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16 men suspected of being involved in unlicensed remittance activities

16 men suspected of being involved in unlicensed remittance activities

The police seized S$34,000 in cash. (Photo: Singapore Police Force)

SINGAPORE: Sixteen men are suspected of carrying on remittance businesses without valid licences from the Monetary Authority of Singapore, the police said on Monday (May 6).

Officers from the Commercial Affairs Department (CAD) and the Central Police Division carried out a joint operation on Sunday, targeting illegal remittance business operators in Little India.

During the operation, a total of S$34,000 in cash was seized, as well as handphones and remittance transaction records.

Police said the 16 men, aged between 30 and 54 years old, are "assisting with investigations" for their suspected involvement in carrying on the unlicensed businesses.

READ: Man fined S$35,000 for running illegal remittance business at home

Those found guilty of operating a remittance business without a licence face up to two years’ jail, a fine of up to S$100,000, or both.

In the case of a continuing offence, those found guilty face a maximum fine of S$10,000 for every day the offence continues after conviction.

"The police will not hesitate to take action against any individuals or entities involved in conducting unlicensed remittance businesses, as they pose the risk of being conduits for money laundering and terrorist financing," the Singapore Police Force said in a news release.

"Members of the public who wish to remit money to another country should do so through a licensed bank or licensed remittance agent."

Source: CNA/zl(mi)


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