/supported-documents/) [Technical Support](https://shuftipro.com/technical-support/) [Compliance](https://shuftipro.com/compliance/) [Contact Us](https://shuftipro.com/contact-us/) [Help Center](https://shuftipro.com/help-center/) Developers Developers [API Documentation](https://developers.shuftipro.com/) [Mobile SDKs](https://developers.shuftipro.com/docs/mobile/intro/) [Service Status](https://status.shuftipro.com/) [![Social-Icon-twitter](https://shuftipro.com/wp-content/uploads/Social-Icon-1.svg)](https://x.com/Shufti_Global) [![Social-Icon-linkedin](https://shuftipro.com/wp-content/uploads/Social-Icon-2.svg)](https://linkedin.com/company/shufti-pro) [![Social-Icon-youtube](https://shuftipro.com/wp-content/uploads/Social-Icon-3.svg)](https://www.youtube.com/@Shuftiglobal) ![ftr-coutnry-icons2](https://shuftipro.com/wp-content/uploads/ftr-coutnry-icons2.png) ![ftr-coutnry-icons3](https://shuftipro.com/wp-content/uploads/ftr-coutnry-icons3.png) ![ftr-coutnry-icons2](https://shuftipro.com/wp-content/uploads/n-icon-se_Sweden.png) ![ftr-coutnry-icons1](https://shuftipro.com/wp-content/uploads/ftr-coutnry-icons1.png) ![ftr-coutnry-icons5](https://shuftipro.com/wp-content/uploads/ftr-coutnry-icons5.png?text=SG) ![ftr-coutnry-icons6](https://shuftipro.com/wp-content/uploads/ftr-coutnry-icons6.png) ![ftr-coutnry-icons4](https://shuftipro.com/wp-content/uploads/ftr-coutnry-icons4.png) ![ftr-coutnry-icons7](https://shuftipro.com/wp-content/uploads/ftr-coutnry-icons7.png) Office 408 Coppergate House, 10 Whites Row, London E1 7NF, GB 16200 SW Pacific Hwy, Suite H PMB 1053 Tigard, OR 97224, USA Carl Krooks Gata 18 Helsingborg, SE Unit 507, Level 5, Gate District Precinct, Building 03, DIFC, Dubai, UAE 68 Circular Road \#02-01 Singapore, 049422, SG 8 Queen’s Road East, Wan Chai, Hong Kong 414 G4, Phase 2 Johar Town, Lahore, 54000, Pakistan Arch. Makarios III Avenue 229 Limassol, CY [![Social-Icon-twitter](https://shuftipro.com/wp-content/uploads/Social-Icon-1.svg)](https://x.com/Shufti_Global) [![Social-Icon-linkedin](https://shuftipro.com/wp-content/uploads/Social-Icon-2.svg)](https://linkedin.com/company/shufti-pro) [![Social-Icon-youtube](https://shuftipro.com/wp-content/uploads/Social-Icon-3.svg)](https://www.youtube.com/@Shuftiglobal) [ibeta ![ibeta](https://shuftipro.com/wp-content/uploads/foter-cert-1.png)](https://shuftipro.com/news/singapore-under-high-scrutiny-amid-money-laundering-scandal/) [ibeta2 ![ibeta2](https://shuftipro.com/wp-content/uploads/foter-cert-2.png)](https://shuftipro.com/news/singapore-under-high-scrutiny-amid-money-laundering-scandal/) [![pci](https://shuftipro.com/wp-content/uploads/foter-cert-3.png)](https://shuftipro.com/pci/) [![soc2-compliance](https://shuftipro.com/wp-content/uploads/foter-cert-4.png)](https://shuftipro.com/soc2-compliance/) [![gdpr-compliance-guide](https://shuftipro.com/wp-content/uploads/foter-cert-5.png)](https://shuftipro.com/gdpr-compliance-guide/) [![quality-guild](https://shuftipro.com/wp-content/uploads/foter-cert-6.png)](https://shuftipro.com/quality-guild/) [![kjm-age-verification](https://shuftipro.com/wp-content/uploads/foter-cert-8.png)](https://shuftipro.com/kjm-age-verification/) [![california-residents](https://shuftipro.com/wp-content/uploads/foter-cert-9.png)](https://shuftipro.com/privacy-policy/#california-residents) [![california-residents](https://shuftipro.com/wp-content/uploads/foter-cert-10.png)](https://shuftipro.com/cyber-essentials/) [![california-residents](https://shuftipro.com/wp-content/uploads/foter-cert-11.png)](https://shuftipro.com/cyber-essentials-plus/) ![sp-white-Logo](https://shuftipro.com/wp-content/uploads/2024/08/sp-white-Logo.png)Copyright © 2026 Shufti. All rights reserved. [Privacy Policy](https://shuftipro.com/privacy-policy/) [Cookie Policy](https://shuftipro.com/cookie-policy/) [Terms & Conditions](https://shuftipro.com/terms-and-conditions/) ![](https://px.ads.linkedin.com/collect/?pid=6122457&fmt=gif)
