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☆ Singapore convicts first suspect in record money laundering case
▼ + stars: | 2024-04-02 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

A Porsche 911 Targa vehicle seized by police at a residence of Su Jiafeng, one of the suspects in the S$2.8 billion money-laundering case, in Singapore, on Wednesday, Oct. 25, 2023. Singapore on Tuesday sentenced the first person to plead guilty in the Southeast Asia island-state's biggest money laundering scandal to a 13-month imprisonment. Public prosecutors went ahead with two counts of money laundering after an agreement to consider the remaining nine charges for sentencing. The Singapore police said it has seized around 6 million Singapore dollars ($4.44 million) worth of assets from Su. The value of all assets seized to date now exceeds more than 3 billion Singapore dollars, according to court documents.

Persons: Su Jiafeng, Su Wenqiang, Mercedes, Dior, Su Organizations: Cambodian, Public, Singapore, CNBC, United Overseas Bank Locations: Singapore, Southeast Asia, Philippines

☆ Singapore to inspect Credit Suisse, others in money-laundering scandal - Bloomberg
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Officials from Singapore's financial regulator will review documents and interview personnel from Credit Suisse and other banks within weeks, Bloomberg reported, citing people familiar with the situation. The MAS and Credit Suisse did not immediately respond to a request for comment. Singapore police in August arrested 10 foreigners as the Asian financial hub investigates one of its biggest cases of suspected money laundering, with assets worth S$2.8 billion ($2 billion) seized. Reporting by Chandni Shah in Bengaluru; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Chandni Shah, Robert Birsel Organizations: Credit Suisse, UBS, REUTERS, Monetary Authority of Singapore, Bloomberg, MAS, Singapore, Thomson Locations: Zurich Switzerland, Bengaluru

☆ Singapore police confirm arrest of "36-year-old man", responding to query on reported arrest of 3AC's founder
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, Oct 5 (Reuters) - Singapore police confirmed on Thursday the Sept . 29 arrest of a "36-year-old man" at the Changi Airport, responding to a query on the arrest of Su Zhu, one of the founders of bankrupt crypto hedge fund Three Arrows Capital. Police did not identify the arrested man or elaborate in the response to ReutersReporting by Chen Lin; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Su Zhu, Chen Lin, Martin Petty Organizations: Singapore, Changi, Arrows Capital . Police, Reuters, Thomson Locations: SINGAPORE

☆ Singapore Police Confirm Arrest of '36-Year-Old Man', Responding to Query on Reported Arrest of 3AC's Founder
▼ + stars: | 2023-10-04 | by ( Oct. | At P.M. | ) www.usnews.com time to read: 1 min

SINGAPORE (Reuters) - Singapore police confirmed on Thursday the Sept . 29 arrest of a "36-year-old man" at the Changi Airport, responding to a query on the arrest of Su Zhu, one of the founders of bankrupt crypto hedge fund Three Arrows Capital.

Persons: Su Zhu Organizations: Singapore, Changi, Arrows Capital Locations: SINGAPORE

☆ Singapore's central bank looking into banks' role in $1.8 bln money laundering case
▼ + stars: | 2023-09-26 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 26 (Reuters) - Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks. The Monetary Authority of Singapore (MAS) will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops. The scandal has raised questions on whether the banks are strictly following the city-state's stringent anti-money laundering rules. ($1 = 1.3677 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Sumeet Chatterjee and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Yantoultra Ngui, Sumeet Chatterjee, Anil D'Silva Organizations: Monetary Authority of Singapore, Singapore, MAS, FIs, Thomson Locations: SINGAPORE, China, Singapore, Asia

[1/2] A view of watches seized during a police raid, in Singapore, in this handout picture released on August 16, 2023. He faced new charges related to the seizure from him of three properties, more than S$6 million in six bank accounts, cryptocurrencies and a car worth over S$1 million. Their lawyers sought bail but gave no indication of how the suspects would answer the money laundering allegations. Eight more suspects are wanted and 12 are assisting in investigations, police have said. ($1 = 1.3520 Singapore dollars)Reporting by Xinghui Kok; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Chen Qingyuan, Su Wenqiang, Xinghui Kok, Martin Petty Organizations: Singapore Police Force, Facebook, REUTERS, Rights, Thomson Locations: Singapore, Cyprus, Cambodia, Dominica, China, Turkey, Vanuatu

