Dennis Tan on Prevention of Proliferation Financing and Other Matters Bill

In August last year, police arrested 10 foreigners holding multiple citizenships for alleged money laundering offences involving cash, properties, cars, gold bars, handbags, jewellery, branded watches and cryptocurrency in what became Singapore's biggest money laundering case. MP Dennis Tan highlighted this case in Parliament on Monday (Feb 5), saying it is “very disconcerting” not just because of the value of the funds and assets involved, but that “they had taken place”, despite anti-money laundering laws and regulations introduced over the years. The inability of Singapore’s existing laws and regulations to prevent the case is “worrying”, he said. If banks, law firms, property companies and other businesses or professionals who assisted in the property purchase or transfer of funds could have failed to detect such activities, it can also happen to moneylenders, dealers of precious stones and precious metals and neighbourhood pawnbrokers, he said. He wanted to know how the Government is drawing lessons from the case so far. He also asked if existing laws and regulations have failed to stop the culprits from bringing in funds and investing them in Singapore. Mr Tan wanted to know if the Government has started reviewing existing laws; if not, will it and when will it do so.