Dennis Tan on Anti-Money Laundering and Other Matters Bill
In Singapore’s S$3 billion money laundering case, members of the ring had bought expensive real estate and other types of valuables. Did the bankers, real estate agents, conveyancing lawyers and other sales intermediaries all carry out the necessary anti-money laundering due diligence checks? Were suspicious transaction reports filed? If so, what were the authorities’ responses? These questions were asked by MP Dennis Tan in Parliament on Tuesday (Aug 6). He also wanted to know if there has been any precedent in which an absconded person evaded money laundering investigations by staying out of Singapore and then made a successful claim to seized properties as investigations were not able to proceed.
In Singapore’s S$3 billion money laundering case, members of the ring had bought expensive real estate and other types of valuables. Did the bankers, real estate agents, conveyancing lawyers and other sales intermediaries all carry out the necessary anti-money laundering due diligence checks? Were suspicious transaction reports filed? If so, what were the authorities’ responses? These questions were asked by MP Dennis Tan in Parliament on Tuesday (Aug 6). He also wanted to know if there has been any precedent in which an absconded person evaded money laundering investigations by staying out of Singapore and then made a successful claim to seized properties as investigations were not able to proceed.
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