Banks and Money Laundering
2024-11-04 · Ho Chanh Nghia
Originally published on LinkedIn: https://www.linkedin.com/pulse/banks-money-laundering-khanh-pham-jffsc/
Banks and Money Laundering
It also addressed the money laundering and corruption scandals that Mr Lee Hsien Yang had cited.
- On the billion-dollar money laundering case that came to light in August 2023, the Government said 10 of the offenders have been sentenced in court and had their assets seized. Another 17 individuals who left Singapore have also had their assets frozen and seized, with warrants of arrest and Interpol Red Notices issued against four of them. Interpol Blue Notices were issued against the remaining 13.
- On the 1MDB case, the Government said it took “robust actions” against banks and individuals that failed to discharge their anti-money laundering obligations. This included the closure of local units of Swiss banks Falcon Private Bank and BSI Bank, financial penalties imposed on eight banks, and lifetime bans on six individuals.
- On Keppel Offshore and Marine’s corruption case in Brazil, the Government said this was addressed in Parliament in February 2023. Full payments of fines were made to the Brazilian authorities, and Seatrium, the merged entity of Keppel Offshore and Marine and Sembcorp Marine, is currently in discussions with the public prosecutor on a deferred prosecution agreement.
- On the Wirecard fraud scandal, the Government said this took place in Germany. But on Singapore’s part, financial penalties were imposed on four financial institutions found to have inadequate anti-money laundering controls. Former Singapore-based Wirecard employees have also been sentenced to jail for criminal breach of trust.
- Finally, on Singapore-based global commodity trader Trafigura, which is facing up to US$1.1 billion (S$1.45 billion) in losses over a Mongolian oil scandal, the Government said it will take action against the company should it conduct illicit activities here.
The Government also cited the case involving former transport minister S. Iswaran. The 62-year-old was sentenced to 12 months’ jail on Oct 3 for accepting gifts as a public servant and obstructing justice.
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On the US front, I am still waiting for justice. If all the money laundering in the world were brought to light, would it not be of interest? That nice little street in England, that Vatican fund, those French trails in Panama paper. The last but not least, the American banks. Their involvement in funding various entities, including those with historical ties, remains a matter of concern.
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