Singapore’s central bank, the Monetary Authority of Singapore (MAS), is launching an investigation into banks involved in a $1.75 billion money laundering scandal. The probe comes after Singapore police arrested and charged 10 individuals, including foreigners from China, in one of the largest anti-money laundering operations in the country. Assets worth S$2.4 billion were seized, including luxury real estate, cryptocurrencies, and cars. The scandal has raised questions about whether the banks strictly followed Singapore’s stringent anti-money laundering rules. MAS stated that it would take action if its findings reveal shortcomings in the banks’ controls. Singapore has experienced a significant influx of assets in recent years, attracting wealthy individuals and family offices seeking tax incentives. The number of single-family offices in Singapore has surged, reaching 1,100 at the end of 2022 from 400 at the end of 2020, according to MAS data. Total assets under management in Singapore also increased by 16% to S$5.4 trillion in 2021.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}