☆ Ten foreigners arrested as $735 million in cash and assets seized in Singapore
▼ + stars: | 2023-08-17 | by ( Amarachi Orie | ) edition.cnn.com time to read: +3 min

CNN —Ten foreign nationals have been arrested in Singapore on suspicion of committing offenses such as forgery and money laundering after about S$1 billion ($735 million) worth of cash and assets were seized in raids across the country. Two gold bars, more than S$23 million ($17 million) in cash, more than 250 luxury bags and watches, more than 270 jewelry items, more than 120 electronic devices and 11 documents related to virtual assets were seized, according to police. Also targeted were 94 properties and 50 vehicles, with an estimated total value of more than S$815 million ($599 million), police added. Prohibition of disposal orders were issued against 50 vehicles and 94 properties -- with an estimated total value of more than S$815 million ($599 million). If found guilty, individuals charged with money laundering could face up to 10 years in prison and/or a fine of up to hundreds of thousands of dollars.

Persons: David Chew, Ho Hern Shin Organizations: CNN, Singapore Police Force, Police, Facebook, Reuters, Cypriot, Commercial Affairs Department, Financial Intelligence, Monetary Authority of Singapore, MAS, Gallup’s Global Locations: Singapore

[1/5] A view of watches seized during a police raid, in Singapore, in this handout picture released on August 16, 2023. The raids on at least nine locations netted assets totalling a staggering S$1 billion, police said. A police statement said the group was suspected to be laundering proceeds from overseas organised crime, including scams and online gambling. Singapore has in recent years seen an influx of foreign money. ($1 = 1.3618 Singapore dollars)Reporting by Xinghui Kok; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: David Chew, Xinghui Kok, Raju Gopalakrishnan Organizations: Singapore Police Force, Facebook, REUTERS Acquire, Rights, Cypriot, Police, Monetary Authority, Thomson Locations: Singapore, Orchard, Sentosa, tony, China, Cambodia, Cyprus, Vanuatu, Chew

☆ Singapore arrests 10 foreigners, seizes S$1 bln assets in money laundering probe
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Caroline Chia/File Photo Acquire Licensing RightsSINGAPORE, Aug 16 (Reuters) - Singapore police have arrested 10 foreigners for alleged money laundering and forgery offences, in a case involving about S$1 billion ($737 million) of cash, properties, luxury cars and other assets. Other seizures included bank accounts, cash, luxury bags, jewellery, watches, electronic devices and some documents with information on virtual assets. The foreigners were aged between 31 and 44, and their nationalities include Chinese, Turkish, Cypriot, Cambodian and Ni-Vanuatu, Singapore police said. In a separate statement, the Singapore central bank said it has been "in touch with the financial institutions (FIs) where the potentially tainted funds have been identified. ($1 = 1.3572 Singapore dollars)Reporting by Chen Lin in Singapore; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Caroline Chia, Chen Lin, Alison Williams Organizations: REUTERS, Rights, Singapore, Cypriot, FIs, Thomson Locations: Singapore, Vanuatu

MAS imposed penalties of S$2.6 million ($1.93 million) for DBS, S$600,000 for OCBC, or Oversea-Chinese Banking Corp, S$400,000 for Citibank and S$200,000 for Swiss Life. Asked whether illicit activities had taken place involving the institutions, MAS said its checks focused on compliance with its requirements. DBS failed to adequately inquire into the background and purpose of "unusually large transactions", it said. A Swiss Life spokesperson said it had terminated a client relationship in 2020 after being approached by authorities about a contract. "Since then, and in close cooperation with the authorities, additional measures have been implemented within Swiss Life (Singapore) to detect client misconduct more effectively."