Readable Markdown	*Singapore, an immaculate business hub, is under fire for one of the largest money laundering cases, which resulted in the arrest of 10 people and confiscation of assets valued at \$1.8 billion Singaporean dollars.* Last month, Singapore police detained 10 foreign citizens aged 31 to 44, originally from Fuji, China, Cypriot, Turkey, Cambodia, and Vanutan, after seizing assets totalling \$1.3 billion, including luxury goods. According to the Singapore Police Force, the confiscated assets included the ill-gotten gains of international organised crime, including forgeries and online gambling, the proceeds of which were transported into Singapore and routed via the country’s financial institutions. According to researchers, the Southeast Asian city-state can be an appealing alternative for money launderers due to its reputation as a prominent financial hub offering a variety of financial instruments. A senior research fellow at the Institute of Policy Studies at the National University of Singapore ([NUS](https://nus.edu.sg/research)), Woo Jun Jie, [stated](https://www.aljazeera.com/economy/2023/9/18/singapores-clean-image-under-scrutiny-amid-money-laundering-scandal), *“The large volumes of financial transactions that flow through our borders can make it harder for regulators to sift out illicit transactions.”* Mak Yuen Teen, a business expert at NUS Business School, said, *“Money laundering cases frequently involve entities like the British Virgin Islands and other tax haven countries whose ultimate beneficial owners remain unknown.”* He further added, *“My worry is that the rabbit hole goes really deep and wide.”* Teen mentioned that banks are responsible for doing extensive [due diligence](https://shuftipro.com/identity-verification/) on their customers and reporting suspicious transactions. However, there may still be room for improvement. He added, *“Where there are breaches, the penalties imposed are generally quite low, and there is no little accountability for those in the board and senior management. This may encourage a culture that puts profits before ethics and compliance.”* The Global Investors Programme ([GIP](https://www.edb.gov.sg/en/how-we-help/global-investor-programme.html)) has also attracted wealthy foreigners, which provides investors with a fast road to permanent residency in Singapore, although the GIP has lately tightened its criteria. According to Ku Swee Yong, one of the GIP directors, the government’s attempt to entice the super-rich may have led *“all and sundry to come in.”* He added, *“Because Singapore’s image has been built very well over the last five decades, people may see this money laundering case as a one-off instead of dealing with what could be a broader, system-wide issue.”* The Monetary Authority Singapore ([MAS](https://www.mas.gov.sg/)) has been working on [COSMIC](https://www.mas.gov.sg/regulation/anti-money-laundering/cosmic), a digital platform that will allow financial institutions to securely communicate information on consumers who exhibit several *“red flags”* and suggest *“potential financial crimes.”* According to Victoria Ting, associate director at Setia Law, whilst it is too early to know who the Ultimate Beneficial Owner ([UBO](https://shuftipro.com/know-your-business/)) may be associated with in the latest [money laundering](https://shuftipro.com/business-aml-screening/) case, Singapore’s regulatory structure is still firm. She further added that Singapore has a “high level of adherence” to [FATF recommendations](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html) and ranks highly in numerous independent AML rankings. Ting stated that the case illustrated Singapore’s effectiveness in dealing with suspicious transactions. Ting further elaborated, *“To pull off a raid of this scale, with a considerable degree of success both in terms of persons apprehended and assets seized, demonstrates the competence and sophistication of law enforcement here.”* Undoubtedly, Singapore’s regulatory bodies have *“historically”* shown an unwavering stand against non-compliant organisations and further plan to adhere to the regulations to completely eliminate [money laundering](https://shuftipro.com/business-aml-screening/) and illicit activities from the country. Suggested Reads: [SINGAPORE SCAMMERS LAUNDER MONEY THROUGH ONLINE GAMBLING](https://shuftipro.com/news/singapore-scammers-launder-money-through-online-gambling/) [TWO OF SINGAPORE’S BANKING GIANTS INVOLVED IN BILLION-DOLLAR MONEY LAUNDERING CASE](https://shuftipro.com/news/two-of-singapores-banking-giants-involved-in-billion-dollar-money-laundering-case/) [30 SWISS BANKS FAILED MONEY LAUNDERING REGULATORY ANALYSIS TEST](https://shuftipro.com/news/30-swiss-banks-failed-money-laundering-regulatory-analysis-test/)
Shard	21 (laksa)
Root Hash	1606399281386364621
Unparsed URL	com,shuftipro!/news/singapore-under-high-scrutiny-amid-money-laundering-scandal/ s443