Persons: Wirecard, OCBC, Chen Lin, Yantoultra, Selina Li, Martin Petty, Conor Humphries Organizations: Citibank, DBS, Swiss, Monetary Authority of Singapore, Chinese Banking Corp, MAS, FIs, Singapore police, Thomson Locations: SINGAPORE, Singapore

☆ ‘Like something out of Black Mirror’: Police robots go on patrol at Singapore airport
▼ + stars: | 2023-06-18 | by ( Heather Chen | ) edition.cnn.com time to read: +3 min

These are the two robots the Singapore Police Force has introduced to patrol Changi Airport following more than five years of trials. The Singapore Police Force said Friday that more robots would be “progressively deployed” across the city-state. The Singapore Police Force has plans to roll out patrol robots island-wide to augment its operations. Ryan Quek/Singapore Police ForceThey are just the latest robots to be employed on civic duties in this tech-savvy nation of more than 5 million people. “ChatCPT… AI music… robots… Soon machines will take over the world and these security robots definitely look like they mean business,” he said.

Persons: ”, Lim Ke Wei, Ryan Quek, Samwell Swant, ” Swant, “ Organizations: CNN, Singapore Police Force, The Singapore Police Force Locations: Vietnam

☆ US SEC charges Terra founder Do Kwon with fraud
▼ + stars: | 2023-02-16 | by ( ) edition.cnn.com time to read: +2 min

Kwon founded blockchain platform Terraform Labs and was the primary developer of two cryptocurrencies whose demise roiled crypto markets around the world last year. The SEC filing did not say where Kwon was living. According to the SEC’s complaint, Terraform Labs and Kwon misled investors about the stability of UST, and claimed that the firm’s crypto tokens would increase in value. Terraform Labs did not immediately respond to a request for comment. Globally, investors in TerraUSD and Luna lost an estimated $42 billion, according to blockchain analytics firm Elliptic.

☆ Crypto founder behind $60 billion collapse says he is not hiding after Interpol issues arrest notice
▼ + stars: | 2022-09-27 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Do Kwon, co-founder and chief executive officer of Terraform Labs, insists that he is not on the run from South Korean authorities. Meanwhile, South Korean prosecutors claim that Interpol has issued a "Red Notice" for the arrest of Kwon. On Tuesday, a spokesperson for the Seoul Southern District Prosecutors' Office in South Korea's capital city told CNBC that global law enforcement agency Interpol has issued a "Red Notice" for Kwon. Kwon also said he does not see his name on Interpol's "Red Notice" list. Seoul Southern District Prosecutors' Office sees Kwon as still being on the run, the spokesperson told CNBC.

☆ Wanted crypto developer Do Kwon is not in Singapore, police say
▼ + stars: | 2022-09-17 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Sept 17 (Reuters) - Singapore Police Force said on Saturday the wanted crypto developer Do Kwon, who is accused of fraud by investors following the collapse of his cryptocurrencies Luna and TerraUSD, is currently not in the city-state. Last week, a spokesperson for South Korean prosecutors said arrest warrants had been issued for six people, including Do Kwon, and that they were residing in Singapore. read moreThe arrest order came after months of investigation and amid public outrage in South Korea over the collapse. A statement from the Singapore police late on Saturday also said they would assist the South Korean police within the ambit of its domestic legislation and international obligations. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chen Lin in Singapore; Editing by Alex Richardson and Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

☆ 'Beware of scammers': Singapore warns of crooks trying to take advantage of coronavirus fears
▼ + stars: | 2020-02-14 | by ( Huileng Tan | ) www.cnbc.com time to read: +1 min

Scammers have reportedly been calling people to ask for financial details under the pretext of "contact tracing" — the process of identifying those with close contact with infected patients. Singapore has set up teams working to call people and establish if anyone has had prolonged physical contact with coronavirus patients. As of Thursday noon, Singapore confirmed 58 known cases of the coronavirus strain, recently named the COVID-19. "MOH is conducting contact tracing to identify individuals who had close contact with the confirmed cases of novel coronavirus. Please note that we do not ask for any financial details during our call to you," said the health authority.

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